FDA Approves OncoVista Innovative Therapies, Inc.'s Phase I Clinical Trial of New Drug Candidate (OVI-117) for Solid Tumors
2012-07-10
SAN ANTONIO, TX--(Marketwire - July 10, 2012) - OncoVista Innovative Therapies, Inc. (OTCBB: OVIT), a biopharmaceutical company engaged in the development and commercialization of targeted cancer therapies, announced today that the US Food and Drug Administration (FDA) granted approval for the Company's investigational new drug (IND) application for its L-nucleoside conjugate (OVI-117) drug candidate.
"The FDA's swift approval of our IND provides validation of OncoVista's mission to be a leader in the development of more efficacious and less toxic targeted cancer therapies," said Alexander Weis, PhD., Chairman, President and CEO of OncoVista. This will allow the Company to build and enhance our drug portfolio to the benefit of shareholders and more importantly, patients. The founding mission of OncoVista is to develop more effective and less toxic drugs for cancer. This is an important milestone towards that mission.
About OVI-117
OVI-117, a derivative of FdUMP/5-FU, is a Thymidylate Synthase (TS) inhibitor with enhanced pharmacological properties resulting in the retention of efficacy and the reduction of toxicity. It has particular promise for colon, breast, gastric and prostate tumors.
About OncoVista Innovative Therapies
Texas-based OncoVista Innovative Therapies, Inc. (OTCBB: OVIT), founded in 2004, is a biopharmaceutical company engaged in the development and commercialization of targeted cancer therapies which are more efficacious and less toxic. For additional information, please visit OncoVista's corporate website at
Forward-Looking Statements: A number of statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements.
COMPANY CONTACT:
Michael Moloney
Chief Operating Officer
(210) 677-6000
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