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 involved 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. 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(TM) platform, and provide working capital for general corporate purposes. The company has secured an exclusive worldwide license to patented technology that targets solid tumours, positioning it as a key player in oncology innovation.
The closure of this private placement is significant for Onco-Innovations as it provides the necessary capital to progress its pipeline. The ONC010 program represents a promising approach in cancer treatment, and the SynoGraph platform could enhance drug discovery and development. This funding allows the company to move forward with manufacturing and preclinical studies, which are critical steps toward clinical trials.
For more details, the full press release is available at https://ibn.fm/1Hrlg. Investors can stay updated on the latest news and updates regarding ONNVF at the company’s newsroom https://ibn.fm/ONNVF.
