EXHIBIT 99
Oncologix Tech, Inc. Issues Letter to Shareholders regarding Upcoming Events
and Milestones
Suwanee, Georgia.--(Marketwire) September 10, 2007 - Oncologix Tech Inc. (OTC
BB: OCLG.OB) announced today that Andrew Green, President and CEO, has issued a
letter to shareholders regarding upcoming events and milestones. The letter
details the company's anticipated performance against its project schedules and
participation in scientific meetings. We have chosen to issue this shareholder
letter, as part of this press release, to take advantage of the speed and
economy of today's internet world.
Specifically, the letter outlines timing for major project milestones, such as
animal testing and clinical studies following the earlier release of a new
design for its Oncosphere product. Additionally, the letter announces
Oncologix's participation as an exhibitor at the annual scientific meeting for
the American Society of Radiology and Oncology (ASTRO) from October 28 through
November 1, 2007.
A copy of the shareholder letter is attached to this press release.
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.
Contacts:
Andrew Green
Chief Executive Officer
Tel: (770) 831-8818
Michael Kramarz
Chief Financial Officer
Tel: (616) 977-9933
ONCOLOGIX
September 10, 2007
To the Oncologix Shareholders,
The past year has brought a lot of change to our company, our field of
technology, our employees, and to you, our shareholders. A little more than one
year after starting to change the face of our company we have transformed from a
non-profitable telecommunications company to a development stage medical device
company with a bright future for a new technology and for hundreds of thousands
of patients worldwide. The vision, brought to us by Dr. Andrew Kennedy in the
form of an improvement in the treatment of liver cancers, has given us the
opportunity to breathe new life into the organization and hopefully into
shareholder value.
During the past 2 months we faced some challenges with the Oncosphere Product
design. Our current team rose to the challenge and, with the assistance of
Dendritic Nanotechnologies Inc., we were able to resolve the technical issue
with a new design. While these challenges are not uncommon in the development of
new medical technologies, we are glad this one is behind us. We believe that the
new design not only addresses the particular problem we faced, but is a more
robust design. We now look forward to getting back to our original schedule and
project activities.
The next six months will be very exciting for us and there will be many
opportunities for you, the shareholder, to see progress toward clinical trial
initiation early next year. Specifically we expect to initiate the animal study
with the radioactive Oncosphere product the first week of October. The animal
studies are an important and required step for gaining approval to treat
patients. We are excited to contemplate commencement of these studies during the
first week in October. Even though our technical problems caused a delay in our
schedule, we are happy to still be within the original timelines projected at
the time we entered the medical device business. This is mostly due to the
strong efforts and achievements by our team in the first portion of the
development work. The animal study will be our first chance to see the effects
of the radioactive Oncosphere product in a biological environment.
Also, we will be exhibiting at the American Society of Radiology and Oncology
(ASTRO). ASTRO is the largest radiation oncology society in the United States
and has over 9,000 members from around the world. Its mission is to advance the
practice of radiation oncology by promoting excellence in patient care,
providing opportunities for educational and professional development, promoting
research and disseminating research results and representing radiation oncology
in a rapidly evolving healthcare environment. One way it does this is through
its annual meeting where physicians, scientists, and exhibitors can come
together to share information on treatments and products. We are proud to be
exhibiting at this year's ASTRO conference from October 28 to November 1, 2007
at the Los Angeles Convention Center and hope to have early results from our
animal studies to share at our exhibitor booth.
Finally, if the upcoming development efforts are successful, we will, file
requests for approval to treat patients in clinical trials in the United States
and other countries both on our own and with partners. The most important step
in gaining approval for a new medical product is clinical investigation of the
product in patients. This occurs under carefully designed clinical trial
conditions approved by the government authorities for the country where they
take place. We are projecting submissions to authorities in Europe, China, and
the Food and Drug Administration (FDA) in the US in the last quarter of 2007 and
first quarter of 2008 to start small feasibility studies. These submissions,
when approved, will allow us to initiate trials in the first quarter of 2008.
I hope that this information is helpful to you the shareholder in understanding
where we are today in our project and our longer term plan for building value in
the company and your shares. As with any development stage company, we face
uncertainties in our ability to obtain continued funding, our ability to gain
adequate patent protection, obtaining government approvals, and possible
competition. Hopefully your continued support and the support of private
investors will help us to address these needs.
I believe that the Oncosphere product will be an important addition to the tools
that radiologists and oncologists have in treating cancer. I am excited for the
future and hope that you are as well. It is only through your continued support
that we can make the Oncosphere product a reality for patients.
/s/ Andrew Green
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Andrew Green
President and CEO