Cognitest(TM) - Diagnostic Blood Test For Alzheimer's Disease - Milestone Attained

VANCOUVER, British Columbia, Feb. 28, 2011 (GLOBE NEWSWIRE) -- biOasis Technologies Inc. (TSX-V:BTI) is pleased to announce the completion of a project intended to produce proprietary monoclonal antibodies (mAbs) for its Cognitest™ blood test for Alzheimer's disease.

Highlights:

• Simple, easy to use diagnostic blood test for Alzheimer's ready for clinical testing.
• Human sample testing starting and to run over the next few months
• Once validated, biOasis will apply for a CE mark in Europe for commercialization

Working in collaboration with Fleet Bioprocessing and OxFabs (Oxford, UK), the Company generated numerous antibodies and assessed their performance in prototype assays. The best performing mAbs were selected for use within production prototypes. The completion of this project enables the Company to initiate the validation of Cognitest™ with the use of clinical samples.

During the coming months biOasis plans to secure a number of blood samples from several sources for the purpose of assessing the technical performance of Cognitest™.

"The selection of monoclonal antibodies is an important step in the Cognitest™ program," says Rob Hutchison, biOasis Chairman and CEO. "Our strategy is to create new intellectual property and ensure ownership of key components within our products. We are now working to assess Cognitest™ using human samples from North America and Europe. Our intention is to expand the validation studies by collaborating with clinical thought leaders interested in an easy-to-use quantitative test for Alzheimer's disease. The ability to diagnose Alzheimer's has always been known to be very difficult due to the fact that many forms of dementia mimic Alzheimer's and as such a simple quick blood test would provide physicians with a tool to combat this dreadful disease." Please see: http://www.aan.com/press/index.cfm?fuseaction=release.view&release=906

ABOUT COGNITEST™

biOasis is developing a proprietary diagnostic test 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 out-license it to leading in vitro diagnostic companies.