San Francisco, CA (GLOBE NEWSWIRE) - via NEWMEDIAWIRE - Oncology Pharma, Inc. (OTC: ONPH) announced today that it has signed a Letter of Intent (LOI) to acquire at least a 50% stake in Diagnomics, Inc., a private CLIA certified & CAP accredited private molecular Genomics lab in San Diego, CA (USA). Included in the acquisition is Diagnomics’ partial of minority stake in EONE-Diagnomics Genome Center in Seoul South Korea. EONE-Diagnomics was one of the most successful biotech IPOs (2018) on the KOSDAQ exchange.
The LOI is the first step in Oncology Pharma’s initiative to build a strategic and growing presence in the global healthcare market. The company is a founding member of the Illumina GSA consortium. Diagnomics has pioneered an “intelligence drug development” platform that combines artificial intelligence and machine learning for drug development, with cost effective clinical trials based on stratification, faster regulatory (FDA) approval and precision (personalized based) medicine.
Chuck Wagner, the CEO of Oncology Pharma, stated: “The acquisition opportunity of Diagnomics by Oncology Pharma is strategic to its global business expansion. The artificial intelligence combined with machine learning platform is a “game changer” because it is expected to significantly reduce drug development, clinical trial time and cost. In addition, it is designed to accelerate the regulatory approval of drugs and the processes should help make the drugs affordable, safer and available sooner to the patients.”
ABOUT ONCOLOGY PHARMA, INC.
ONCOLOGY PHARMA, INC. (OTCPK: ONPH) (the "Company") the Company is currently engaging in research and development of therapeutics for oncology and prides itself for having a world-class Advisory Board that keeps the Company in the forefront of developing technologies in cancer research, biotechnology, and healthcare.
ABOUT Diagnomics, Inc.
Established in 2011, Diagnomics is one of the first Next Generation Sequencing (NGS)-based genomics companies located in California. Diagnomics’ mission is to provide sophisticated solutions for personalized medicine and next generation healthcare. Diagnomics offers high quality innovative R&D and CLIA services to global pharmaceutical, biotech and medical device companies as well as academic institutions. Diagnomics provides comprehensive consumer genomic solutions based on several platforms including but not limited to DNA microarrays, Next Generation Sequencing and real-time PCR.
FORWARD LOOKING STATEMENTS
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the Company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include risks related to licensing arrangements and joint ventures, including the need to negotiate the definitive agreements for the relationships; possible failure to realize anticipated benefits of business relationships; and, costs of providing funding to these business relationships. Other risks and uncertainties relating to the Company include, among other things, current negative operating cash flows and a need for additional funding to finance our operating plan; the terms of any further financing, which may be highly dilutive and may include onerous terms; unexpected costs and operating deficits, and lower than expected sales and revenues; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance; adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners and with any strategic or joint venture partners; the impact of competition; the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; management of growth; and, other risks and uncertainties. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position.
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