Onconetix And Ocuvex Therapeutics Sign Definitive Merger Deal To Advance Combined Therapeutic Portfolio

Onconetix, Inc. and Ocuvex Therapeutics, Inc., a privately held biopharmaceutical company focused on developing and commercializing therapies for eye diseases, have announced that they have signed a definitive merger agreement. Under the terms of the agreement, Onconetix will acquire all outstanding equity interests of Ocuvex. In return, Ocuvex equity holders will receive newly issued shares of Onconetix common stock, representing 90% of the combined company’s equity on a fully diluted basis immediately after the closing of the merger. 

Andrew J. Oakley, Chairman of the Board of Onconetix, stated, “We continue to believe that the proposed transaction with Ocuvex, which brings a pipeline of commercial and late clinical stage ophthalmic assets, will bring significant value for our stockholders.”

Anthony W. Amato, Chairman and CEO of Ocuvex, mentioned, “Gaining access to public capital markets will allow us to accelerate, what we believe to be, important new treatment options for patients and their health care providers. We would look forward to closing the transaction as it will be a major step forward for our company and our stakeholders.”

Onconetix shareholders will retain the remaining 10%, with the final ownership distribution subject to adjustment based on any equity financing related to the transaction. The boards of directors of both companies have approved the proposed merger. Once the transaction is completed, the new board of directors will include seven members, with five appointed by Ocuvex and two by Onconetix. The merger is expected to close in the fourth quarter of this year, subject to standard closing conditions, including regulatory, shareholder, and third-party approvals. However, there is no guarantee that the transaction will be completed as planned.