Onco-Innovations Closes CAD$5 Million Private Placement to Advance Oncology Programs

Onco-Innovations Limited (CBOE CA: ONCO) (OTCQB: ONNVF) has closed its previously announced non-brokered private placement with Sorbie Bornholm LP and Sorbie Investments LLP, securing a notional subscription amount of approximately CAD$5 million. The financing involved the issuance of 7.94 million units at a notional price of CAD$0.63 per unit, each consisting of one common share and one warrant exercisable at CAD$0.77 for a three-year period.

The proceeds will be made available to the company through an 18-month sharing arrangement tied to the volume-weighted average trading price of its shares, with monthly settlement amounts varying based on market performance. Onco-Innovations intends to use the net proceeds to advance development of its ONC010 program, including manufacturing and preclinical activities, support continued development of its SynoGraph platform, and provide working capital for general corporate purposes.

The ONC010 program is a key focus for Onco-Innovations, representing a promising oncology candidate. The SynoGraph platform is another proprietary technology under development. This funding injection is critical for moving these programs toward clinical trials and potential commercialization. The company has secured an exclusive worldwide license to patented technology targeting solid tumors, positioning it as a player in the oncology space.

This announcement is important because it provides Onco-Innovations with the financial resources to advance its pipeline, which could lead to new treatment options for cancer patients. The structured payment arrangement also aligns investor interests with company performance, potentially reducing dilution risk for existing shareholders.

For more details, the full press release is available at https://ibn.fm/1Hrlg. Further updates on ONNVF can be found in the company's newsroom at https://ibn.fm/ONNVF.