Press release

Bioasis Announces Closing of Previously Disclosed Private Placement

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BIOASIS
TECHNOLOGIES INC
. (“Bioasis” or the “Company”)
(OTCQB:BIOAF; TSX.V:BTI), a pre-clinical, research-stage
biopharmaceutical company developing its proprietary xB3 TM platform
technology for the delivery of therapeutics across the blood-brain
barrier (the “BBB”) and the treatment of central nervous system (“CNS”)
disorders in areas of high unmet medical need, including brain cancers
and neurodegenerative diseases, today announced the close of its
previously announced private placement of units, (the “Units”) by
issuing an aggregate of 4,588,978 Units at a price of C$0.28 per Unit,
for gross proceeds of C$1,284,914.

Each Unit consists of one common share of the Company (a “Common Share“)
and one Common Share purchase warrant (each whole Common Share purchase
warrant, a “Warrant“). Each Warrant entitles the registered
holder to purchase one Common Share (a “Warrant Share”) at an
exercise price of C$0.60 per Warrant Share for a period of 48 months
from the date of closing. All Common Shares and Warrants issued pursuant
to the private placement, and any Common Shares issued in connection
with the exercise of Warrants, will be subject to a four month hold
period expiring on September 22, 2019, in accordance with the policies
of the TSXV and applicable securities laws.

As previously disclosed, the net proceeds from the private placement
will be used to support ongoing research and development, clinical
development, manufacturing and other activities in respect of the
Company’s clinical development pipeline and for working capital and
general corporate purposes.

In connection with the offering, total cash commissions of C$65,702 were
paid to certain brokers.

About Bioasis

Bioasis Technologies Inc. is a biopharmaceutical company developing the
xB3 TM platform, a proprietary technology for the delivery of
therapeutics across the BBB and the treatment of CNS disorders in areas
of high unmet medical need. The delivery of therapeutics across the BBB
represents the final frontier in treating neurological disorders.
Bioasis’ internal pipeline programs are focused on treatments for orphan
indications, including certain brain cancers, and rare diseases,
including Gaucher’s Disease Type II. The Company maintains headquarters
in Guilford, Connecticut. Bioasis trades on the TSX Venture Exchange
under the symbol “BTI” and on the OTCQB under the symbol “BIOAF.” For
more information about the Company, please visit www.bioasis.us.

Forward Looking Statements

Certain statements in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 or forward-looking information under applicable
Canadian securities legislation that may not be based on historical
fact, including the Company’s intended use of proceeds of the private
placement, along with other statements containing the words “believe”,
“may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”,
“expect” and similar expressions. Such forward-looking statements or
information involve known and unknown risks, uncertainties and other
factors that may cause our actual results, events or developments, or
industry results, to be materially different from any future results,
events or developments express or implied by such forward-looking
statements or information. Such factors include, among others, our stage
of development, lack of any product revenues, additional capital
requirements, risk associated with the completion of clinical trials and
obtaining regulatory approval to market our products, the ability to
protect our intellectual property, dependence on collaborative partners
and the prospects for negotiating additional corporate collaborations or
licensing arrangements and their timing. Specifically, certain risks and
uncertainties that could cause such actual events or results expressed
or implied by such forward-looking statements and information to differ
materially from any future events or results expressed or implied by
such statements and information include, but are not limited to, the
risks and uncertainties that: products that we develop may not succeed
in preclinical or clinical trials, or future products in our targeted
corporate objectives; our future operating results are uncertain and
likely to fluctuate; we may not be able to raise additional capital; we
may not be successful in establishing additional corporate
collaborations or licensing arrangements; we may not be able to
establish marketing and the costs of launching our products may be
greater than anticipated; we have no experience in commercial
manufacturing; we may face unknown risks related to intellectual
property matters; we face increased competition from pharmaceutical and
biotechnology companies; and other factors as described in detail in our
filings with the Canadian securities regulatory authorities at
www.sedar.com.
Given these risks and uncertainties, you are cautioned not to place
undue reliance on such forward-looking statements and information, which
are qualified in their entirety by this cautionary statement. All
forward-looking statements and information made herein are based on our
current expectations and we undertake no obligation to revise or update
such forward- looking statements and information to reflect subsequent
events or circumstances, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.