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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.