Tailwinds’ Take: This is the catalyst for which the market has been waiting. With this funding, they will garner “in human” results from a Phase Zero study in Australia. The tipping point for biOasis is coming soon. The shares have probably just reached it.
biOasis Technologies Inc. has arranged a non-brokered private placement of up to 4.5 million units at a price of 70 cents per unit of gross proceeds of up to $3.15-million. Each unit will consist of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the company at a price of $1 per share for a period of 24 months from the date of closing, subject to an exercise acceleration clause. Under the exercise acceleration clause, which the company may exercise once the units are free of resale restrictions and if the company’s shares are trading at or above a volume-weighted average price of $1.50 for 10 consecutive trading days, the warrants will expire upon 30 days from the date the company provides notice in writing to the warrantholders through a news release.
The proceeds from the sale of units will be added to working capital in furtherance of the company’s business. A finder’s fee of up to 8 per cent of the proceeds from the sale of units may be paid in cash in connection with the private placement. The offering is expected to close in tranches, and the securities to be issued under the offering will be subject to a four-month hold period from the date of closing of each tranche. The offering is subject to the acceptance of the TSX Venture Exchange.
“This is the first equity raise since August of 2014, and since then, we’ve made major advancements with our technology, most notably the discovery of the peptide (Transcendpep) that has provided newly issued patented security protection to our technology out to 2034. Provided this capital is realized, it will provide the resources to obtain extremely valuable initial human data,” said Rob Hutchison, chief executive officer.
About Bioasis Technologies Inc.
Bioasis Technologies is a biopharmaceutical company headquartered in Vancouver, Canada. Based on Transcend, Bioasis’s proprietary brain delivery platform, the company is focused on creating new drugs that can cross the BBB to address unmet medical needs in the treatment of brain diseases such as neurodegeneration, metastatic cancer and metabolic diseases.
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