SOURCE: Oncologix Tech Inc.

August 22, 2007 11:54 ET

Oncologix Tech Inc. and Dendritic Nanotechnologies, Inc. Resolve Leaching Issues With the Oncosphere Product

SUWANEE, GA--(Marketwire - August 22, 2007) - Oncologix Tech Inc. (OTCBB: OCLG) announced today that it has qualified a new design of its Oncosphere product in response to the "leaching" problem found in its previous design and described in an earlier press release. The improved design was developed and qualified with the aid of its current team and a new collaborator, Starpharma's subsidiary Dendritic Nanotechnologies, Inc. (DNT) located in Mount Pleasant, Michigan.

The Oncosphere product is being developed as a novel microsphere technology for the treatment of soft tissue cancers. These cancers present themselves in more than 300,000 patients each year. Initially, Oncologix is targeting colorectal liver metastases, in which over 90,000 new cases are diagnosed each year. The key Oncosphere design changes to solve the leaching problem included surface chemistry modifications to the microsphere and inclusion of DNT's new proprietary Priostar™ dendrimers into the Oncosphere design. DNT also provided chemical development and manufacturing assistance in the redesign of the Oncosphere product.

The new Oncosphere design has demonstrated improved reliability and durability when tested under conditions simulating the manufacturing and clinical environments. Oncologix Tech now believes it is ready to resume animal studies and product testing in support of a future request to the FDA approval of an IDE for human clinical trials.

The concepts for the new design of the Oncosphere product and its associated delivery system may include new intellectual property. This potential IP may be supplemental to the current Oncologix-licensed patent applications of the University of Maryland or original IP that could warrant new patent applications for Oncologix Tech and its partners.

Andrew Green, President and CEO of Oncologix Tech, stated, "I have been pleased with the quick response of our team in resolving our technical issues. I am most pleased with DNT as our new partner and the possible opportunities for expanding our intellectual property. I believe that an association with DNT opens doors to new prospects for both our companies."

The DNT components are essential to the Oncosphere product and Oncologix Tech and DNT are in business discussions for supply and licensing to Oncologix of DNT's proprietary Priostar™ dendrimers for the Oncologix field of application, however we have not yet finalized this agreement. Oncologix Tech and DNT believe that there may be additional benefits gained from new technologies, products, or applications based on the combination of intellectual properties (IP) and technologies of both companies.

About Oncologix Tech Inc. and its subsidiary, Oncologix Corporation:

Oncologix Tech Inc. (formerly BestNet Communications Corp.) was previously a provider of long distance telephone communication services but disposed of that business in January 2007.

The Company is developing a brachytherapy (radiation therapy) device, the Oncosphere System, for the advanced medical treatment of soft tissue cancers. It is based on radioactive microparticles designed to deliver therapeutic radiation directly to a tumor site by introducing the microparticles into the artery that feeds the tumor tissue.

This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the "safe harbor" created thereby. These statements include the plans and objectives of management for future operations, including plans and objectives. The forward-looking statements herein are based on current expectations that involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond control of the company. Although the company believes that the assumptions underlying the forward-looking statements are reasonable, any one of the assumptions could be inaccurate, and therefore it can provide no assurance that the forward-looking statements included in this release will prove to be accurate.

About Dendritic Nanotechnologies Inc. (DNT):

Starpharma's wholly owned U.S.-based operating subsidiary -- Dendritic Nanotechnologies, Inc. located in Mount Pleasant, Michigan -- provides innovative dendrimer technologies and commercialization services with its new proprietary Priostar™ dendrimer technologies. Priostar™ dendrimers are the newest generation of dendrimers and were engineered to be commercially viable (reduced manufacturing complexity and costs). The company has patents pending on its Priostar™ family of dendrimers. PrioFect, Priostar and STARBURST® are trademarks of Dendritic Nanotechnologies, Inc. All other trademarks mentioned herein are held by their respective owners.

Contact Information

  • Oncologix
    Andrew Green
    Chief Executive Officer
    Tel: (770) 831-8818

    Michael Kramarz
    Chief Financial Officer
    Tel: (616) 977-9933

    Dr Robert Berry
    Tel: 989.774.1799

    Dr Ryan Hayes
    Director Business Development
    Tel: 989.774.6565