There is important breaking news coming from Oncolin Therapeutics (OTCBB: OCOL) and investors are going to watch this one closely. Yesterday after the markets closed, the company issued a press release announcing that 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.
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