OncoVista Innovative Therapies Initiates Additional Safety Study of OVI-117

SAN ANTONIO--(BUSINESS WIRE)-- OncoVista Innovative Therapies, Inc. (OTCBB:OVIT) reported that it has initiated an additional safety study of OVI-117 in a 2nd animal species.

“OncoVista is moving ahead in our development efforts,” said Alexander L. Weis, Ph.D., CEO of OncoVista. “We are advancing the development of OVI-117, our L-Nucleoside conjugate for solid tumors. This additional safety study is an important step in our efforts to bring this drug candidate into clinical trials.”

OVI-117 is a potent drug candidate for the treatment of solid tumors, such as breast, colon and prostate and other cancers, targeting Thymidylate Synthase (TS). OncoVista is completing the GLP animal toxicology studies and preparing the IND submission to the FDA and expects to launch a Phase I trial in the fourth quarter of 2011.

“In our efforts to expand our drug candidate portfolio,” Dr. Weis said, “we continue to scrutinize opportunities to license diagnostic technologies or acquire other drug candidates that are highly targeted with improved efficacy and minimal toxicity. We have a proven track record of successfully acquiring, developing and managing diagnostic and therapeutic cancer products and we are strongly positioned to be a leader in the new and exciting field of targeted cancer drug development.”

About OncoVista Innovative Therapies, Inc.

OncoVista Innovative Therapies, Inc., (OTCBB:OVIT) San Antonio, TX, is a biopharmaceutical company engaged in the development and commercialization of targeted cancer therapies which are more efficacious and less toxic. For further information about OncoVista, please visit www.oncovista.com.

Forward-looking statement:

THIS LETTER INCLUDES “FORWARD-LOOKING STATEMENTS” FROM ONCOVISTA THAT MAY OR MAY NOT MATERIALIZE. ALTHOUGH MANAGEMENT BELIEVES THE ASSUMPTIONS ON WHICH THE FORWARD-LOOKING STATEMENTS ARE BASED ARE REASONABLE, FORWARD-LOOKING STATEMENTS ARE INHERENTLY SUBJECT TO RISKS AND UNCERTAINTIES AND NO REPRESENTATION IS MADE OR SHOULD BE INFERRED WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THEM OR THE LIKELIHOOD THAT THEY CAN OR WILL BE ACHIEVED. IN EVALUATING THE FORWARD-LOOKING STATEMENTS, RECIPIENTS SHOULD CONSIDER VARIOUS FACTORS, INCLUDING OUR ABILITY TO CHANGE THE DIRECTION OF ONCOVISTA; OUR ABILITY TO KEEP PACE WITH NEW TECHNOLOGY AND CHANGING MARKET NEEDS; AND THE COMPETITIVE ENVIRONMENT OF OUR BUSINESS. THESE AND OTHER FACTORS MAY CAUSE OUR ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FORWARD-LOOKING STATEMENT. RECIPIENTS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON THE ACCURACY OR ADEQUACY OF THE FORWARD LOOKING STATEMENTS.



CONTACT:

OncoVista Innovative Therapies, Inc.
Michael Moloney, 210-677-6000
Chief Operating Officer

KEYWORDS:   United States  North America  Texas

INDUSTRY KEYWORDS:   Health  Biotechnology  Clinical Trials  Oncology  Pharmaceutical  FDA

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