OncoVista commences OVI-117 additional safety study in a second animal species

OncoVista Innovative Therapies, Inc. (OTCBB:OVIT) reported that it has initiated an additional safety study of OVI-117 in a 2^nd 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."