EXHIBIT 99
ONCOLOGIX TECH INC. ANNOUNCES APPROVAL FOR CHANGES IN CORPORATE GOVERNANCE
AND OPERATIONS IN SUPPORT OF THE MEDICAL DEVICE BUSINESS
SUWANEE, Georgia.--(Market wire) July 3, 2007 - Oncologix Tech Inc. (OTC BB:
OCLG.OB) announced today that it is modifying the corporate structure and
governance of Oncologix Tech and its wholly-owned subsidiary, Oncologix
Corporation, by relocating its corporate offices to the metropolitan Atlanta,
Georgia area, consolidating the boards of the parent and subsidiary, and
electing Judy Lindstrom as a board member.
The changes in governance and operations are being made to streamline the
corporate structure to focus on the company's core competency in the microsphere
brachytherapy industry.
The corporate offices will be moved from the current Grand Rapids, Michigan
location to our offices in Suwanee, Georgia in the suburban Atlanta area, where
the development and testing of the Oncosphere technology is currently located.
The consolidated board membership will be comprised of Stanley Schloz, Chairman;
Barry Griffith; Andrew Green, President and CEO; Andrew Kennedy, MD, FACRO,
Chief Medical and Science Officer; Steve Kurtzman, MD; Judy Lindstrom; Adam
Lowe, COO; and Anthony Silverman.
Stanley L. Schloz (previously Chairman, President and Chief Executive Officer of
the parent company) will continue as Chairman; Andrew Green (previously Chairman
and Chief Executive Officer of our subsidiary) will assume the position of
President and Chief Executive Officer.
Additionally, Judy Lindstrom has been elected to serve as a new member of the
board. Previously, Ms. Lindstrom held senior-level management positions with
several medical device companies, including Chief Operating Officer of the US
division of Portland Orthopedics; Executive Vice President, Global Sales and
Marketing, Wright Medical Technology, Inc.; President and CEO, Neovision; and
President, MicroAire Surgical Instruments, Inc. Ms. Lindstrom has also served as
General Manager for two operating divisions of Baxter International, V. Mueller
Endoscopy and Edward Orthopedics. Ms. Lindstrom was the first woman promoted to
General Manager for a Baxter operating unit and has previously served on the
board of Novoste Corporation (NASDAQ), Everest Medical Corporation (NASDAQ) and
AdvaMed (formerly the Health Industry Manufacturers Association).
The Oncologix Board is now well positioned to direct the company in its
microsphere brachytherapy venture with five members who possess a wealth of
prior medical device experience in both developing and established medical
device companies. In addition to the board representatives from management, Judy
Lindstrom, Barry Griffith and Steve Kurtzman, MD will provide advice to the
Company based on their medical device experience. Judy Lindstrom has established
her expertise in medical devices through successes in operations, marketing,
senior management and board leadership positions of US and international private
and public corporations. Barry Griffith is currently Director of Sales for
Calypso(R) Medical Technologies, Inc., a 4-D Localization System for accurate
positioning of patients for radiation therapy. Mr. Griffith has been involved in
the introduction of novel medical devices in the orthopedic, vascular,
neurological and cancer markets for companies such as Mitek (which was purchased
by J&J), Schneider (which was purchased by Boston Scientific), Novoste and
Medtronic. Steve Kurtzman is currently the Director of Brachytherapy for Western
Radiation Oncology, P.C., and a practicing radiation oncologist who has taken an
active role in medical device development in companies. He is Medical Director
for Isoray Medical (radiation brachytherapy for the treatment of prostrate
cancer) and Xoft Microtube, Inc. (miniaturized x-ray tubes for use in high dose
rate brachytherapy applications).
Stan Schloz, Chairman of Oncologix, stated, "With the experience and
competencies of the company's board and management, I believe Oncologix has the
leadership and management ability to be a major force in the microsphere
brachytherapy industry. The addition of Judy Lindstrom to our board and the
establishment of a full-time team focusing on the development of our Oncosphere
product in Atlanta are truly exciting and demonstrate Oncologix's continued
maturity. I believe we are well poised to meet our goal of initiating the
treatment of patients in clinical studies with the Oncosphere product by early
2008."
About Oncologix Tech Inc. and its subsidiary, Oncologix Corporation:
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Oncologix Tech Inc. (formerly BestNet Communications Corp.) was previously a
provider of long distance telephone communication services but disposed of that
business in January 2007.
The Company is developing a brachytherapy (radiation therapy) device, the
Oncosphere System, for the advanced medical treatment of soft tissue cancers. It
is based on radioactive microparticles designed to deliver therapeutic radiation
directly to a tumor site by introducing the microparticles 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 it can provide no assurance
that the forward-looking statements included in this release will prove to be
accurate.
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