GRAND RAPIDS, Mich., Feb. 1 /PRNewswire-FirstCall/ -- Oncologix Tech
Inc.'s (formerly BestNet Communication Corp.) (OTC Bulletin Board: BESC)
wholly owned subsidiary Oncologix Corporation announced today an early
completion of the first of three performance milestones, the Development
Phase, for its Oncosphere product. The Company also stated that because of
the change in its name, it expects a new symbol for the trading of its
securities on the OTC Bulletin Board in the near future.
In completing the Development Phase Oncologix successfully manufactured
microspheres that are representative of the microspheres that will be used
for the next phase, Pre-Clinical Testing. Additionally, the manufactured
product demonstrates that the design and manufacturing process are
reproducible in scalable quantities at reasonable costs. The end of this
phase was scheduled for July 2007 and its completion allows Oncologix to
enter the next project phase for the Oncosphere System earlier than
originally anticipated.
Completion of each of three performance milestones, as defined by the
July 26, 2006 merger agreement with JDA Medical Technologies Inc., allows
the release of escrowed shares of Oncologix common stock to the former
principal shareholders of JDA. Completion of the development phase permits
a total of 7,460,792 shares of stock to be released from the escrow. The
shareholders may sell the shares under the provisions of SEC Rule 144.
According to Andrew Green, CEO of Oncologix, "We are extremely pleased
to announce the successful completion of the Development Phase and are
excited by the progress that our team has made with the Oncosphere project.
We now have a product that we are confident in testing to support a request
to the FDA to start a clinical trial. I believe that with these results we
can expect to be treating patients in early 2008."
Andrew S. Kennedy, MD, Chief Science and Medical Officer of Oncologix,
stated, "I am delighted that we have produced a design for our microsphere
treatment, and I am most excited about beginning animal studies to verify
the product's safety and performance. I am looking forward to initiating
human studies in the near future using our Oncosphere product."
About Oncologix Tech Inc. and Oncologix Corp.:
Oncologix Tech Inc., (formerly BestNet Communications Corp.) was
formerly a provider of long distance telephone communication services.
During January 2007, the Company entered into an agreement to dispose of
the telephone business.
Oncologix Corporation, based in Atlanta GA, is a wholly owned
subsidiary of Oncologix Tech Inc. Oncologix is developing advanced medical
treatments for soft tissue cancers; the Oncosphere System. The Oncosphere
System is a brachytherapy (radiation therapy) device being developed for
the treatment of soft tissue cancers. It is based on a radioactive
micro-particle designed to deliver therapeutic radiation directly to a
tumor site by introducing the micro-particles into the artery that feeds
the tumor tissue.
This release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the "safe harbor" created thereby. These
statements include the plans and objectives of management for future
operations, including plans and objectives. The forward-looking statements
herein are based on current expectations that involve judgments with
respect to, among other things, future economic, competitive and market
conditions and future business decisions, all of which are difficult or
impossible to predict accurately and many of which are beyond control of
the company. Although the company believes that the assumptions underlying
the forward-looking statements are reasonable, any one of the assumptions
could be inaccurate and, therefore, can be no assurance that the
forward-looking statements included in this release will prove to be
accurate.
Media Contact: Michael Kramarz
616.977.9933
SOURCE Oncologix Tech Inc.
back to top
CONTACT: Michael Kramarz of Oncologix Tech Inc., +1-616-977-9933
|