GRAND RAPIDS, MI--(Marketwire - October 13, 2008) - Oncologix Tech Inc. (OTCBB: OCLG) announced today that it has entered into an agreement with the University of Maryland pursuant to which the Master License Agreement between the parties was modified so as to extend until January 5, 2009, the accomplishment of the "milestone" consisting of the filing of an Investigational Device Exemption for a Licensed Product to the FDA or any foreign equivalent of the Company commences a Clinical Trial of a Licensed Product. The previous due date for these milestone was September 16, 2008. The extension is subject to each of the following conditions: (1) that on before November 30, 2008 the University shall have received from IUT (the proposed purchaser of our Oncosphere assets) a Research and Development and Business Plan, reasonably acceptable to the University, for the commercialization of the Oncosphere technology; (2) that on or before January 5, 2009, the proposed Asset Sale to IUT shall have been approved by the shareholders of the Registrant and the sale has been consummated; (3) that IUT (or its subsidiary) and the University shall have entered into a new mutually acceptable Master License Agreement with respect to the Oncosphere technology; (4) the Registrant shall have amended its Articles Of Incorporation to increase its authorized capital stock as proposed in a certain Proxy Statement that has been filed with the Securities and Exchange Commission but not yet become effective; and (5) that 2,000,000 shares of the Registrant's common stock shall be issued and sold to the University in consideration of the extension agreement.
