On February 24, 2022 Oncotelic Therapeutics, Inc. ("Oncotelic" or the "Company") (OTCQB:OTLC), a leading developer of TGF-β therapeutics for oncology and virology, reported that Dr. Vuong Trieu, Oncotelic Chairman and CEO, will be presenting at MedInvest Pharmaceutical and Biotechnology Investor Conference (the "Conference"), from March 28 – April 1, 2022 (Press release, Oncotelic, FEB 24, 2022, View Source [SID1234609002]).
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The Conference will present companies specializing in drug development and delivery, in addition to biotech and therapeutics across many indications: oncology, immunology, neurology, cardiology, diabetes, infectious diseases, pulmonary diseases, autoimmune diseases, dermatology, and many others. Based on current management expectations, the Company intends to unveil the Joint Venture ("JV") between Company and Golden Mountain Partners, ("GMP") at the Conference or shortly thereafter.
In August 2021, the Company and GMP entered into a term sheet, including certain binding terms, to form a JV to develop Oncotelic’s drug portfolio and build out a manufacturing facility. Also, the Company had announced, and subsequently reported in our Quarterly Report on form 10-Q filed with the SEC on August 17, 2021, the intent to take the JV into an initial public offering ("IPO") at a future date. On February 14th, the Company and GMP agreed to extend the standstill terms of the term sheet until March 31, 2022 to permit the completion of the transaction.
"Oncotelic’s goal is to create novel immune-oncology therapies to treat oncology patients across a range of cancer types. Development of oncology drugs is an expensive endeavor, and the JV is intended to ensure sufficient financial resources to get the Company’s portfolio to marketing approval and beyond." said Dr. Vuong Trieu, CEO and Chairman of Oncotelic.