VANCOUVER, B.C., June 1, 2009 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) is pleased to announce that it has closed the private placement announced April 16, 2009. The Company has issued a total of 1,000,000 units (the "Units") at a price of $0.50 per Unit for gross proceeds of $500,000. Each Unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into one common share for a period of one year at a price of $0.60 per share. All securities issued are subject to a hold period expiring September 30, 2009. The proceeds of the financing will be used to fund further research projects and provide working capital.
A cash finder's fee of $50,000 was paid to registered securities dealers on the placement of Units.
ABOUT BIOASIS:
biOasis Technologies Inc. is a Canadian Biotechnology company engaged in the development and commercialization of diagnostics and therapeutics related to neurological diseases. It has extensive and comprehensive intellectual property ("IP"), which it obtained, from the University of British Columbia. The Company's initial area of focus will be on the utilization of its IP to pursue a biomarker for the diagnosis of Alzheimer's disease based on a blood serum test for concentration levels of p97 (Melanotransferrin). The IP has been corroborated in double blinded and successive multi-site clinical trials. According to the Centers for Disease Control and Prevention ("CDC"), Alzheimer's disease was listed as the "underlying cause of death" for 65,829 Americans in 2004. It was the seventh leading cause of death for people of all ages and the fifth leading cause of death in people age 65 and older. The Company is also pursuing the use of p97 as a carrier for the drug delivery and other compounds, which are normally significantly blocked by the Blood Brain Barrier, to cross it.
To find out more about biOasis Technologies Inc. visit www.bioasis.ca.
On Behalf of the Board of Directors
Robin Hutchison Director and CEO
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."