NEW YORK (GenomeWeb News) – BiOasis Technologies today said that it will receive cash proceeds of C$1.7 million (US$1.4 million) from the exercise of warrants that expired on March 31.
The Vancouver, BC-based developer of therapeutics and molecular diagnostics for neurological diseases said that a result of the warrants being exercised it now has cash and cash equivalents of C$2.4 million. The additional funds will enable the firm to fund a final trial of the p97 biomarker as a diagnostic for Alzheimer's disease.
BiOasis CEO Rob Hutchinson said that the proceeds also would provide sufficient working capital "for at least the next 12 months."
The warrants comprised 6.5 million share purchase warrants, which entitled holders of each share to purchase one common share of BiOasis for C$.25 and 975,000 agent warrants, which entitled the holder of each agent warrant to purchase one common share of the firm for C$.15.
Among BiOasis' technologies is the Stable Isotope Standards and Capture by Anti-Peptide Antibodies, a proteomics platform aimed at biomarker quantification and qualification. The SISCAPA technique was developed to measure protein levels in human plasma and is based on immunoaffinity enrichment of peptide surrogates of biomarker proteins and their identification by mass spectrometry.