Oncology Pharma Receives LOI for Financing for US$ 38.4M from SCP Partners Ltd
Dec 23, 2019
| Source: Oncology Pharma, Inc.
SAN FRANCISCO, CA, Dec. 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – ONCOLOGY PHARMA, INC. (OTCPK: ONPH) is pleased to announce that it has received a letter of intent dated December 20th to facilitate a financing of US$ 38.4 Million from SCP Partners, Ltd, UK. Financing is to be used to complete licensing agreements with Kalos Therapeutics for its lead anti-cancer bio-pharmaceutical (a peptide) medication, KTH-222. Kalos’ platform of peptide-based therapeutic drugs have internationally issued patents (EP 2 224 946 B1), along with a number of international patents pending. Also included in the financing is the completion of the licensing agreement with Ribera Solutions for its Connect2Med Application. Subject to a 90 day due diligence period. Oncology Pharma previously announced the execution of a Letter of Intent with Diagnomics, Inc. to acquire a 50% interest. As part of the transaction, Onco Pharma will acquire a 5% interest of India-Eone Diagnomics center and also include a 3.25% stake in Eone Diagnomics of South Korea. Eone Diagnomics was one of the most successful biotech IPOs on the KOSDAQ in 2018 attaining a high value of US$ 250M in that year. Diagnomics is a CLIA and a CAP accredited laboratory in San Diego, CA. The company provides CLIA services to global pharmaceutical companies, including academic and biotech companies. Diagnomics' artificial intelligence combined with artificial intelligence is a "game changer" in precision medicine, drug development, clinical trials, lowering of cost and time of clinical trials, faster regulatory approval process and faster availability of drugs to the patients. According to Coherent Market Insights, the global oncology drugs market was valued at US$ 77.3 billion in 2018 and is projected to exhibit a CAGR (Compound Annual Growth Rate) of 12.3% through 2026. In light of our LOI with Diagnomics, Inc. the global Genomic Market is valued at US$ 13.2 Billion and expected to grow to US$ 30.59 Billion by 2025 at a CAGR of 9.78% according to Kenneth Research
Oncology Pharma CEO, Chuck Wagner, commented: “I am delighted to have received a Letter of Intent to facilitate the necessary financing for Oncology Pharma to execute our business plan and taking this step to completing our acquisitions and licensing agreements as previously announced.”
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. CONTACTS:For additional information, please contact the Oncology Pharma at:One Sansome Street, Suite 3500San Francisco, CA 94104Phone: 415-869-1038Fax: 415-946-8801Email: firstname.lastname@example.org