Onconetix (ONCO) and Ocuvex Therapeutics said Tuesday they have signed a non-binding letter of intent for a potential merger.
The companies said that as part of the potential deal, Onconetix is expected to acquire Ocuvex in exchange for newly issued Onconetix shares, with Ocuvex stockholders holding about a 90% stake in Onconetix.
No specific financial terms were provided. The companies said they will continue talks for a definite agreement but said there are no guarantees that a definite deal will be reached.
Shares of Onconetix were 82% higher in recent Tuesday premarket activity.
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