HOUSTON, Nov. 29, 2017 (GLOBE NEWSWIRE) -- Oncolix, Inc., (OTC PINK:ONCX) a company focused on developing new cancer therapeutics, announces a letter from the CEO.
My fellow shareholders,
First, I would like to thank you for investing in Oncolix. It is my responsibility to do everything in my power to enhance shareholder value. Since the merger on August 3 of this year, Oncolix has filed significant SEC documentation, completed a name change from Advanced Environmental Petroleum Producers to Oncolix and most recently, effectuated a stock ticker change from (OTC:AEPP) to (OTC:ONCX). This stock ticker change marks the end of an extensive review by the Financial Industry Regulatory Authority (FINRA) into our company’s business model, operations, and management team. We see this as a strong validation of who we are as a company and the progress that we have made to date. While we have been meeting all of our milestones and logistics issues, I do not believe that the company’s valuation reflects the value of the company and its lead asset, Prolanta. It is my belief that the short-term milestones that I will outline below should address this issue.
Following the ticker change, one of our top priorities is to uplist from Pink Sheets to an OTC-QB listing. To achieve this goal, we will be adding our second independent board member in the near future so that we meet all of the OTC-QB requirements. We believe you will be very impressed with our second independent board member. We also intend to commence our Scientific/Clinical Advisory board, which will consist of world-wide leaders that can provide guidance as we progress our drug Prolanta through the clinical trial process for the treatment of gynecological and breast cancers. Furthermore, we are actively pursuing both a Japanese and Chinese partner for investment, collaboration and to license rights to Prolanta for the Asian markets.
We are extremely excited about our prospects for Prolanta. Oncolix has received U.S. FDA clearance to proceed with human testing for our drug for the treatment of ovarian cancer. While we currently have limited data, we have not observed any adverse events related to Prolanta, which sets Prolanta apart from other drugs on the market used in the treatment of cancer. Furthermore, we have observed evidence of efficacy in the low dose patients (tumor reduction) treated with Prolanta in our current ovarian cancer trial, in late-stage ovarian cancer patients that seldom respond to any treatment. Oncolix is in the process of treating the next dosing group (the mid dose patients). Because prolactin receptors are overexpressed in the vast majority of gynecological and breast cancers, we believe Prolanta may be an effective treatment for ovarian, cervical, endometrial/uterine and breast cancer.
Furthermore, the FDA granted Prolanta Orphan Drug Status for the treatment of ovarian cancer and we intend to apply for the same designation in Europe, Japan and other markets.
Prolanta is a first-in-class drug with a novel mechanism of action called sustained autophagy, which causes cancer cells to self-destruct through a programmed cell death sequence. Autophagy recently made major headlines when a Japanese scientist, Yoshinori Ohsumi was granted the 2016 Nobel Prize in Medicine for his pioneering work in the area of autophagy.
Oncolix management is committed to reaching more milestones that drive value for its shareholders and we believe we are on the right path. We also are working diligently to get our message out to more potential stockholders. It is our belief that reaching several new milestones in the short-term will be an exciting time for investors and Prolanta could be a breakthrough drug for the treatment of deadly cancers.
I will be presenting at the 10th Annual LD Micro conference on December 5-7 in Los Angeles. I would be delighted to meet with you one-on-one if you are attending the conference.
Once again, I thank you for your investment and commitment to Oncolix.
Michael Redman, Chief Executive Officer of Oncolix
November 29, 2017
Oncolix is a clinical-stage biotechnology company developing Prolanta™ for the treatment of ovarian, cervical, 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/.
Robert Flamm, Ph.D.
The Ruth Group