On January 24, 2023, Bioasis Technologies Inc. (TSXV:BTI) announced that it has terminated the arrangement agreement (the 'Arrangement Agreement') dated December 13, 2022, as amended December 18, 2022, between Bioasis and Midatech Pharma plc ('Midatech'). The Arrangement Agreement provided for Midatech's acquisition of all of Bioasis' issued and outstanding shares in exchange for ordinary shares of Midatech by way of a statutory plan of arrangement under the laws of British Columbia (the 'Arrangement'). One of the conditions precedent to completion of the Arrangement was approval of the Arrangement and a number of related matters by the Midatech shareholders.

Midatech has announced that its shareholders did not approve the Arrangement at the general meeting of Midatech shareholders held earlier today. As a result, the Arrangement cannot proceed and Bioasis has provided written notice to Midatech that it has exercised its right to terminate the Arrangement Agreement. Bioasis is disappointed that the Midatech shareholders did not support the Arrangement, which it believes would have been in the best interests of both companies and their respective stakeholders.

With the termination of the Arrangement Agreement, Bioasis will continue to explore and evaluate strategic alternatives to enhance shareholder value, including continuing as a standalone company and evaluating potential strategic transactions or partnerships as well as any financing alternatives that may be available.