OncoVista plans to advance reduced-toxicity targeted cancer treatments

OncoVista Innovative Therapies, Inc., (OTCBB:OVIT) reported in a letter to shareholders that it is moving forward on its business plan to develop targeted, safer and more efficacious cancer treatments with reduced or no toxicity.

"OncoVista is moving full-speed ahead," said Alexander L. Weis, Ph.D., Chairman, CEO and President of OncoVista. "We are advancing the development of our existing reduced-toxicity targeted treatments and simultaneously seeking new acquisition or licensing opportunities with the funds we have on hand."

The company reported that it has already received the first payment from the sale last November of its majority holding in its German subsidiary AdnaGen AG. OncoVista may receive as much as $64.7 million in cash, contingent upon the successful achievement of various clinical, regulatory, sales and balance sheet milestones.

OncoVista's focus is on targeted cancer treatments, that is, developing drugs that are safer and more likely to help an individual patient and thereby eliminating the negative toxic effects of catch-all-cocktails, which may not be effective for the individual cancer patient, according to Weis.

The company reported on the development of its existing compounds, as follows:

• OVI-123 is a compound for the treatment of leukemia that can be identified with the biomarker TdT, that is, refractory deoxynucleotidyl transferase. The compound has been granted orphan drug status by the US Food & Drug Administration. OncoVista is in the process of reinitiating the Phase I/II trial to determine the maximum tolerated dose.
• OVI-117 is a compound for the treatment of solid tumors, found in the breast, colon and prostate, with the biomarker TS, that is, Thymidylate Synthase. OncoVista is completing animal testing and preparing the IND submission and expects to launch a Phase I trial in the third quarter of 2011.

"In our plans to expand our drug candidate portfolio," Weis said, "we are scrutinizing opportunities to license or acquire other compounds or diagnostic technologies that we believe will meet our criteria—finding treatments that are highly targeted with low- or no-toxicity. We are reviewing several promising compounds/technologies."

Dr. Weis also reported that Michael Moloney, a seasoned pharmaceutical and bio pharma executive with more than 24 years experience in clinical research, drug development, operations and information technology, has joined the OncoVista team as Chief Operating Officer. He noted that Moloney has the expertise to help OncoVista realize the potential of the compounds it now owns and to shepherd new compounds and/or diagnostic technologies through testing.

Dr. Weis said, "OncoVista's management team has a track record of successfully acquiring, developing and managing diagnostic and therapeutic cancer programs and we believe that we are strongly positioned to be a leader in the new and exciting field of targeted cancer drug development and treatment."