(RTTNews) - Onconetix, Inc. (ONCO) and privately held biopharmaceutical company Ocuvex Therapeutics, Inc. announced Tuesday that they have signed a Non-Binding Letter of Intent contemplating a potential business combination transaction with Ocuvex.
The acquisition of Ocuvex, whose pipeline of commercial and late clinical stage ophthalmic assets, will immediately expand Onconetix's reach beyond oncology and enhance its shareholder value.
Onconetix and Ocuvex will continue negotiations to enter into a definitive agreement. Upon closing of the proposed transaction, Onconetix will acquire all the issued and outstanding equity interests of Ocuvex in exchange for newly issued shares of common stock of Onconetix.
Immediately following the closing of the proposed transaction, the pre-closing Ocuvex equity holders will own approximately 90% of the equity interests in Onconetix.
The companies said the Letter of Intent only represents a mutual indication of interest regarding the proposed transaction. There can be no assurance that a definitive agreement will be executed or that the proposed transaction will completed as proposed, or at all.
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