Blue Water Biotech Acquires Proteomedix AG

(RTTNews) - Blue Water Biotech, Inc. (BWV) on Monday announced the acquisition of Proteomedix AG, a private, commercial-stage diagnostics oncology company, and stated that the combined company will operate under the name Onconetix, Inc (Nasdaq: ONCO).

The acquisition of Proteomedix has been made through an all-stock consideration, which provides Proteomedix shareholders with an initial 19.9% ownership stake in Onconetix.

Furthermore, this acquisition will establish Onconetix with a European headquarters located in Zurich, Switzerland, with two members of Proteomedix who will become executives of Onconetix.

Onconetix's commercial products are FDA-approved Entadfi, which is used for the treatment of benign prostatic hyperplasia (BPH), and a European CE IVD-approved Proclarix, for prostate diagnostics and a lab-developed test (LDT) currently in the U.S., which was originally developed by Proteomedix.