Healthcare Industry News: circulating tumor cells
News Release - November 20, 2007
OncoVista, Inc. Merges with Aviation Upgrade Technologies
OncoVista Now Public CorporationSAN ANTONIO--(HSMN NewsFeed)--OncoVista, Inc., a biopharmaceutical company dedicated to development of innovative, safe and efficacious treatments for cancer, today announced that it has merged with Aviation Upgrade Technologies. As a result, OncoVista’s stock, for now, trades on the OTC Bulletin Board under the symbol AVUG.
On October 26, 2007, Aviation Upgrade Technologies [AVUG], which ceased all previous business operations on August 16, 2007, entered into an Agreement and Plan of Merger with OncoVista Acquisition Corp., a wholly owned subsidiary of OncoVista, Inc. On November 13, OncoVista Acquisition merged with and into a newly-formed, wholly-owned subsidiary of AVUG, and OncoVista is the surviving corporation. As a result of the merger, OncoVista, Inc. became the wholly-owned subsidiary of AVUG, and OncoVista’s existing business operations became AVUG’s sole line of business. The reverse merger is being accounted for as a recapitalization.
Alexander L. Weis, CEO of OncoVista, said, “We are very pleased to have completed this transaction, which makes OncoVista a public company engaged in bringing innovative cancer treatments to patients. We intend to develop treatments that increase patient survival rates and enhance patient quality of life due to their lower toxicity and/or greater efficacy. By commercializing our novel therapeutics, we plan to address a significant share of the market for cancer therapeutics in the US and the rest of the world.”
Currently, OncoVista has a product pipeline comprised of Phase I and Phase II clinical-stage compounds, preclinical drug candidates and leads, and diagnostic kits marketed in Europe for the detection of circulating tumor cells (CTCs) in breast and colon cancer patients. The kits are manufactured by AdnaGen AG, in which OncoVista holds a 51% stake, and marketed through an agreement with Innogenetics. OncoVista is working with AdnaGen to secure approval to market the kits in the US.
OncoVista’s lead product candidate is Cordycepin (OVI-123), which is in Phase I/II clinical trials for refractory leukemia patients who express the enzyme terminal deoxynucleotidyl transferase (TdT). The FDA has granted Orphan Drug designation to OncoVista for Cordycepin, giving the Company seven years of market exclusivity once the drug is approved for marketing. It is anticipated that the Company will enroll the first patient on trial in the first quarter of 2008.
The Company’s lead drug candidate from the L-nucleoside conjugate program (OVI-117) is currently in GLP animal drug safety studies. Upon completion of the studies, OncoVista will compile and submit an Investigational New Drug (IND) application to the FDA in order to start Phase I clinical trials in humans.
In addition to conducting clinical trials, the Company intends to perform pre-clinical studies to increase its understanding of the mechanism of action of its products in cancer. It will also investigate and develop alternative delivery systems and determine the optimal dosage for different patient groups. The Company will also demonstrate proof of concept in animal models of human cancers and develop biomarker panels that will facilitate the development of its therapeutic products.
About OncoVista, Inc.
OncoVista is a biopharmaceutical company engaged in the development and rapid commercialization of innovative targeted therapies for safe and efficacious treatment of cancer. For more information, please visit http://www.oncovista.com
Safe Harbor Forward-Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. The above information does not guarantee any successful closing of new business. No assurances can be given that any projections related to gross revenues or profit margins will be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies’ actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
Source: OncoVista
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