Oncolix, Inc. Signs Letter of Intent to Enter into a License Agreement to Treat Osteosarcoma

HOUSTON, TX / ACCESSWIRE / September 25, 2018 / Oncolix, Inc. ONCX (the "Company"), a biotechnology company focused on gynecological cancers, announced that the Company has entered into a non-binding letter of intent for an exclusive worldwide license agreement from IGL Pharma, Inc., ("IGLP") for a novel drug for the potential treatment of osteosarcoma, bone metastases and bone marrow ablation.

Highlights:

• Proposal includes all uses for the drug, a radiopharmaceutical, Samarium-153 DOTMP (CycloSamTM).
• Proposed license is expected to include an undisclosed upfront payment, milestones and royalties on product net sales in exchange for the exclusive global rights to the drug.
• Proposed license is expected to include the use of the drug for all disease indications, including bone cancers.
• The drug has already completed preclinical toxicology studies and has clearance from the FDA to commence a clinical trial for the indication of osteosarcoma.
• The definitive agreement is expected to be completed by October 1, 2018.

Although both Parties are working in good faith to finalize a definitive agreement, there can be no such assurances this transaction will be completed.

Osteosarcoma is a fairly rare disease (US incidence of 800 to 900 patients) that affects both adolescents and adults. While the cure rate in local osteosarcoma is about 70%, in metastastic disease it is fatal. In addition to the need for better therapies to treat the disease, there is also a need to reduce the pain associated with bone cancers. Bone pain is associated with all bone cancers, including bone metastases, which often originate from prostate and breast cancer.

"Although osteosarcoma will be our first target for this drug, the preclinical data show CycloSamTM may be superior to Xifigo, a radiopharmaceutical marketed by Bayer ($464 million sales 2017) for the treatment of bone metastases. Our drug could also be a better choice for bone marrow ablation," stated Michael Redman, CEO of Oncolix. "Furthermore, if we enter into this license agreement, we will have a strengthened pipeline of drug candidates."

Bone marrow ablation is a viable option for many cancers, including leukemia, lymphoma and sickle cell anemia. In the case of sickle cell anemia, bone marrow ablation is the only known cure. The current standard for bone marrow ablation is high doses of chemotherapy, which are known to cause significant side effects.

"First, our passion is to improve the lives of young patients suffering from osteosarcoma," said Robert Niecestro, PhD, who serves on the Oncolix Scientific and Clinical Advisory Board. "Furthermore, we are also focused on a process to obtain approvals for additional indications, including bone marrow ablation and bone metastases."

About Oncolix

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 is currently in progress. 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.

Corporate contact:

Michael Redman
P: 281-402-3167
E: mredman@oncolixbio.com

SOURCE: Oncolix, Inc.