VANCOUVER, B.C., April 24, 2009 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) is pleased to announce that Michael Edward Shannon, M.A., M.Sc., M.D. has been appointed as Senior Medical Advisor and has joined the Board of the Company.
Michael Shannon, M.A., M.Sc., M.D. has extensive experience in managing or consulting on clinical drug trial programs in the position of Vice-President Medical Affairs for Vasogen Inc. from 2004 to 2008 and as Vice-President, Medical Sciences for Hemosol Inc. from 2001-2003. Prior to that, Dr. Shannon was Director General of the Canadian Laboratory Centres for Disease Control, Director General of the Canadian Blood Secretariat and Deputy Surgeon General for the Canadian Forces.
Dr. Shannon's experience will assist the Company in the final testing and approval process for its biomarker as a diagnostic for, and to monitor the treatment of, Alzheimer's and with respect to development of the blood brain barrier therapeutic delivery system.
"We recognize how invaluable Michael's prior clinical experience and executive leadership roll is to a Company at our development stage," says CEO Rob Hutchison. "Dr. Shannon is immensely respected within the biotech industry and within senior government agencies. His appointment as Senior Medical Advisor and as a member of our board is another tremendous step forward for the future of our technology and our Company."
"I believe that biOasis is potentially on the verge of two major breakthroughs in the field of neurodegenerative disease," says Dr. Shannon, "the first being a means for the early diagnosis of Alzheimer's and the second being a more effective means of treatment. If either of these developmental initiatives succeed, and they both look very promising, their impact on medicine, and ultimately the lives of millions, will be profound."
Dr. Shannon has also entered into an employment contract with the Company. In addition Dr. Shannon has been granted 250,000 incentive stock options, exercisable at $0.50 per share for three years from date of grant, in respect of his appointment to the board of the Company. The options were granted as of April 20, 2009 and are subject to vesting provisions as well as regulatory and shareholder approval.
The Company is also pleased to announce that it has hired Stirling Mercantile Corporation to provide business and financial advice to the Company. On April 20, 2009 they were granted 200,000 incentive stock options exercisable at $0.50 per share for a period of two years. The options will be subject to vesting provisions as well as regulatory and shareholder approval.
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 the IP to pursue a biomarker for the diagnosis of Alzheimer's disease. 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.
To find out more about biOasis Technologies Inc. visit www.bioasis.ca.
Forward Looking Statements
Statements in this document regarding future expectations, beliefs, goals, plans or prospects constitute forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. These risks include, but are not limited to, those associated with the success of research and development programs, the Company's ability to raise additional funding and the potential dilutive effects thereof, the regulatory approval process, competition, securing and maintaining corporate alliances, market acceptance of the Company's products, the strength of intellectual property, reliance on subcontractors and key personnel and other risks detailed from time-to-time in the Company's public disclosure documents and other filings with the Canadian securities regulatory authorities. Forward-looking statements are made as of the date hereof, and the Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
On Behalf of the Board of Directors
"The TSX Venture Exchange has neither approved nor disapproved the contents of this press release."