Form 7 Monthly Progress Report – August 2022


Form 7 Monthly Progress Report – August 2022

Name of Listed Issuer:

Trading Symbol:

Number of Outstanding Listed Securities:


BioMark Diagnostics Inc. (the “Issuer”)



September 1, 2022

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.

General Instructions

  • 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. The Company continues to hold regular management meetings regarding all aspects of the Company’s business plan and executes action items that result from these meetings. 

Management’s primary areas of focus continue to include:

  • Accelerate commercialization efforts of its early lung cancer lab developed test (LDT) following promising clinical data published in Cancers journal in 2020.
  • Preparation for lab certification and accreditation to meet ISO 15891 standards
  • Engage with USA medical institutions, insurance companies (payers) regulatory experts and bio-pharma partners as it LDT commercialization efforts gathers momentum. US market is strategic due to its large addressable lung cancer screening market for at risk population (Over 16 million annually)
  • Seek additional non-dilutive funding resources for its lab operations, certification of its clinical lab, U.S. expansion and clinical studies.


  1. Provide a general overview and discussion of the activities of management.
  • Beyond covid worriers, businesses are currently facing inflationary headwinds, supply chain bottlenecks and labour shortages. Management is taking measures to counteract any negative impact of these factors after managing the Covid challenges over the past 3 years by instituting resilient operational and financial systems/processes.



  • BioMark had a productive follow up discussion with a group from Brazil that met with leading CRO and hospital based in Sao Paolo who have interest in evaluating BioMark lung cancer screening solution. These 2 identified customers provide a base for engaging with early-stage customers that could be instrumental in our expansion goals for that region. High level meetings are planned between senior management of each group for later in September and October of 2022.
  • BioMark’s team abstract entitled “Metabolomic Profiling for the Early Detection of Lung Cancer” was accepted for a poster presentation at the European Society for Medical Oncologist conference scheduled to take place in Paris from Sept 9-13th. An electronic version will be available to all attendees on Sept 5th onwards and will be accessible on the Company website shortly after the meeting.
  • BioMark was invited to present a proposal to UAE’s Department of Health. This was one of the parties that BioMark interacted with at the most recent BIO 2022 convention held in San Diego USA. Both parties are exploring clinical collaborations and technology development initiatives for early diagnosis of several cancers prevalent in the MENA region.
  • BioMark continued to entertain discussions with various financial institutions and government agencies to secure non-dilutive funding, favourable loans, and equity investments to accelerate the commercialization of its early lung cancer liquid biopsy franchise and to advance its expansion strategy in USA and internationally as well as for general corporate purposes.
  • Conducted and completed quarter filing – Unaudited Financial Statement and MD&A filed in SEDAR and Canadian Securities Exchange as required by regulators. On August 30, 2022, BioMark provided financial results and highlights for the first quarter ended June 30, 2022, and operational updates.
  • BioMark’s IP Assist Program was approved by the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to support the development of its intellectual property strategy. Under the term of this Agreement, BioMark is entitled to receive a financial contribution of up to $28,500 to cover expenses from advisor and lawyer who will work with BioMark in the development of an IP strategy.  
  1. 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.

Not applicable.

  1. 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.

Not applicable.

  1. 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.

Not applicable.

  1. 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.

Not applicable.

  1. 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.

Not applicable.

  1. Describe the acquisition of new customers or loss of customers.

Not applicable.



  1. 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.

  1. Report on any employee hiring, terminations or lay-offs with details of anticipated length of lay-offs.

Not applicable.

  1. Report on any labour disputes and resolutions of those disputes if applicable.

Not applicable.

  1. 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.

Not applicable.

  1. Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.

Not applicable.

  1. Provide details of any securities issued and options or warrants granted.

On August 3, 2022, 212,000 stock options were granted to one consultant in accordance with the terms of the Company’s Stock Option Plan. Each option is exercisable into one common share at a price of $0.40 per share and will vested over a two-year period. The options will expire three years from the date of grant.

  1. Provide details of any loans to or by Related Persons.

Not applicable.

  1. Provide details of any changes in directors, officers, or committee members.

Not applicable.

  1. 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, 2022.


Certificate Of Compliance

The undersigned hereby certifies that:

  1. The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.
  2. As of the date hereof there where is no material information concerning the Issuer which has not been publicly disclosed.
  3. The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).
  4. All of the information in this Form 7 Monthly Progress Report is true.

Dated           September 1, 2022                 .

Rashid Ahmed Maula Bux______

Name of Director or Senior Officer

                                                                                AC“Rashid Ahmed Maula Bux”____

President & CEO                                   
Official Capacity

Issuer Details
Name of Issuer

BioMark Diagnostics Inc.
For Month End

September, 2022
Date of Report

Issuer Address

130 3851 Shell Road
City/Province/Postal Code

Richmond, BC, V6X 2W2
Issuer Fax No.

Issuer Telephone No.

(604) 370-0779
Contact Name

Rashid Ahmed Bux
Contact Position

Contact Telephone No.

(604) 370-0779
Contact Email Address

[email protected]
Web Site Address
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BioMark Diagnostics Inc.
FSE: 20B

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