Full Press Release Details
Blue Water Biotech Acquires Proteomedix as Part of Transformation
to Commercial Stage Oncology Company; Announces Name Change to Onconetix
Transaction strengthens commercial business with addition of diagnostics
product and initial focus on prostate cancer
CINCINNATI, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Blue Water Biotech Inc.
(Nasdaq: BWV) ("BWB" or the "Company") today announced the acquisition of Proteomedix AG, a private, commercial-stage
diagnostics oncology company (the "Transaction"), 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 ' commercial products are
Entadfi , an FDA-approved, once-daily oral therapeutic for the treatment of benign prostatic hyperplasia (BPH), and Proclarix ,
a European CE IVD approval for prostate diagnostics and a lab developed test (LDT) 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.
"As physicians and patients face a myriad of medical challenges,
particularly in the area of benign prostatic hyperplasia (BPH) and prostate cancer, Onconetix is committed to innovation and bringing
global leadership to this area of need," said Dr. Campbell. "This pivotal move not only expands our global footprint, it enables
us to harness the advanced technological platform and diagnostic expertise of Proteomedix. Furthermore, it is an important step in our
overall transformation as a Company that strengthens our core mission of enhancing shareholder value and positions us at the emerging
forefront of prostate cancer diagnostics," said Dr. Campbell.
Tungsten Advisors served as the exclusive financial
advisor to Proteomedix AG.
ENTADFI is a once-daily, oral treatment for BPH
that combines finasteride, a 5 -reductase inhibitor, and tadalafil, a phosphodiesterase 5 (PDE5) inhibitor, offering a more effective
treatment option compared to other available therapies. We believe that ENTADFI will potentially improve the compliance
issues in taking currently available therapies due to side effects associated with available therapies. Clinical trials have shown that
ENTADFI is more effective in treating BPH symptoms, including urinary frequency, urgency, weak stream and difficulty
initiating or maintaining urination, compared to finasteride monotherapy. Additionally, ENTADFI has demonstrated
a favorable safety profile, with fewer adverse sexual side effects compared to finasteride. ENTADFI reduces potential
for adverse sexual side effects, making it a preferred choice for men seeking relief from BPH symptoms without compromising their sexual
health. ENTADFI has received FDA approval for the indication of initiating treatment of the signs and symptoms of
BPH in men with an enlarged prostate for up to 26 weeks. More information about BPH and full ENTADFI prescribing
information can be found on the product website at https://entadfipatient.com/.
Proclarix is CE-certified under IVDR in Europe and indicated for
prostate cancer diagnosis in patients with normal digital rectal exam (DRE), enlarged prostate volume and elevated levels of PSA at 2-10
ng/ml. Proclarix is a risk score combining in-vitro assays for the quantitative detection of biomarkers with a proprietary algorithm
to assess a patient's risk of having clinically significant prostate cancer. Detection of prostate cancer-related biomarkers in
blood serum using the Proclarix risk score has been demonstrated in multiple clinical studies to be a reliable indicator of the presence
of clinically significant prostate cancer. Proclarix is available in Europe and expected to launch in the U.S. in 2024.
About Proteomedix AG
Proteomedix is a healthcare company whose mission is to transform prostate
cancer diagnosis. The company has identified novel biomarker signatures with utility in prostate cancer diagnosis, prognosis and therapy
management. The lead product Proclarix is a blood-based prostate cancer test panel and risk score currently available in Europe and
expected to be available in the U.S. in 2024. Proteomedix is located in the Bio-Technopark of Zurich-Schlieren, Switzerland. For more
information, visit www.proteomedix.com.
About Onconetix, Inc.
Onconetix Inc. (Nasdaq: ONCO) (formerly Blue Water Biotech Inc. (BWV))
is a commercial stage biotechnology company focused on the research, development and commercialization of proprietary therapeutics, diagnostics
and services for clinicians and patients for oncology. The Company currently has Entadfi , an FDA approved, oral therapeutic
for the treatment of benign prostatic hyperplasia (BPH), a disorder of the prostate, and Proclarix , an advanced proprietary diagnostic
system for screening and diagnosis for men with indeterminate Prostate Specific Antigen (PSA) assessments in prostate cancer oncology.
For more information, visit www.onconetix.com.
About Tungsten Advisors
Tungsten Advisors (www.tungstenadv.com) is an investment banking firm
focused on strategic advisory and corporate finance for healthcare and technology companies. Tungsten provides transactional services
including financings (private placements/PIPEs), corporate licensing and mergers and acquisitions (M&A). Tungsten also focuses on
company incubation and makes direct investments alongside the creation of new companies in healthcare and technology.
Securities offered through Finalis Securities LLC Member FINRA/SIPC.
Tungsten Partners LLC d/b/a Tungsten Advisors and Finalis Securities LLC are separate, unaffiliated entities.
Investor and Media Contact Information:
Nic Johnson and Harrison Seidner, PhD
Telephone: (212) 845-4242
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 are based on Blue Water'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, risks related to Blue Water's ability to integrate the
Transaction described herein; risks related to Blue Water's ability to commercialize ENTADFI and Proclarix described herein;
risks related to Blue Water's ability to expand its business scope and integrate the assets and commercial operations acquired in
the Transaction into Blue Water's business; risks related to Blue Water's ability to attract, hire and retain skilled personnel
necessary to commercialize and operate the company's commercial products; the failure to obtain FDA clearances or approvals and
noncompliance with FDA regulations; risks related to the timing and progress of clinical development of our product candidates in oncology;
our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor
reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. Blue Water does
not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in Blue
Water's Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC") on March 9, 2023,
and periodic reports filed with the SEC on or after the date thereof. All of Blue Water'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.