VANCOUVER, British Columbia, May 19, 2009 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) is pleased to announce that it has entered into a Collaborative Research Agreement ("CRA") with The University of British Columbia ("UBC"). The primary purpose of the CRA is to develop and test an ELISA assay to detect concentration levels of the protein "p97" in blood. This is a critical step in the process of BTI obtaining Regulatory Approval for p97 as a Biomarker for Alzheimer's and a Physician's Aid To Diagnose Alzheimer's. The test, if successful, will provide a quick and accurate method to help Physicians diagnose and monitor Alzheimer's. Additionally, this test may also be used to monitor the effectiveness of therapeutics used to treat the disease. Standard Operating Procedures will be developed around the assay, which will be supplied for distribution to clinical laboratories as part of the license terms with BTI.
Other objectives of the CRA are to correlate the presence of p97 in tissues with other markers of Alzheimer's disease, such as the presence of senile plaques, and to correlate the expression of p97 with other markers of Alzheimer's disease, from human bioinformatic databases.
The CRA is for a period of one year. The UBC team will be comprised of dedicated full time research technicians, a dedicated full time post doctorial fellow and a part time project administrator. The work will be conducted at the Michael Smith Laboratories at UBC.
"UBC is where the original invention was discovered and we believe that the knowledge base will be very beneficial to us for the overall advancement of the CRA," says CEO Rob Hutchison. Dr. Michael Shannon, newly appointed Sr. Medical Advisor, Advisory Board, says, "Current diagnostic procedures for Alzheimer's are very soft and more often than not, the diagnosis is made by exclusion. Having a test, such as that afforded by the biOasis product, could have significant benefit, because there are treatable diseases that can mimic Alzheimer's, and in addition, treatments currently available for Alzheimer's, although somewhat limited in their efficacy, have the greatest chances of benefiting a patient when started early."
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 (see June 26th, 2008 Press Release).
To find out more about biOasis Technologies Inc. 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: 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
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