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DNAgo, Oncologix Tech to Combine Companies, Broaden Clinical Genetic Testing

NEW YORK – Medical holding company Oncologix Tech and biopharma firm DNAgo said Monday that they have entered into a definitive agreement to merge the two firms under the DNAgo name, with common stock and warrants expected to remain listed on the OTC market under the ticker symbol OCLG.

Currently based in Nevada, Oncologix was originally formed in New Jersey in 1995 as Wavetech. In July 2006, it changed its business model to medical device products, and in 2007, changed its name to Oncologix Tech.

The newly combined company will continue DNAgo's clinical genetic testing, which includes sequencing across the whole exome to identify variants associated with more than 7,000 rare genetic diseases using what it calls its "AI System."

Financial terms were not disclosed.

Under the agreement, Frank Igwealor resigned from the position of president and CEO of Oncologix, while DNAgo's Madeline Choi was appointed as the combined firm's new CEO.

"We are grateful for the strong support from new and existing investors and the team of seasoned entrepreneurs at Oncologix. We expect this transaction to accelerate the execution of DNAGO's vision to provide clinical genetic testing … at an affordable price for patients in need," Choi said in a statement.

According to Igwealor, Oncologix evaluated potential mergers with multiple biotechnology and life science companies and "was most impressed by the talent and technology assembled by DNAgo."

The transaction is expected to be completed in the second quarter of 2022, subject to approval by Oncologix's and DNAgo's shareholders and satisfaction, or the waiver, of customary closing conditions.

The companies added that in conjunction with their business combination, they have also secured several local and international commitments for new investments by institutional investors, including Digital Assets and Intellectual Property licensing.