Proteomedix and Blue Water Biotech found Onconetix

Proteomedix AG, which specializes in the treatment of prostate cancer, is being acquired by Blue Water Biotech Inc. based in Cincinnati, according to a press release. Together they found Onconetix Inc., a pharmaceutical and diagnostics company specializing in men's health. Proteomedix shareholders will receive a mix of ordinary shares and preference shares. The preference shares are subject to conversion into ordinary shares, which is expected to take place in the first half of 2024. After expiry of a lock-up period, all Onconetix shares issued to Proteomedix shareholders will be freely tradable.

CEO of Onconetix Inc. Neil Campbell, who was recently appointed CEO of Blue Water Biotech Inc. had been appointed. Together with Bruce Harmon (CFO), Proteomedix founders and managing directors Ralph Schiess and Christian Brühlmann will join the Onconetix management team.

"I am very pleased about this transaction, as the newly founded Onconetix combines two products for men's health that are in the commercial stage," Ralph Schiess is quoted as saying. The commercial product launches of Entadfi and Proclarix by Onconetix are being driven forward.

According to the press release, Entadfi is a once-daily oral therapeutic approved by the Food and Drug Administration in the USA for the treatment of benign prostatic hyperplasia (BPH). Proclarix is a European CE IVD-approved prostate diagnostic and a laboratory-developed test (LDT).

"The combined diagnostic and treatment capabilities of Proclarix and Entadfi offer a tremendous opportunity for patients and their physicians," said Harry Welten, CEO of Proteomedix. There is an unmet medical need for the treatment of prostate cancer. 

Proteomedix is a spin-off from the Swiss Federal Institute of Technology in Zurich(ETH). The company is located in the Bio-Technopark Schlieren-Zurich. ce/gba