VANCOUVER, BC--(Marketwired - April 24, 2017) -
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES
BIOASIS TECHNOLOGIES INC. (BIOAF) (TSX VENTURE: BTI) (the "Company") has appointed Mark Day, Ph.D., as President and Chief Executive Officer of the Company, effective immediately. Dr. Day succeeds Mr. Rob Hutchison who will become Executive Chairman of the Board of Directors of the Company. Dr. Day will also serve on the biOasis Board of Directors.
Dr. Day most recently served as Head, CNS Virtual Discovery at Purdue Pharma. Prior to joining Purdue, Dr. Day served as Executive Director, Head of External Research & Scouting at Alexion Pharmaceuticals, Inc. Dr. Day also serves as Adjunct Associate Professor (Neuroscience) at Yale University.
Dr. Day is widely recognized for his expertise and success in the recognition, evaluation and development of pipeline acquisition and collaboration targets across several therapeutic areas, including neurotherapeutics and rare diseases. In pursuit of business development opportunities, Dr. Day has evaluated over 300 programs, resulting in a uniquely broad knowledge of the pharmaceutical industry and its opportunities. In the process, he has developed business and personal relationships with many of the industry's leading executives.
Demonstrating corporate leadership, Dr. Day has developed business plans for Alexion, Purdue, Wyeth and Bristol-Myers Squibb in multiple functional areas ranging from the development of external research discovery engines and global scouting strategies to the creation of internal venture/investment funds. To facilitate the rapid evaluation of pipeline acquisition and collaboration opportunities, and to lower the costs in time and funding of evaluative processes, Dr. Day has developed strategies that can shorten evaluation periods by several months, leading to early decisions regarding the advancement or early termination of the evaluative processes. Dr. Day has presented his evaluations and formal recommendations at the highest corporate levels. He has also participated in the resulting deal negotiations, leading to several high-profile acquisitions and collaborations.
Dr. Day holds a Ph.D., Neuroscience, from Cardiff University in Wales. He completed Post-Doctoral work in Systems Level Neuroscience at The University of Edinburgh where he investigated the effects of glutamate-receptor subtypes on encoding, memory consolidation and retrieval of paired-associate learning (PAL). Over his academic and industry career, Dr. Day has published over 60 peer-reviewed scientific papers in world-leading journals (e.g. Nature, Science, Proceedings of the Royal Society, Nature Neuroscience). He has managed research teams and has created and chaired a governance team for the management of a $30M R&D budget. He has also established and managed R&D alliances and collaborations with contract research organizations, academic laboratories and foundations in the USA, European Union, Australia and Asia.
Mr. Rob Hutchison, Chairman of the Board of Directors, stated, "The Board of Directors and I are very pleased to welcome Dr. Mark Day to biOasis. Mark has established himself as a leader in the pharmaceutical industry, both as a business development executive and as a neuroscientist. He has a proven ability to discover and evaluate neurotherapeutic pipeline opportunities on both scientific and business levels, to present compelling proposals to potential partners, to manage teams and to negotiate deals. I want to personally welcome Mark and I'm looking forward to working with him."
biOasis CEO, Dr. Mark Day, commented, "I consider the biOasis Transcend Platform to be one of the most unique and promising blood-brain barrier technologies of our time. Ensuring that experimental medicines are able to reach their targets in the brain has been shown to improve their probability of success. The development of neurotherapeutics has always been limited by the inability to get drugs across the blood-brain barrier. In fact, it's been nearly impossible to develop drugs that have both the right chemical structures to target CNS diseases, and to have, at the same time, structures that allow them to cross the blood-brain barrier. The two objectives are often completely incompatible."
"The Transcend Platform may finally give the pharmaceutical industry the ability to design neurotherapeutics with the knowledge that, no matter a drug's chemical structure, the Transcend peptide can likely be used get it across the blood-brain barrier in a very natural and cost-effective manner. The unmet medical needs for this are huge."
"I want to thank the biOasis Board of Directors and Rob Hutchison for this opportunity. I'm looking forward to leading the commercial and scientific advancement of the Transcend Platform for the benefit of patients, our pharmaceutical industry partners and licensees, and for biOasis shareholders. I'm looking forward to seeing where this can go."
Transcend is biOasis' proprietary platform for the delivery of therapeutics across the blood-brain barrier to address unmet medical needs in the treatment of metastatic brain cancers as well as neurodegenerative and metabolic diseases. The delivery of therapeutics across the blood-brain barrier represents the single greatest challenge in treating neurological disorders. The ability to effectively and safely transverse the blood-brain barrier with the Transcend peptide carrier, MTfp, offers the opportunity for biOasis to deliver therapeutics into the brain at doses sufficient to have a therapeutic effect.
biOasis Technologies Inc. is a biopharmaceutical company headquartered in the Vancouver, Canada area, focused on overcoming the limitations of therapeutic drug delivery across the BBB. The Company is developing and commercializing a proprietary brain delivery technology to address unmet medical needs in the treatment of central nervous system disorders. For more information about the company please visit www.bioasis.ca.
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.
On Behalf of the Board of Directors
Rob Hutchison, Executive Chairman of the Board of Directors
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