Dr. Deborah Rathjen reports

BIOASIS PROVIDES UPDATE ON BUSINESS OPERATIONS

Bioasis Technologies Inc. has provided an update on its business operations.

On Feb. 28, 2023, Lind Global Macro Fund LP agreed to allow Bioasis Technologies to defer the $100,000 February payment owing to Lind under the terms of the convertible security funding agreement between the company and Lind (the CSFB). The company continues to reduce its research activities and defer payments to its vendors and officers in order to extend its cash while it seeks strategic alternatives to finance its operations.

As a result of the deferral of the February payment to Lind and the reduction in the company's expenditures, and assuming Lind agrees to defer the March payment under the CSFB, the company now anticipates that its existing cash balance is sufficient to finance operations through approximately mid-May, 2023. The ability of the company to continue operations is dependent upon its ability to obtain additional financing through licensing of its technology and collaboration agreements with upfront and milestone payments, research grant financing, the sale of common shares, warrants, loans or issuance of debt securities, and other strategic alternatives.

Bioasis continues to explore and evaluate strategic alternatives to enhance shareholder value, including continuing as a stand-alone company and evaluating potential strategic transactions or partnerships as well as any financing alternatives that may be available.

The company also announced it was represented by Shadow Lake Group at Bio-Europe Spring and will be meeting with potential partners and licensees of its xB3 technology in person and digitally.

About Bioasis Technologies Inc.

Bioasis is a multiasset rare and orphan disease biopharmaceutical company developing clinical-stage programs based on epidermal growth factor and the xB3 platform, a proprietary technology for the delivery of therapeutics across the blood-brain barrier and the treatment of CNS (central nervous system) disorders in areas of high unmet medical need. The delivery of therapeutics across the blood-brain barrier represents the final frontier in treating neurological disorders. The in-house development programs at Bioasis are designed to develop symptomatic and disease-modifying treatments for brain-related diseases and disorders.

We seek Safe Harbor.