MONTHLY PROGRESS REPORT
Name of listed Issuer:
BioMark Diagnostics Inc. (the “issuer”).
Number of Outstanding
This Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each month. This report is not intended to replace the Issuer’s obligation to separately report material information forthwith upon the information becoming known to management or to post the forms required by Exchange Policies. If material information became known and was reported during the preceding month to which this report relates, this report should refer to the material information, the news release date and the posting date on the Exchange website.
This report is intended to keep investors and the market informed of the Issuer’s ongoing business and management activities that occurred during the preceding month. Do not discuss goals or future plans unless they have crystallized to the point that they are “material information” as defined in the Policies. The discussion in this report must be factual, balanced and non-promotional.
- Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be altered, nor should questions be omitted or left unanswered. The answers to the items must be in narrative form. State when the answer to any item is negative or not applicable to the Issuer. The title to each item must precede the answer.
- The term “Issuer” includes the Issuer and any of its subsidiaries.
- Terms used and not defined in this form are defined or interpreted in Policy 1 – Interpretation and General Provisions.
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact.
The Issuer continued its business of developing proprietary, non-invasive, and accurate cancer diagnostic solutions which can help detect, monitor, and assess treatment for cancer early, accurately and cost effectively.
2. Provide a general overview and discussion of the activities of management.
• As COVID-19 pandemic management measures intensify as aggressive vaccination, testing and vaccine verification programs are being implemented, there are hopeful signs that business activity might resume normally. Financial, operational and recovery measures instituted by the management team aided in sustaining business viability over the past 12 months and the company intends to keep a vigilant eye should another wave erupt in the fall. Financial measures include reducing working capital, delaying capital expenditures(equipment), cost cutting initiatives and tapping into government grants/support programs.
• BioMark completed lab equipment installation and is now testing the system with vendors in its Quebec based lab facilities. The plan is to have the lab ready by Oct 2021. Additionally, hiring has commenced for lab staff. Interviewing of candidates continues. The company intends to hire at least 3 highly qualified staff members shortly.
• BioMark will be filing a provisional patent related to new discoveries on its glioblastoma studies conducted by Dr. Don Miller and his group at the Department of Pharmacology & Therapeutics, Kleysen Institute for Advanced Medicine University of Manitoba.
• Preliminary data analysis on an early breast cancer metabolic panel looks was very promising. The study involved 280 samples with emphasis on early stage. More detailed statistical analysis is underway at TMIC and request for additional clinical data from participating USA based institutions have been made to establish better algorithms
• Discussions are underway with financial institution and government agency to secure favourable loans and equity investments for purchasing more equipment to support operation and expansion in Quebec.
• BioMark submitted a JnJ Quickfire application for a USD $250,000 grant related to Veteran Health. The application was focused on the use of BioMark’s liquid biopsy assay for early lung cancer detection.
• BioMark completed NRC-IRAP grant funding application to support research, training, and business building activities in Quebec. The total cost of the project is over $380,000, of which NRC-IRAP will contribute up to $170,000. Decision is expected later in October 2021.
3. Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.
4. Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.
5. Describe any new business relationships entered into between the Issuer, the Issuer’s affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.
6. Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer’s affiliates or third parties or cancellation of any financing arrangements that have been previously announced.
7. Describe any acquisitions by the Issuer or dispositions of the Issuer’s assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from or the disposition was to a Related Person of the Issuer and provide details of the relationship.
8. Describe the acquisition of new customers or loss of customers.
9. Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trademarks.
The Issuer continues to file trademark and patents in specific jurisdictions for all its patents. Review of the filings and opinions from patent offices are being reviewed as needed.
10. Report on any employee hiring, terminations or lay-offs with details of anticipated length of lay-offs.
11. Report on any labour disputes and resolutions of those disputes if applicable.
12. Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.
13. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.
14. Provide details of any securities issued and options or warrants granted.
15. Provide details of any loans to or by Related Persons.
16. Provide details of any changes in directors, officers, or committee members.
17. Discuss any trends which are likely to impact the Issuer including trends in the Issuer’s market(s) or political/regulatory trends.
The trends and risks which are likely to impact the Issuer are discussed in the Form 51-102F1 Management’s Discussion & Analysis Annual Report for the Year Ended March 31, 2021.