09:14 AM EDT, 04/08/2025 (MT Newswires) -- Onconetix ( ONCO ) and Ocuvex Therapeutics said Tuesday they have signed a non-binding letter of intent for a potential merger.

The companies said that as part of the potential deal, Onconetix ( ONCO ) is expected to acquire Ocuvex in exchange for newly issued Onconetix ( ONCO ) shares, with Ocuvex stockholders holding about a 90% stake in Onconetix ( ONCO ).

No specific financial terms were provided. The companies said they will continue talks for a definite agreement but said there are no guarantees that a definite deal will be reached.

Shares of Onconetix ( ONCO ) were 82% higher in recent Tuesday premarket activity.