Form 7 Monthly Progress Report June 2024


Form 7 Monthly Progress Report May 2024

Name of Listed Issuer:

Trading Symbol:

Number of Outstanding Listed Securities:


BioMark Diagnostics Inc. (the “Issuer”)



June 4th, 2024

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

  1. Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be altered, nor should question 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 of each item must precede the answer.

  2. The term “Issuer” includes the Issuer and any of its subsidiaries.

  3. 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 and accelerating the commercialization of its 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 has developed its annual roadmap, 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:

  • Accelerating commercialization efforts of its lab-developed test (LDT) for early lung cancer detection following promising interim retrospective data presented at various oncology conferences across N. America and Europe throughout 2023-2024.

  • These results were statistically significant and continued to generate interest from leading institutions in the US, France, and South America which the company intends to pursue post-launching our assay later this fiscal year following certification of its Quebec-based lab.

  • Complete plasma analysis on the large-scale early lung cancer multimodal study (>5000 patients) across 7 hospitals based in Quebec which recently completed enrollment of patients. Preliminary results are expected later in July 2024.

  • Preparation for lab certification and accreditation to meet initially international ISO 15189:2012 standard for the Canadian operation and later secure CLIA and CAP accreditation to provide lab services in the U.S. Certification is expected later in Q3/Q4.

  • Seek deeper collaborations with several high-profile USA medical institutions and introduce the company to insurance companies (payers), regulatory experts, and biopharma partners as its early lung cancer LDT commercialization efforts gather momentum. The US market is strategic due to its large addressable lung cancer screening market for at-risk populations (estimated at over 16 million annually). The market remains mostly untapped as there’s only a 5-6% penetration of image-based screening for the population at risk of developing lung cancer. In addition, the federal government is encouraging expanded accessibility for lung cancer screening initiatives and accessibility across different states, especially for rural and communities that have limited resources.

  • Continue to seek additional funding including non-dilutive resources for its lab operations, certification of its clinical lab, U.S. expansion, business development, and clinical studies from both Canadian, European, and US agencies and foundations to develop the platform for other cancers and assess response to treatment.

  1. Provide a general overview and discussion of the activities of management.

  • Businesses are still facing strong inflationary headwinds with stiff and sticky high interest rates, rapid adoption of systemic AI and automation, geopolitical tensions, and skilled labor shortages, especially in recruiting bioinformatics and laboratory technicians. Investors continue to be cautious and take longer to perform due diligence, and deal timelines continue to be extended under the current macroeconomic conditions, especially for small cap companies. Companies that delayed fundraising are returning to a challenging fundraising environment. Non-dilutive financing continues to be a sought-after option by companies. Artificial intelligence (AI) continues to be a focus and upcoming regulations are anticipated.

  • Management is taking measures to counteract any negative impact of these factors by instituting agile strategies with resilient operational and financial systems/processes while also seeking to capitalize on an improved financing environment. The company is building a strong AI infrastructure through strategic collaboration to leverage the computing power of advanced analytics in cancer diagnostics. Most of its assay results will be enriched using AI and ML capabilities.

  • The recruitment of participants to a large multimodal study for early detection of lung cancer conducted at IUCPQ under Dr. Joubert has been concluded in May 2024. All samples have been received and analyzed at BioMark’s Quebec-based laboratory. Full data readout will be presented at an upcoming scientific venue where all strategic partners will meet in the second half of 2024.

  • BioMark Diagnostic Solutions Inc. based in Quebec City is finalizing its lab infrastructure following recommendations made by the positive internal audit of its Quality Management System for its lab certification under ISO 15189:2022 international standards. The final accreditation audit will take place within the second half of 2024. The commercialization/revenue generation is expected following lab accreditation. Additional investments in the infrastructure will enhance the capacity of integrating other OMIC services and capabilities in the lab.

  • BioMark’s latest studies in breast and lung cancers are being further refined using advanced statistical analytics and machine learning at Harrisburg University. The team has already submitted a breast cancer paper on the use of AI/ML and metabolomics and is awaiting a response from the journal. The team is also finalizing new papers on lung and breast cancer and expects to submit them for publication later in Q3 of 2024.

  • In June 2024, Drs. Miller, Lakowski, and their group from the University of Manitoba have been invited to present two posters at the 14th biennial Globalisation of Pharmaceutics Education Network (GPEN) to be held at the University of Copenhagen taking place from the 14th-17th of July 2024. The abstracts are titled: a). Evaluation of Hydrogel Formulations for Local, Sustained Delivery of Spermidine/spermine N1-acetyltransferase Small Interfering RNA Loaded Lipid Nanoparticles to Glioblastoma Tumor Cells and b). Examination and identification of potential drug biomarker candidates for glioblastoma.

  • On June 11, 2024, BioMark team had the follow-up meeting with AstraZeneca’s North American early cancer detection team after the initial meeting in Toronto and the Lord/SynergiQc scientific offsite retreat meeting in Quebec City. The intent of the meeting was to take a deeper dive into understanding BioMark’s technology platform and data. The process and dialogue are ongoing, and the outcome of any progress will be duly reported as progress is made.

  • On June 13, 2024, BioMark was invited to register for the H.C. Wainwright 26th Annual Global Investment Conference, which is currently scheduled for September 9-11, 2024, in New York City at the Lotte New York Palace Hotel. Participation in the event is on invitation only and is a major investment conference focused on the life sciences sector where public companies can present their latest research, developments, and business strategies to potential investors. The company will have a chance to engage in private 1-on-1 meetings between investors and company executives to raise capital, attract partnerships, and increase investor awareness.

  • On June 18, 2024, BioMark’s scientific advisor, Dr. Daniel Sitar, BScPharm, MSc, PhD, FGSA, FCP, was offered a fellowship by the Canadian Society of Clinical Pharmacology and Therapeutics to recognize his outstanding research contribution, his role in advisory panels and serving on several editorial boards of scientific journals. The ceremony was held in Ottawa at the Annual Scientific Meeting.

  • On June 21, 2024, BioMark’s patent agent, ROBIC, confirmed that the international PCT patent application No. PCT/CA2022/051521, GLIOBLASTOMA TUMOR GROWTH INHIBITON BY SAT1 KNOCKDOWN, has entered the national phase in multiple countries/territories including Australia, Europe, Canada, China, and the United States.

  • On June 25, 2024, BioMark team was invited to present its technology platform and data on early lung cancer detection to a team of oncologists interested at the University of Maryland on September 5th, 2024.

  • The management team has engaged with a new financing group based in Europe to support the company’s future capital requirements. The group has access to European Private Equity funds and family offices. The goal is to establish a broader shareholder base, especially with strategic investors.

  • BioMark continued to entertain discussions with various financial institutions, individuals, and government agencies to secure non-dilutive funding, favorable loans, and equity investments to accelerate the commercialization of its early lung cancer liquid biopsy franchise, to advance its expansion strategy in the USA and internationally as well as for general corporate purposes.

  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 trademarks 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 the 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.

Not appliable.

  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, 2023.

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 July 4th, 2024

Rashid Ahmed Maula Bux______

Name of Director or Senior Officer

                                                                                “Rashid Ahmed Maula Bux”____

President & CEO                                   
Official Capacity

Issuer Details
Name of Issuer

BioMark Diagnostics Inc.
For Month End

June 30th, 2024
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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