VANCOUVER, B.C., Sept. 2, 2009 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX.V:BTI) is pleased to announce that Mr. Hugh MacNaught has agreed to advise the Company on its Global Business Development programs, commencing with the p97 biomarker for Alzheimer's disease initiative.
Mr. MacNaught is a senior executive focused on providing transformational leadership to technology ventures. He is recognized for his expertise in developing and commercializing technologies for companies ranging in size from university spin-outs to multinational companies. His experience within the medical and life science sectors includes management roles within Boehringer Mannheim (acquired by Roche), Kodak (Johnson & Johnson) and Amersham (GE).
Mr. MacNaught has been aware of p97 as a diagnostic biomarker for Alzheimer's disease since its beginning, when he was asked to review the technology on behalf of an institutional investor. At that time he identified an opportunity to license the p97 test to a major pharmaceutical company, which was not pursued by the management team.
"We are extremely fortunate to have Hugh join the biOasis team," says CEO Rob Hutchison. "His prior knowledge of p97 and his willingness to once again pickup the p97 torch speaks volumes as to his commitment to our technology and to his opinion of the gem that we are sitting on. I look forward to working with Hugh as he contributes to building our business based on our Alzheimer's disease diagnostic test and our platform for delivery of molecules across the blood brain barrier."
"I am delighted and excited to join the biOasis team," says Hugh MacNaught. "I've been aware of the company's patented technology which was developed by Dr. Wilf Jefferies at the University of British Columbia, and I am very aware of the opportunity that it presents to addressing the challenges associated with its ability to help Physician's diagnose Alzheimer's disease. This, coupled with the ability of p97 to shuttle compounds across the blood brain barrier provides multiple opportunities for biOasis to create a portfolio of novel and important products."
ABOUT BIOASIS:
biOasis Technologies Inc. is a Canadian Life Sciences company focused on the Health Care & Life Sciences market, and is engaged in the development and commercialization of diagnostics and therapeutic delivery systems 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 has been on the utilization of the IP to pursue a biomarker for the diagnosis of Alzheimer's disease. This IP has been corroborated in double-blinded and successive multi-site clinical trials.
The Company is also accelerating its work on its Blood Brain Barrier Compound Delivery Platform ("B3CDP") that has been independently verified to shuttle a variety of therapeutic compounds across the Blood Brain Barrier.
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: we may not be able to successfully develop and obtain regulatory approval for p97 as a Physician's Aid to Diagnose Alzheimer's, 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
"Robin Hutchison" Director and CEO
"The TSX Venture Exchange has neither approved nor disapproved the contents of this press release."