Onco-Innovations Updates Proceeds Utilization Strategy

Onco-Innovations Limited, a company specializing in oncology, has released an update regarding the use of proceeds from its November 2024 prospectus. The company secured a maximum offering of $2.5 million and later raised an additional $1,290,250. These funds have allowed the company to pursue initiatives not initially outlined.

A significant amount was reallocated to investor relations to enhance market visibility and confidence amidst weak Canadian capital markets. Costs for these activities increased due to demand and currency exchange, and future expansion into the U.S. market is being considered.

Higher operating expenses and increased research and development spending were noted, driven by the company's swift activity, the acquisition of Inka Health, and successful equity financing. These adjustments reflect Onco-Innovations’ strategy to maintain operational strength and advance its research objectives.