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Onco-Innovations Provides Update on Use of Proceeds
NYSE - LSE
Onco-Innovations Provides Update on Use of Proceeds
VANCOUVER, BC / ACCESS Newswire / March 24, 2025 / Onco-Innovations Limited (CSE:ONCO)(OTCQB:ONNVF)(Frankfurt:W1H), (WKN: A3EKSZ ) (" Onco " or the " Company "), at the request of the Canadian Securities Exchange, provides, by way of the table below, an update to the use of proceeds disclosure contained in its prospectus dated November 25, 2024 (" Prospectus ").
Principal Purposes as described in Prospectus | Maximum Offering(i) ($) | Use of Funds to Date(ii) | Projected remaining cost to December 31, 2025 |
|---|---|---|---|
Technology Transfer | 250,000 | 103,392 | 146,608 |
Research and development of ONC010 | 150,000 | 494,580(iii) | 250,000 |
Commercialization / production (pre-clinical) | 230,000 | - | 500,000 |
Estimated remaining cost of Prospectus and Listing | 70,000 | 91,567 | N/A |
Operating expenses for next 12 months | 387,500 | 583,806 | 475,000 |
Investor relations activities | 200,000 | 1,661,114 | 600,000 |
Unallocated working capital | 1,283,822 | N/A | N/A |
Available Funds | 2,571,322 | N/A | N/A |
The Company raised the maximum offering amount of $2,500,000 under the Prospectus.
The Company has raised an additional $1,290,250since the date of the Prospectus.
Includes an estimated $180,000 in costs incurred directly by Onco since its acquisition of Inka for the further development of Synograph, including its core AI Model.
The Company notes, as indicated in note (ii) to the table above, that it has raised an additional $1,290,250since the date of the Prospectus, which additional capital has provided the Company the flexibility to pursue initiatives and expenditures that would not have been described in the Prospectus. The Company further notes that the use of proceeds as described in the Prospectus, and as indicated in the table above, contained a category of unallocated working capital of $1,283,822. The Prospectus also contained the following disclosure: "The Company intends to spend the funds available to it as stated in this Prospectus. However, there may be circumstances where for sound business reasons, a reallocation of the funds may be necessary."
The Company made the decision to focus a significant portion of its financial resources towards investor relations activities in order to enhance market visibility and foster investor confidence. The Company notes that Canadian capital markets have unfortunately become increasingly frail in terms of being able to generate investor engagement, due in part, in the Company's view, to challenging economic conditions and the difficult state of the junior markets in general and most poignantly in relation to retail investors. Accordingly, the Company's strategy has been to utilize effective investor relations to reach a wider audience, particularly in Germany, in an effort to counteract this trend with the goal of instilling investor confidence and advancing its operational roadmap from a position of strength. The Company notes that the cost of investor relations activities has increased substantially due to increasing demand, including from U.S. exchange listed venture issuers, and also notes that such services are typically priced in Euros or U.S. dollars which has increased costs substantially when converted to CAD. The Company notes further that it would like to eventually expand its investor relations activities into the United States, though there are no definitive plans for this to occur in the near term.
The Company also notes that the table above indicates that its operating expenses are higher than was anticipated in the Prospectus. This is due primarily to the Company being more active more quickly than was anticipated. In particular, this increase has been driven by costs associated with the Company's acquisition of Inka Health, its fundraising activities, and increased administrative costs associated with a much higher than anticipated level of regulatory interaction.
Finally, the Company notes that the table above indicates that it will spend substantially more money on research and development activities than contemplated in the Prospectus. This is a direct function of the Company having secured more equity financing more quickly than was contemplated at the time of the Prospectus, as well as the Inka acquisition, with the latter having increased the Company's technology base for research and development.
The Company is proud of its financing activities and grateful to its shareholders for their continued support.
About Onco-Innovations Limited
Onco-Innovations is a Canadian-based company dedicated to cancer research and treatment, specializing in oncology. Onco's mission is to prevent and cure cancer through pioneering research and innovative solutions. The company has secured an exclusive worldwide license to patented technology that targets solid tumours, setting new standards in cancer treatment. Onco's commitment to excellence and innovation drives it to develop advanced therapies that improve patient outcomes and offer hope in the fight against cancer.
ON BEHALF OF ONCO-INNOVATIONS LIMITED,
" Thomas O'Shaughnessy "
Chief Executive Officer
For more information, please contact:
Thomas O'Shaughnessy
Chief Executive Officer
Tel: + 1 888 261 8055
[email protected]
The CSE and Information Service Provider have not reviewed and do not accept responsibility for the accuracy or adequacy of this release.
Forward-Looking Statements Caution. This news release contains forward-looking statements. Forward-looking statements are often identified by terms such as "will", "may", "potential", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
SOURCE: Onco-Innovations Limited
View the original press release on ACCESS Newswire
A.Gagnon--SMC
