Onconetix, Inc. Announces 1-for-40 Reverse Stock Split and Results of the Annual Meeting of Stockholders

Onconetix, Inc. Announces 1-for-40 Reverse Stock

Split and Results of the Annual Meeting of Stockholders

CINCINNATI, Ohio, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Onconetix, Inc. (NASDAQ: ONCO) ("Onconetix" or the "Company"), a commercial-stage biotechnology company

focused on the research, development, and commercialization of innovative solutions for men's health and oncology, today announced

that the Company's stockholders have approved all proposals voted on at the Company's 2024 annual meeting of stockholders

(the "Annual Meeting") held on September 5, 2024, and that its Board of Directors (the "Board of Directors" or

"Board") approved a 1-for-40 reverse stock split of its outstanding shares of common stock, to be effective as of 12:01 a.m.

Eastern Time on Tuesday, September 24, 2024.

Results of the Annual Meeting

At the Annual Meeting, Onconetix's stockholders

approved the following proposals:

The number of shares of the Company's common

stock to be issued pursuant to the Series A Conversion Proposal, PMX Issuance Proposal, and Warrant Inducement Proposal shall be adjusted

to reflect the 1-for-40 reverse stock split approved by the Company's stockholders and Board of Directors.

Final voting results from the Annual Meeting were

reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on September 10, 2024.

In conjunction with stockholder approval of the

reverse stock split, the Company's Board of Directors determined to fix a split ratio of 1-for-40 shares. The Company's common

stock will begin trading on a reverse stock split-adjusted basis at the opening of the market on Tuesday, September 24, 2024. Following

the reverse stock split, the Company's common stock will continue to trade on The Nasdaq Capital Market under the symbol "ONCO"

under the new CUSIP number 68237Q104. The reverse stock split is intended to enable the Company to regain compliance with the minimum

bid price requirement of $4.00 per share of common stock for initial listing on The Nasdaq Capital Market.

At the effective time of the reverse split, every

40 issued and outstanding shares of the Company's common stock will be converted automatically into one share of the Company's

common stock without any change in the par value per share. No fractional shares will be issued in connection with the reverse stock split,

and fractional shares resulting from the reverse stock split will be canceled with the holders thereof receiving cash compensation. The

amount of compensation will be determined by multiplying the fractional share by the closing price per share of the Company's common

stock on The Nasdaq Capital Market at the close of business on the trading day prior to the effective date of the reserve stock split,

or Monday, September 23, 2024. The reverse split will have no effect on the number of authorized shares of the Company's common

stock, and the ownership percentage of each stockholder will remain unchanged other than as a result of fractional shares. The reverse

stock split will additionally apply to the Company's common stock issuable upon the exercise of the Company's outstanding

warrants and stock options, with proportionate adjustments to be made to the exercise prices thereof and under the Company's equity

incentive plans, as applicable.

The reverse stock split will reduce the number

of issued and outstanding shares of the Company's common stock (prior to the issuance of the additional shares approved under the

proposals set forth above), from approximately 30.2 million to approximately 755,000 and from approximately 29.7 million to approximately

742,000, respectively. Such figures exclude any shares of common stock that are contemplated to be issued pursuant to the Series A Conversion

Proposal, PMX Issuance Proposal, and Warrant Inducement Proposal and shall be increased accordingly upon such issuances.

About Onconetix, Inc.

Onconetix, Inc. is a commercial-stage biotechnology

company focused on the research, development, and commercialization of innovative solutions for men's health and oncology. Through

its recent acquisition of Proteomedix, the Company owns Proclarix, an in vitro diagnostic test for prostate cancer originally developed

by Proteomedix and approved for sale in the European Union under the In Vitro Diagnostic Regulation, which the Company anticipates will

be marketed in the U.S. as a lab developed test through its license agreement with Labcorp. The Company also owns ENTADFI, an FDA-approved,

once-daily pill that combines finasteride and tadalafil for the treatment of benign prostatic hyperplasia, a disorder of the prostate.

Forward-Looking Statements

Certain statements in this press release are

forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the

use of forward-looking words such as "anticipate," "believe," "forecast," "estimate,"

"expect," and "intend," among others. These forward-looking statements (including, without limitation, statements

regarding the receipt of stockholder approval, the intended use of proceeds from the offering, and the anticipated results of the Company's

sales and marketing efforts for its commercial stage products as described herein) are based on Onconetix's current expectations

and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those

indicated by such forward-looking statements. These factors include, but are not limited to, market and other conditions; risks related

to Onconetix's ability to commercialize or monetize Proclarix and integrate the assets and commercial operations acquired in the

share exchange with Proteomedix; risks related to the Company's present need for capital to commercially launch Proclarix and have

adequate working capital; risks related to Onconetix's ability to attract, hire and retain skilled personnel necessary to commercialize

and operate the Company's commercial products; the failure to obtain and maintain the necessary regulatory approvals to market and

commercialize Onconetix's products; risks related to the Company's ability to obtain and maintain intellectual property protection

for its current products; whether the Company will be able to maintain compliance with Nasdaq's applicable listing criteria and

the effect of a delisting from Nasdaq on the market for the Company's securities; and the Company's reliance on third parties,

including manufacturers and logistics companies. As with any commercial-stage pharmaceutical product or any product candidate under clinical

development, there are significant risks in the development, regulatory approval and commercialization of biotechnology products. Onconetix

does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in

Onconetix's Annual Report on Form 10-K, filed with the SEC on April 11, 2024 and periodic reports filed with the SEC on or after

the date thereof. All of Onconetix's forward-looking statements are expressly qualified by all such risk factors and other cautionary

statements. The information set forth herein speaks only as of the date thereof.

For more information:

201 E. Fifth Street, Suite 1900

Cincinnati, OH 45202

Phone: (513) 620-4101

Investor Contact Information:

Onconetix Investor Relations

Email: investors@onconetix.com