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Blue Water Biotech Acquires Swiss Diagnostics Firm Proteomedix

NEW YORK — Blue Water Biotech said on Monday that it has acquired Swiss diagnostics firm Proteomedix, along with its prostate cancer test Proclarix, as part of an effort to rebrand as an oncology healthcare firm.

In conjunction with the deal, Cincinnati-based Blue Water said it will change its name to Onconetix and maintain certain Proteomedix operations in Switzerland as its European headquarters.

Under the terms of the deal, Proteomedix shareholders will receive a mix of common and preferred shares that will translate to an approximate 19.9 percent stake in the merged company. The preferred shares are expected to convert into common shares in the first half of 2024, and all stock will become freely tradable after a customary lockup period, Proteomedix said.

Additional terms were not disclosed.

During early morning trading on the Nasdaq, shares of Blue Water fell more than 11 percent to $.2115.

Proteomedix, a spinout of ETH Zurich, launched Proclarix in Europe in 2020 and exclusively licensed the test's US rights to Laboratory Corporation of America earlier this year. The assay measures the levels of several proteins, including prostate-specific antigen (PSA), in patient serum to determine the risk of clinically significant prostate cancer in men with elevated PSA.

Blue Water currently markets Entadfi, a small molecular treatment for benign prostatic hyperplasia that it acquired from Veru in April for $20 million upfront and as much as $80 million in sales milestones.

"This pivotal move not only expands our global footprint, it enables us to harness the advanced technological platform and diagnostic expertise of Proteomedix," Blue Water President and CEO Neil Campbell said in a statement. "Furthermore, it is an important step in our overall transformation as a company that strengthens our core mission of enhancing shareholder value and positions us at the emerging forefront of prostate cancer diagnostics."