Proteomedix acquired by Blue Water Biotech to form Onconetix

Shares of Blue Water Biotech (Nasdaq: BWV) were down 11.8% at $0.24 pre-market, after it announced the acquisition of Proteomedix AG, a private, Swiss commercial-stage diagnostics oncology company and introduced a new name for the combined company: Onconetix (Nasdaq: ONCO).

The transaction reflects a transformation of the business to one focused on the research, development and commercialization of proprietary science and technologies for therapeutics, diagnostics and services for the treatment of cancer, said Blue Water Biotech, which recently changed its name from Blue Water Vaccines, when it pulled out of the vaccines sector.

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.