- Bioasis Technologies Inc. (BTI.V) has signed an agreement for up to $2.5 million with the owners of Cresence AS of Oslo, Norway
- Bioasis is a biopharmaceutical company developing brain infection therapies
- Cresence sold its key asset which may help treat chronic neurological diseases
- Bioasis will issue 6.5 million of its common shares as well as an additional 6.0 million common shares contingent on certain achievements
- Bioasis Technologies Inc. (BTI.V) is unchanged trading at $0.20 per share as of 2:29 p.m. ET
Bioasis Technologies (BTI.V) has entered a purchase agreement worth up to $2.5 million with the owners of Cresence AS of Oslo, Norway.
Bioasis has purchased all of Cresence’s intellectual property related to its epidermal growth factor (EGF) platform. Bioasis believes these EGF assets could be vital in treating Guillain-Barre Syndrome and Chronic Inflammatory Demyelinating Polyneuropathy, among other chronic issues.
In exchange, Bioasis will issue 6.5 million of its common shares to the sellers as well as an additional 6.0 million common shares contingent on certain achievements.
3.0 million of the extra shares are issuable if the company begins a clinical trial in the U.S. for the first product and the other 3.0 million shares are issuable upon the U.S. Food and Drug Administration approval of any Bioasis application for the first product.
Also, the sellers have agreed that they will not sell any of the common shares issued to them for a period of two years from the closing of the transaction.
When added to its portfolio, this intellectual property will provide Bioasis with a Phase 2 clinical stage-ready molecule that aligns with its existing technology and therapeutic areas of interest. It also allows the company to complete rapid proof of concept clinical trials in multiple rare and orphan indications.
Members of the Cresence team have entered into consultancy agreements with Bioasis and will be involved in preparations for the Phase 2 clinical trials of EGF1-48.
Bioasis Technologies Inc. (BTI.V) is unchanged trading at $0.20 per share as of 2:29 p.m. ET.