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Bioasis Announces Closing of Previously Disclosed Private Placement

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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES

BIOASIS
TECHNOLOGIES INC
. ((TSX.V:BTI, OTCQB:BIOAF) ("Bioasis" or
the "Company"), a biopharmaceutical company developing its xB3
TM 
proprietary platform technology for the delivery of
therapeutics across the blood-brain barrier (BBB) for the treatment of
central nervous system (CNS) disorders, today announced the close of its
previously announced private placement of units, (the "Units") by
issuing an aggregate of 1,762,179 Units at a price of C$0.552 per Unit,
for gross proceeds of C$972,722.80.

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$0.69 per Warrant Share for a period of 60
months from the date of closing. All shares and warrants issued pursuant
to this tranche of the private placement, and any shares issued in
connection with the exercise of warrants, will be subject to a four
month hold period expiring on Dec. 10, 2018, 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$9,676.56
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 blood-brain barrier (BBB) and the treatment of
CNS disorders in areas of high unmet medical need, including brain
cancers and neurodegenerative diseases. The delivery of therapeutics
across the BBB 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. The company maintains headquarters in Richmond,
BC, Canada with offices in Guilford, Conn., United States. 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.

On Behalf of the Board of Directors
Bioasis Technologies Inc.
Mark
Day, Ph.D., Director and President & Chief Executive Officer

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 without limitation statements regarding 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.

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