Proteomedix AG from Schlieren in the canton of Zurich, a company that specializes in the treatment of prostate cancer, has been acquired by Blue Water Biotech Inc., based in Cincinnati, Ohio, further details of which can be found in a press release. Together, they have now founded the company Onconetix Inc., a pharma and diagnostics company that specializes in male health. Proteomedix shareholders will receive a mix of common shares and preferred shares. The latter are subject to conversion into common shares, a process that is expected to occur during the first half of 2024. Following the expiration of a blocking period, all Onconetix shares issued to Proteomedix shareholders will become freely tradeable.
Neil Campbell, who was recently named CEO of Blue Water Biotech Inc., has been appointed as CEO of Onconetix Inc. Alongside Bruce Harmon (CFO), Campbell will be joined on the executive management team of Onconetix by Proteomedix founders and executive managers Ralph Schiess and Christian Brühlmann.
“I am very delighted about this transaction as the newly formed Onconetix combines two commercial-stage products for men’s health”, as Ralph Schiess comments in the press release. Onconetix will be tasked with advancing the commercial product launches of Entadfi and Proclarix.
According to the press release, Entadfi is a once-daily oral therapeutic for the treatment of benign prostatic hyperplasia (BPH), which has been approved by the US Food and Drug Administration (FDA). For its part, Proclarix is a European CE IVD-approved prostate diagnostics and lab developed test (LDT).
“There is a tremendous opportunity in leveraging the combined Proclarix and Entadfi diagnostic/treatment options to patients and their physicians”, explains Harry Welten, Chairman of the Board of Proteomedix, in the press release. He goes on to say that there is an unmet medical need in relation to prostate cancer treatments.
Proteomedix is a spin-off from the Swiss Federal Institute of Technology in Zurich (ETH) and is headquartered at the Bio-Technopark Schlieren-Zurich.
