Proteomedix acquired by US company

Swiss diagnostics company Proteomedix has been acquired by US-based, NASDAQ-listed Blue Water Biotech Inc. (NASDAQ: BWV) in a share exchange transaction. Under the terms of the agreement, Proteomedix shareholders will receive a mix of common shares and preferred shares.

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. 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.

ETH Zurich spin-off Proteomedix, founded in 2010, developed Proclarix, 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 included in both the European (EAU) and American (AUA) guidelines.

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.

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).”  

(Press release / SK)