VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2011) - biOasis Technologies Inc. (TSX VENTURE:BTI) announced today that it has entered into a research, evaluation and option agreement with Shire Human Genetic Therapies, Inc. (Shire) to evaluate biOasis' Transcend technology in the area of lysosomal storage disorders (LSDs). In connection with this agreement, biOasis and Shire are undertaking certain experiments at their own expense and Shire has been granted certain options to obtain a license to biOasis' Transcend technology on mutually agreeable terms.
LSDs are inherited metabolic disorders caused by a deficiency in lysosomal enzymes. Enzyme replacement therapy (ERT) is used to treat certain LSDs. Under the terms of the agreement, scientists from biOasis and Shire will collaborate on a program designed to evaluate the potential of Transcend to deliver an enzyme to the brain.
"biOasis is pleased to enter into this agreement with Shire as it fits ideally within biOasis' strategy and deals with our core technology," said Rob Hutchison, CEO. "The work we have done to date on Transcend and the milestones we have achieved all support driving us to agreements such as this one we are announcing today. The work will start immediately and over the coming months we are looking forward to working with Shire to successfully achieve the objectives set out in the research work plan."
ABOUT BIOASIS & TRANSCEND
biOasis Technologies Inc. is a biopharmaceutical company engaged in the development and commercialization of products for the diagnosis and treatment of neurological diseases and disorders. Its products and technologies are intended for use within the healthcare and life science research markets. biOasis is developing a proprietary carrier for the transport of therapeutic and imaging agents across the blood-brain barrier - Transcend. Current initiatives within the Transcend program include production of materials for preclinical studies and conjugation to a range of small molecule and biologic therapeutics. To address the unmet clinical need to transport drugs across the blood brain barrier, biOasis intends to license Transcend to multiple corporate partners.
Forward Looking Statements
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