Blue Water Biotech acquires Proteomedix, changes name to Onconetix

Blue Water Biotech announced the acquisition of Proteomedix AG, a private, commercial-stage diagnostics oncology company and introduced a new name for the combined Company: Onconetix, Inc. The Transaction reflects a transformation of the business to one focused on the research, development and commercialization of proprietary science and technologies for therapeutics, diagnostics and services for the treatment of cancer. The acquisition of Proteomedix for all stock consideration provides its shareholders with an initial 19.9% ownership stake of Onconetix. With the transaction Onconetix establishes a European headquarter with operations in Zurich, Switzerland. Two members of Proteomedix’ leadership team will become executives of Onconetix. Onconetix’s commercial products are Entadfi, an FDA-approved, once-daily oral therapeutic for the treatment of benign prostatic hyperplasia, and Proclarix, a European CE IVD approval for prostate diagnostics and a lab developed test currently in the U.S., originally developed by Proteomedix. The new focus of Onconetix aligns the business with the market value drivers in oncology and extensive life sciences company-building expertise of its new leadership team under the direction of President and CEO, Dr. Neil J. Campbell.