Onconetix Inc (NASDAQ: ONCO) stock rose by over 61 per cent Friday after a venture capital firm revealed that it had taken a 32.5 per cent stake in the company.
Altos Ventures disclosed its interest in the oncology services provider on Tuesday in a regulatory filing. A 1-for-40 reverse stock split announced by Onconetix last week is another major factor that led to today’s surge.
Altos revealed in December that it had taken a 5 per cent stake in the biotech outfit and it has nowed upped its interest significantly. Onconetix has a highly questionable financial position overall with significant debt and limited cash flow.
One of the prostate disorder treatment company’s flagship solutions is the Proclarix liquid biopsy test. This is used to test for prostate cancer in older men who have completed a prostate-specific antigen (PSA) test that merits additional follow-up due to indeterminate results.
Onconetix, formerly known as Blue Water Biotech, has developed an oral therapeutic or pill for the treatment of the prostate disorder benign prostatic hyperplasia (BPH) too. Also, vaccines.
$ONCO is another company that is developing a Monkeypox vaccine https://t.co/Xi1iJXGhGe could run next like $GOVX $EBS pic.twitter.com/Ur4yoQtIZB
— SexyStockSlayer (@SexyStockSlayer) August 16, 2024
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English Freemasons utilize Proclarix
Cambridge Clinical Laboratories (CSL) has been using the company’s biopsy test for assessing the prostate health of men in the world’s oldest male fraternity.
Last week, the healthcare provider set up a prostate health clinic at the fraternity’s Provincial Grand Lodge of Suffolk headquarters in the town of Lowestoft. They took a series of 41 blood samples to be examined for PSA and those with specific results were required to use the more advanced Proclarix test.
CSL completed 59 blood tests on Freemasons and other members of the public the previous week too. The Community Health and Prostate Support (CHAPS) charity assisted with the initiative.
As the fraternity has a large number of older members, the importance of efficient prostate health testing cannot be overstated.
“The Proclarix test analyzes additional biomarkers and provides a risk score for clinically significant prostate cancer,” CSL said earlier this month. “This helps detect prostate cancer even when PSA appears ‘normal,’ and reduces unnecessary biopsies by ruling out men with other causes of elevated PSA.”
🌟 Another successful CHAPS PSA and Proclarix testing clinic completed last week! 🌟
CCL handled phlebotomy, couriers, and lab testing, and we set up a station to discuss the Proclarix test. pic.twitter.com/1LytBMa2f2
— Cambridge Clinical Laboratories (@CamClinLabs) September 9, 2024
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