Bioasis Implements Transition Plan for Its Board of Directors

VANCOUVER, British Columbia & GUILFORD, Conn.--(BUSINESS WIRE)-- BIOASIS TECHNOLOGIES INC. (OTCQB:BIOAF; TSX.V:BTI), a biopharmaceutical company focused on the delivery of therapeutics across the blood-brain barrier (BBB) and into the central nervous system for the treatment of neurological diseases and disorders, today announced that Rob Hutchison and Michael Hutchison have submitted their planned resignations from the board. Ron Erickson has also resigned from the board.

Today’s announcement is another step in the company’s leadership transition plan. All three resignations are effective immediately. The company intends to fill the vacancies created by these resignations with new, highly qualified, independent directors. In identifying potential new directors, the company will prioritize candidates who have significant and long-term technical and business-specific experience within the biotech and pharmaceutical industries. Until suitable replacement directors are found, the vacancies created by the resignations will remain open. Further information regarding the transition plan will be provided as events warrant.

“Rob, Michael and Ron have been supportive of bringing in a new CEO and the transition of the new management team. To further enable this, they have offered their resignations to help facilitate the selection and implementation of new directors on the board,” said Mark Day, Ph.D., president and chief executive officer, Bioasis. “On behalf of the board and the company, I would like to thank them for their leadership and positive support of the company during their long and valued tenure and wish them the very best in their future endeavors.”

The company also announces that it has granted 1,910,000 options to purchase common shares of the company at an exercise price of $0.71 per share to the three new directors and two of the key employees who recently joined the company. Collectively they bring needed experience in alliance management, corporate affairs and capital raising specific to the biotechnology and pharmaceutical industries. The stock options have been granted under the company’s stock option plan, have a five-year term and are subject to certain vesting provisions.

About Bioasis

Bioasis Technologies, Inc. is a biopharmaceutical company focused on the delivery of therapeutics across the blood-brain barrier (BBB) and into the central nervous system for the treatment of neurological diseases and disorders. The delivery of therapeutics across the BBB represents the single greatest challenge in treating neurological disorders. The company is developing and commercializing the xB³ platform, Bioasis’ proprietary blood-brain barrier delivery technology, to address unmet medical needs in the treatment of central nervous system diseases and disorders. The company maintains headquarters in Vancouver, Canada with offices in Guilford, Conn., United States. Bioasis trades on the OTCQB under the symbol “BIOAF” and on the TSX Venture Exchange under the symbol “BTI.” For more information about the company please visit www.bioasis.ca or www.bioasis.us.

Forward Looking Statements

Certain statements in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including without limitation statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect” and similar expressions. Such forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause our actual results, events or developments, or industry results, to be materially different from any future results, events or developments express or implied by such forward-looking statements or information. Such factors include, among others, our stage of development, lack of any product revenues, additional capital requirements, risk associated with the completion of clinical trials and obtaining regulatory approval to market our products, the ability to protect our intellectual property, dependence on collaborative partners and the prospects for negotiating additional corporate collaborations or licensing arrangements and their timing. Specifically, certain risks and uncertainties that could cause such actual events or results expressed or implied by such forward-looking statements and information to differ materially from any future events or results expressed or implied by such statements and information include, but are not limited to, the risks and uncertainties that: products that we develop may not succeed in preclinical or clinical trials, or future products in our targeted corporate objectives; our future operating results are uncertain and likely to fluctuate; we may not be able to raise additional capital; we may not be successful in establishing additional corporate collaborations or licensing arrangements; we may not be able to establish marketing and the costs of launching our products may be greater than anticipated; we have no experience in commercial manufacturing; we may face unknown risks related to intellectual property matters; we face increased competition from pharmaceutical and biotechnology companies; and other factors as described in detail in our filings with the Canadian securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements and information, which are qualified in their entirety by this cautionary statement. All forward-looking statements and information made herein are based on our current expectations and we undertake no obligation to revise or update such forward- looking statements and information to reflect subsequent events or circumstances, except as required by law.

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