Onconetix Inc., a Cincinnati-based commercial-stage biotechnology company focused on innovative solutions for men’s health and oncology, and Ocuvex Therapeutics Inc., a Fort Lee-headquartered company focused on ophthalmic innovation, announced Sept. 26 the mutual termination of their previously announced definitive merger agreement, dated July 16.
After careful consideration and constructive dialogue, both companies have jointly determined that pursuing independent paths is in the best interests of their respective stakeholders. This decision reflects the commitment of Onconetix and Ocuvex to advancing their respective missions and delivering value to patients, partners, and investors.
Anthony Amato, CEO of Ocuvex, said, “The decision to mutually terminate the merger agreement does not impact Ocuvex’s momentum or our commitment to patients. We are excited to announce that Ocuvex has received its New Jersey state pharmaceutical license, and the commercial launch of Omlonti will commence in the coming weeks. Our pipeline continues to advance, and we remain focused on delivering innovative ophthalmic solutions to the market.”
Omlonti is Ocuvex’s prescription eye drop treatment to lower ocular pressure for glaucoma patients.
Andrew Oakley, chairman of the board of Onconetix, added, “Ocuvex is an innovative company with a strong commitment to advancing eye health. Despite our decision to part ways, we are confident that Omlonti will deliver value for patients and the ophthalmic community upon launch and future growth.”
Under terms of the merger agreement, Onconetix was to purchase all of the issued and outstanding equity interests of Ocuvex. Ocuvex equity holders were to receive newly issued shares of Onconetix common stock equal to 90% of the issued and outstanding equity interests in the combined company.
Onconetix shareholders were to retain 10% of the issued and outstanding equity interests in the combined company. The proposed transaction was expected to be completed in the fourth quarter of 2025.
