Proteomedix acquired by Blue Water Biotech to form Onconetix Inc., a commercial stage men’s health pharma and diagnostics company

Zurich-Schlieren, Switzerland, December 18, 2023. Proteomedix AG, a spin-out of ETH Zurich is a Swiss diagnostics company committed to advance prostate cancer care, today announced it has been acquired by US-based, NASDAQ-listed Blue Water Biotech Inc. (NASDAQ: BWV) in a share exchange transaction. The merged entity with the new name Onconetix Inc. combines two commercial-stage products for the diagnosis of prostate cancer and the treatment and benign prostate hyperplasia.

Under the terms of the agreement, Proteomedix shareholders will receive a mix of common shares and preferred shares. The preferred shares are subject to conversion into common shares anticipated during 1H2024. Upon this conversion and the expiry of a customary lock-up period for Proteomedix shareholders, all Onconetix shares issued to Proteomedix shareholders will become freely tradeable.

Onconetix Inc. will be led by Neil Campbell, PhD as CEO (recently appointed CEO of Blue Water Biotech Inc.). Together with Bruce Harmon (CFO), Proteomedix founders and executive managers Ralph Schiess, PhD and Christian Brühlmann will join the executive management team of Onconetix.

“I am very delighted about this transaction as the newly formed Onconetix combines two commercial-stage products for men’s health”, said Ralph Schiess, PhD, cofounder and CEO of Proteomedix and future CSO of Onconetix. “The combined leadership team will advance Onconetix’ commercial product launches for Entadfi®, an FDA-approved, once-daily oral therapeutic for the treatment of benign prostatic hyperplasia (BPH), and Proclarix®, a European CE IVD approved prostate diagnostics and a lab developed test (LDT).”

“On the occasion of this transaction, Proteomedix Management and Board would like to thank all our investors, shareholders, employees and business partners for their trust and support over the past years. There is a tremendous opportunity in leveraging the combined Proclarix® and Entadfi® diagnostic/treatment options to patients and their physicians. There is an unmet medical need to address prostate cancer/hyperplasia and Onconetix will offer state-of the-art medical solutions”, added Harry Welten, Chairman of the Board of Proteomedix.

Tungsten Advisors served as the exclusive financial advisor to Proteomedix. VISCHER and Nelson Mullins Riley & Scarborough served as legal counsels to Proteomedix. Viopas Venture Consulting advised the sellers in this transaction.