Onco-Innovations Limited (CBOE CA: ONCO) (OTCQB: ONNVF) has closed a non-brokered private placement with Sorbie Bornholm LP and Sorbie Investments LLP, securing a notional subscription amount of approximately CAD$5 million. The financing, announced in a press release, involves the issuance of 7.94 million units at a notional price of CAD$0.63 per unit, with each unit comprising one common share and one warrant exercisable at CAD$0.77 for three years. Proceeds will be made available through an 18-month sharing arrangement tied to the volume-weighted average trading price of Onco-Innovations shares, with monthly settlement amounts varying based on market performance.
The company intends to use the net proceeds to advance its ONC010 program, including manufacturing and preclinical activities, support continued development of its SynoGraph platform, and provide working capital for general corporate purposes. This capital infusion is critical for Onco-Innovations, a Canadian-based company dedicated to cancer research and treatment, specializing in oncology. The company has secured an exclusive worldwide license to patented technology that targets solid tumors, positioning it to address significant unmet medical needs in oncology.
The closing of this private placement underscores investor confidence in Onco-Innovations’ pipeline and its potential to bring novel therapies to market. The ONC010 program and SynoGraph platform represent key assets in the company's strategy to develop innovative solutions for cancer prevention and treatment. With the additional funding, Onco-Innovations can accelerate its development timeline and move closer to clinical trials.
For more details, the full press release is available at https://ibn.fm/1Hrlg. Updates on the company’s progress can be found in its newsroom at https://ibn.fm/ONNVF.
