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July 2, 2021 Bioscience

New Haven biotech inks research partnership with UK firm, names new CFO

PHOTO | Contributed Dave Jenkins
By Natalie Missakian

It’s been a busy week for Bioasis Technologies, a New Haven biotech that aims to develop drugs that can cross the brain’s filtering mechanism, known as the blood-brain barrier.

In the last few days, the company announced a research partnership with a UK biotech, closed on $2.4 million in debt financing and named a former PwC audit partner as its new chief financial officer.

Bioasis, which moved to 157 Church St. from Guilford earlier this year and also has an office in Canada, is working on treating brain cancers and other central nervous system disorders in areas of high unmet medical need.

The company has developed technology that can help deliver medicines past the brain’s filtering membrane, which can often render drugs that work elsewhere in the body ineffective on diseases in the brain. 

In an announcement Wednesday, Bioasis said it will work with Manchester, UK-based Oxyrane UK Ltd. on a treatment for lysosomal storage diseases (LSDs). The inherited disorders are marked by abnormal build-up of toxins in cells due to enzyme deficiencies.

The company plans to combine its technology, which it calls xB³, and Oxyrane’s OxyCAT enzyme replacement technology, to deliver an undisclosed “enhanced enzyme replacement therapy” into the brain. 

Financial terms of the partnership were not disclosed.

Meanwhile on Thursday, the company announced it had appointed Dave Jenkins as its new CFO. He succeeds outgoing CFO Christine Antalik.

Jenkins heads his own advisory practice, Forest View Consulting LLC, where he helps high-growth technology and bioscience companies “develop strategic business models, enhance business development and evaluate key transactions,” according to Bioasis. 

Before that he spent 31 years at accounting and consulting giant PwC, where he was an audit partner, serving companies in multiple sectors including bioscience, software and healthcare.

In a statement, Bioasis Executive Chair Deborah Rathjen cited Jenkins’ “proven track record” in finance and accounting including “guiding companies through significant growth.”

The news of his appointment follows the company’s closing earlier this week on $2.4 million in convertible security financing with Lind Partners, a New York-based investment management firm. 

Rathjen said the “significant financing will enable Bioasis to fully focus on the execution of its business strategy.”

Contact Natalie Missakian at news@newhavenbiz.com

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