HOUSTON, Aug. 22, 2017 (GLOBE NEWSWIRE) -- AEPP, a Houston-based biotechnology company focused on gynecological cancers, today announced it intends to change its name to Oncolix, Inc. The new name is expected to be effective after the mailing of notice to its shareholders in September. The Company also intends to adopt a new stock symbol at that time. AEPP recently acquired all of the outstanding securities of Oncolix, Inc. in a reverse merger completed on August 3, 2017.
“We are very excited about the name change as it more accurately reflects our focus as an emerging biopharmaceutical company with a clinical-stage asset,” said Michael Redman, CEO of AEPP. “This is the latest in a series of steps to re-position AEPP as a biopharmaceutical company with an exciting product portfolio.”
As Oncolix, the company expects to accelerate this transformation through the execution of key priorities and anticipated milestones, including:
- Strengthening of the board of directors and
- Building the clinical/scientific advisory board
- Submission of Prolanta™ for Orphan Designation in the European Union
- Building of drug pipeline beyond Prolanta
- Uplisting to a national securities exchange
- Clinical results relating to Prolanta
Oncolix is a clinical-stage biotechnology company developing Prolanta™ for the treatment of ovarian, uterine, breast and other cancers. The Company has a US FDA-cleared IND to commence human testing of Prolanta™ in its first indication, the treatment of ovarian cancer. This Phase 1 clinical trial began in 2016. Prolanta™ is a prolactin receptor antagonist (or blocker) that has demonstrated efficacy in xenograft models through a unique mechanism of action, autophagy. In addition to ovarian cancer, there is strong preclinical evidence Prolanta™ may be effective in breast, prostate and other cancers. In the current Phase 1 dose-escalation safety trial for the treatment of ovarian cancer, to date there have been no observed serious adverse events and no dose-limiting toxicities. The FDA has approved the designation of Prolanta™ as an Orphan Drug for the treatment of ovarian cancer, which may result in reduced filing fees (currently $2 million), federal tax credits and marketing exclusivity.
This press release above may contain forward‐looking statements about the business, financial condition and prospects of the Company. Forward looking statements can be identified by the use of forward-looking terminology such as “believes,” “projects,” “expects,” “may,” “goal,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” or “anticipates,” or the negative thereof, or other variations thereon, or comparable terminology, by discussions of strategy or objectives. Forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.
Although the Company believes that the expectations reflected in forward-looking statements are reasonable, there can be no assurances that such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. The forward-looking statements contained in the press release speak only as of the date of the press release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based. Certain factors may cause results to differ materially from those anticipated by some of the statements made in the press release. Investors are urged to consider closely the disclosures in our Forms 10-K, 10-Q, 8-K and other filings with the SEC, which can be electronically accessed from the SEC's website at http://www.sec.gov/.