Exhibit 99
ONCOLOGIX TECH INC. (FORMERLY BESTNET COMMUNICATIONS CORP.) ACHIEVES FIRST
MAJOR DEVELOPMENT MILESTONE
GRAND RAPIDS, Mich.--(PR Newswire) -- February 1, 2007 - Oncologix Tech Inc.'s
(formerly BestNet Communication Corp.) (OTC BB: BESC) wholly owned subsidiary
Oncologix Corporation announced today an early completion of the first of three
performance milestones, the Development Phase, for its Oncosphere product. The
Company also stated that because of the change in its name, it expects a new
symbol for the trading of its securities on the OTC Bulletin Board in the near
future.
In completing the Development Phase Oncologix successfully manufactured
microspheres that are representative of the microspheres that will be used for
the next phase, Pre-Clinical Testing. Additionally, the manufactured product
demonstrates that the design and manufacturing process are reproducible in
scalable quantities at reasonable costs. The end of this phase was scheduled for
July 2007 and its completion allows Oncologix to enter the next project phase
for the Oncosphere System earlier than originally anticipated.
Completion of each of three performance milestones, as defined by the July 26,
2006 merger agreement with JDA Medical Technologies Inc., allows the release of
escrowed shares of Oncologix common stock to the former principal shareholders
of JDA. Completion of the development phase permits a total of 7,460,792 shares
of stock to be released from the escrow. The shareholders may sell the shares
under the provisions of SEC Rule 144.
According to Andrew Green, CEO of Oncologix, "We are extremely pleased to
announce the successful completion of the Development Phase and are excited by
the progress that our team has made with the Oncosphere project. We now have a
product that we are confident in testing to support a request to the FDA to
start a clinical trial. I believe that with these results we can expect to be
treating patients in early 2008."
Andrew S. Kennedy, MD, Chief Science and Medical Officer of Oncologix, stated,
"I am delighted that we have produced a design for our microsphere treatment,
and I am most excited about beginning animal studies to verify the product's
safety and performance. I am looking forward to initiating human studies in the
near future using our Oncosphere product."
About Oncologix Tech Inc. and Oncologix Corp.:
Oncologix Tech Inc., (formerly BestNet Communications Corp.) was formerly a
provider of long distance telephone communication services. During January 2007,
the Company entered into an agreement to dispose of the telephone business.
Oncologix Corporation, based in Atlanta GA, is a wholly owned subsidiary of
Oncologix Tech Inc.. Oncologix is developing advanced medical treatments for
soft tissue cancers; the Oncosphere System. The Oncosphere System is a
brachytherapy (radiation therapy) device being developed for the treatment of
soft tissue cancers. It is based on a radioactive micro-particle designed to
deliver therapeutic radiation directly to a tumor site by introducing the
micro-particles into the artery that feeds the tumor tissue.
This release contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the "safe harbor" created thereby. These statements include the plans
and objectives of management for future operations, including plans and
objectives. The forward-looking statements herein are based on current
expectations that involve judgments with respect to, among other things, future
economic, competitive and market conditions and future business decisions, all
of which are difficult or impossible to predict accurately and many of which are
beyond control of the company. Although the company believes that the
assumptions underlying the forward-looking statements are reasonable, any one of
the assumptions could be inaccurate and, therefore, can be no assurance that the
forward-looking statements included in this release will prove to be accurate.