BiOasis Announces Non-Brokered Private Placement

VANCOUVER, British Columbia, Oct. 22, 2010 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) is pleased to announce a non-brokered private placement of up to 2,000,000 units at a price of $0.50 per unit for gross proceeds of up to $1,000,000 with an over-allotment of up to 20%. Each unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at an exercise price of $0.70 for a period of one year from the date of issue of the warrant. The warrants are subject to an early exercise clause whereby, if after four months and one day after closing of the placement, the volume weighted average trading price of the Company's common shares on the TSX Venture Exchange, for a period of 20 consecutive trading days exceeds $0.90, the Company may, within five days after such event, provide notice by way of a news release, that the warrants will expire 30 days after such notice. The net 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 7% of the proceeds from the sale of units may be paid in cash in connection with the private placement. The securities to be issued under the placement will be subject to a four month hold period and the placement is subject to the acceptance of the TSX Venture Exchange.

ABOUT TRANSCEND™ (p97)

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.    

ABOUT COGNITEST™ (p97)

biOasis is developing a proprietary diagnostic for the diagnosis of Alzheimer's disease -- Cognitest™. Current initiatives within the Cognitest™ program include product and method development, validation using human samples, and regulatory approval in Europe. To enable faster adoption and greater use of Cognitest™, the Company intends to license it to multiple corporate partners.