Blue Water Biotech, Inc. acquired ProteoMediX AG for $51.9 million.
December 20, 2023
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Blue Water Biotech, Inc. (NasdaqCM:BWV) acquired ProteoMediX AG on December 15, 2023 Pursuant to the share exchange agreement, Blue Water Biotech agreed to buy, all of the issued and outstanding equity interests of Proteomedix in exchange for newly issued shares of 3,675,414 common stock of Onconetix, the new combined company and newly issued 2,696,729 shares of Series B Preferred Stock convertible into 269,672,900 shares of Common Stock. The acquisition of Proteomedix for all stock consideration provides its shareholders with an initial 19.9% ownership stake of Onconetix. The consummation of the share exchange was subject to customary closing conditions and the execution of the subscription agreement. Tungsten Advisors acted as financial advisor to ProteoMediX AG. As part of compensation for services rendered by Tungsten Advisors, the parties agreed that $7,500,000 in Exchange Shares were issued to certain affiliates of Tungsten Advisors.
Blue Water Biotech, Inc. (NasdaqCM:BWV) completed the acquisition of ProteoMediX AG for $51.9 million on December 15, 2023.
Onconetix, Inc. is a commercial stage biotechnology company. It is focused on the research, development and commercialization of proprietary therapeutics, diagnostics and services for clinicians and patients for oncology. It has Entadfi, a Food and Drug Administration approved, oral therapeutic for the treatment of benign prostatic hyperplasia (BPH), a disorder of the prostate, and Proclarix, an advanced proprietary diagnostic system for screening and diagnosis for men with indeterminate Prostate Specific Antigen (PSA) assessments in prostate cancer oncology. Entadfi is a once-daily, oral treatment for BPH that combines finasteride, a 5α-reductase inhibitor, and tadalafil, a phosphodiesterase 5 (PDE5) inhibitor. Proclarix is a next generation protein-based blood test that can be done with the same sample as a patientâs regular PSA test. Proteomedix is seeking to develop diagnostic, prognostic, and predictive tools to enable cancer management at all stages of disease progression.
ONCONETIX, INC. 