NEW HAVEN, Connecticut, July 20, 2021 (GLOBE NEWSWIRE) – BIOASIS TECHNOLOGIES INC. (TSXV: BTI; OTCQB: BIOAF), (the “Company” or “Bioasis”), a research-stage preclinical biopharmaceutical company developing its proprietary xB3™ technology platform for delivering therapy across the blood-brain barrier (“BBB”) and treating central nervous system (“CNS”) disorders in areas of high unmet medical needs, including brain cancers and neurodegenerative diseases it granted stock options to acquire a total of 1,367,606 common shares effective June 30, 2020 at a price of $ 0.38 per share to the directors and officers of the Company and an investor relations consultant. All options expire five years after the grant date and are governed by the terms of the Company’s stock option plan. Options are issued as annual compensation instead of cash compensation, as the company prioritizes investment in R&D enhancing partnerships.
The company also announced the appointment of Dr. Jeffrey Sprouse PhD as Director of the Preclinical Program. Dr. Sprouse brings over 20 years of drug discovery experience to his role at Bioasis. Trained as a neuropharmacologist, he has held leadership positions in leading pharmaceutical organizations, having served as a project leader for a variety of multidisciplinary drug discovery programs at Pfizer and chair of the Committee for Early Project Development at Lundbeck . Since 2010, Dr. Sprouse has been an industry consultant, managing all aspects of preclinical programs. Dr Sprouse received his doctorate from Cornell University Medical College and postgraduate training from the Department of Psychiatry at Yale University. He is author / co-inventor of over 60 scientific papers, book chapters and patents.
Dr. Deborah Rathjen, Executive President of Bioasis, welcomed Dr. Sprouse to the Bioasis team: number of clinical applicants.
Dr. Sprouse commented, “Bioasis has exciting technology for the delivery of BBB drugs, one of the main challenges in unlocking the potential of biologic therapies for the treatment of CNS disorders. This technology is coupled with an exciting pipeline addressing areas of unmet medical need. I am happy to join Bioasis and look forward to working with the team to achieve key milestones.
On behalf of the Board of Directors of Bioasis Technologies Inc.
Deborah Rathjen, Ph.D., Executive Chairman of the Board
Bioasis Technologies Inc. is a biopharmaceutical company developing the xB3™, a proprietary technology for delivering therapy across the blood brain barrier and treating CNS disorders in areas of high unmet medical need, including brain cancers and neurodegenerative diseases. The delivery of therapeutic products across the blood-brain barrier represents the final frontier in the treatment of neurological disorders. Bioasis internal development programs are designed to develop symptomatic and disease-modifying treatments for diseases and disorders related to the brain. For more information about the Company, please visit www.bioasis.us.
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Deborah Rathjen, Ph.D., Executive Chairman of the Board and Chief Executive Officer
Colwell Capital Corp.