HOUSTON--(BUSINESS WIRE)--Oncolin Therapeutics, Inc., (OTCBB: OCOL) announces it has reached a tentative agreement with Intertech Bio’s founding scientist and consultants. Intertech Bio has been a wholly owned subsidiary of the company that focused on the discovery, development and commercialization of novel selective anticancer therapies. The board has determined that due to the current economic conditions it is not able to meet the obligations of an early stage biotech company such as Intertech Bio.
This decision has lead the company to successfully negotiate with the scientist and consultants to accept approximately 75% of the outstanding stock of Intertech Bio in exchange for the assumption of certain liabilities and future obligations associated with the ongoing operations of Intertech Bio. Oncolin will retain an approximate 25% interest in Intertech Bio when finalized and will not be responsible for future expenses associated with Intertech Bio. This move will also allow Intertech Bio to be classified as a private entity and pursue grants and also traditional venture capital of which it has already identified several potential sources of capital. Oncolin will reserve the right to participate in future investments for Intertech Bio.
About Oncolin Therapeutics, Inc.
Headquartered in Houston, Texas, Oncolin Therapeutics, Inc. is a publicly traded company that focuses on renewable and traditional energy resources as well as assists in the development and advancement of Intertech Bio, a biopharmaceutical company that engages in the discovery, development and commercialization of novel selective anticancer therapies. Additional information about Oncolin can be found on the web at www.oncolinthera.com.
Safe Harbor Statement
This press release contains statements that may constitute forward-looking statements, including the company's ability to successfully acquire and develop technologies that are and may be acquired. These statements are based on current expectations and assumptions and involve a number of uncertainties and risks that could cause actual results to differ materially from those currently expected. For additional information about Oncolin's future business and financial results, refer to Oncolin's Quarterly Reports on Form 10-QSB and Annual Report on Form 10-KSB and other reports, which are on file with the Securities and Exchange Commission. Oncolin undertakes no obligation to update any forward-looking statement that may be made from time to time by or on behalf of the company, whether as a result of new information, future events or otherwise.