Onco-Innovations Provides Update on Use of Proceeds
Onco-Innovations (OTCQB:ONNVF) has provided an update on its use of proceeds from recent fundraising activities. The company successfully raised the maximum offering of $2.5 million through its November 2024 Prospectus, plus an additional $1.29 million since then.
The company has significantly increased its focus on investor relations activities, particularly in Germany, to enhance market visibility and counter challenging conditions in Canadian capital markets. Operating expenses have exceeded initial projections due to increased activity, including costs related to the Inka Health acquisition, fundraising, and regulatory interactions.
Research and development spending has also increased substantially, driven by faster-than-expected equity financing and the Inka acquisition. This includes approximately $180,000 invested in developing Synograph and its core AI Model since the Inka acquisition.
Onco-Innovations (OTCQB:ONNVF) ha fornito un aggiornamento sull'uso dei proventi derivanti dalle recenti attività di raccolta fondi. L'azienda ha raccolto con successo l'importo massimo di $2,5 milioni attraverso il suo prospetto di novembre 2024, oltre a ulteriori $1,29 milioni da allora.
L'azienda ha notevolmente aumentato il proprio focus sulle attività di relazioni con gli investitori, in particolare in Germania, per migliorare la visibilità sul mercato e contrastare le condizioni difficili nei mercati di capitali canadesi. Le spese operative hanno superato le proiezioni iniziali a causa dell'aumento dell'attività, comprese le spese relative all'acquisizione di Inka Health, alla raccolta fondi e alle interazioni normative.
La spesa per ricerca e sviluppo è aumentata notevolmente, guidata da un finanziamento azionario più rapido del previsto e dall'acquisizione di Inka. Questo include circa $180.000 investiti nello sviluppo di Synograph e del suo modello AI principale dall'acquisizione di Inka.
Onco-Innovations (OTCQB:ONNVF) ha proporcionado una actualización sobre el uso de los fondos obtenidos en las recientes actividades de recaudación de capital. La empresa recaudó con éxito el monto máximo de $2.5 millones a través de su prospecto de noviembre de 2024, además de $1.29 millones adicionales desde entonces.
La compañía ha aumentado significativamente su enfoque en las actividades de relaciones con inversores, particularmente en Alemania, para mejorar la visibilidad en el mercado y contrarrestar las difíciles condiciones en los mercados de capital canadienses. Los gastos operativos han superado las proyecciones iniciales debido al aumento de la actividad, incluidos los costos relacionados con la adquisición de Inka Health, la recaudación de fondos y las interacciones regulatorias.
El gasto en investigación y desarrollo también ha aumentado considerablemente, impulsado por un financiamiento de capital más rápido de lo esperado y la adquisición de Inka. Esto incluye aproximadamente $180,000 invertidos en el desarrollo de Synograph y su modelo de IA principal desde la adquisición de Inka.
Onco-Innovations (OTCQB:ONNVF)는 최근 자금 조달 활동에서 얻은 수익 사용에 대한 업데이트를 제공했습니다. 이 회사는 2024년 11월의 투자 설명서를 통해 최대 $2.5백만을 성공적으로 모금했으며, 그 이후로 추가로 $1.29백만을 모금했습니다.
회사는 특히 독일에서 투자자 관계 활동에 대한 집중을 크게 증가시켜 시장 가시성을 높이고 캐나다 자본 시장의 어려운 상황에 대응하고 있습니다. 운영 비용은 Inka Health 인수, 자금 조달 및 규제 상호작용과 관련된 비용을 포함하여 초기 예상치를 초과했습니다.
연구 및 개발 지출도 상당히 증가했으며, 이는 예상보다 빠른 주식 자금 조달과 Inka 인수에 의해 촉진되었습니다. 여기에는 Inka 인수 이후 Synograph 및 그 핵심 AI 모델 개발에 약 $180,000이 투자되었습니다.
Onco-Innovations (OTCQB:ONNVF) a fourni une mise à jour sur l'utilisation des produits de ses récentes activités de collecte de fonds. L'entreprise a réussi à lever le montant maximum de $2,5 millions par le biais de son prospectus de novembre 2024, ainsi qu'un montant supplémentaire de $1,29 million depuis lors.
L'entreprise a considérablement renforcé son attention sur les activités de relations avec les investisseurs, en particulier en Allemagne, afin d'améliorer la visibilité sur le marché et de contrer les conditions difficiles sur les marchés de capitaux canadiens. Les dépenses opérationnelles ont dépassé les prévisions initiales en raison d'une activité accrue, y compris les coûts liés à l'
Les dépenses en recherche et développement ont également considérablement augmenté, soutenues par un financement par actions plus rapide que prévu et l'acquisition d'Inka. Cela inclut environ $180,000 investis dans le développement de Synograph et de son modèle d'IA principal depuis l'acquisition d'Inka.
Onco-Innovations (OTCQB:ONNVF) hat ein Update zur Verwendung der Erlöse aus den jüngsten Fundraising-Aktivitäten bereitgestellt. Das Unternehmen hat erfolgreich das maximale Angebot von $2,5 Millionen über seinen Prospekt von November 2024 gesammelt, sowie zusätzlich $1,29 Millionen seitdem.
Das Unternehmen hat seinen Fokus auf Investor Relations-Aktivitäten, insbesondere in Deutschland, erheblich erhöht, um die Sichtbarkeit auf dem Markt zu verbessern und herausfordernde Bedingungen auf den kanadischen Kapitalmärkten zu kompensieren. Die Betriebskosten haben die ursprünglichen Prognosen aufgrund erhöhter Aktivitäten überschritten, einschließlich Kosten im Zusammenhang mit der Übernahme von Inka Health, Fundraising und regulatorischen Interaktionen.
Die Ausgaben für Forschung und Entwicklung sind ebenfalls erheblich gestiegen, angetrieben durch schneller als erwartete Eigenkapitalfinanzierung und die Inka-Übernahme. Dies umfasst etwa $180.000, die in die Entwicklung von Synograph und dessen Kern-AI-Modell seit der Inka-Übernahme investiert wurden.
- Successfully raised maximum offering of $2.5M from Prospectus
- Secured additional $1.29M in funding since Prospectus
- Expanded technology base through Inka Health acquisition
- Increased R&D investment capabilities due to successful fundraising
- Operating expenses higher than initially projected
- Increased costs due to EUR/USD currency conversion impact
- Higher than anticipated regulatory compliance costs
- Rising investor relations costs due to market conditions
VANCOUVER, BC / ACCESS Newswire / March 24, 2025 / Onco-Innovations Limited (CSE:ONCO)(OTCQB:ONNVF)(Frankfurt:W1H), (WKN: A3EKSZ ) (" Onco " or the " Company "), at the request of the Canadian Securities Exchange, provides, by way of the table below, an update to the use of proceeds disclosure contained in its prospectus dated November 25, 2024 (" Prospectus ").
Principal Purposes as described in Prospectus | Maximum Offering(i) ($) | 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
$1,290,250 since 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
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
investors@oncoinnovations.com
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
FAQ
How much total funding has Onco-Innovations (ONNVF) raised since November 2024?
What is ONNVF spending on Synograph development after the Inka acquisition?
Why did ONNVF increase its investor relations spending in 2025?
What caused ONNVF's higher than anticipated operating expenses in 2025?
