Mr. Thomas O'Shaughnessy reports

ONCO-INNOVATIONS ANNOUNCES REPRICING OF PREVIOUSLY ANNOUNCED PERFORMANCE-BASED FUNDING ARRANGEMENT

Onco-Innovations Ltd., further to its previously announced non-brokered private placement financing representing a notional subscription amount of approximately $5-million, and the arm's-length institutional investors, being Sorbie Bornholm LP (SBLP) and Sorbie Investments LLP (SILP) (together with SBLP, Sorbie), have agreed to reprice the offering to provide for the issuance of units of the company at a revised notional price of 63 cents per unit.

Based on the revised notional price of 63 cents per unit, the company expects to issue an aggregate of 7,936,508 units pursuant to the offering, with each unit comprising one common share of the company and one common share purchase warrant of the company. Each warrant will be exercisable at 77 cents per share for a period of three years following closing of the offering. The warrants will continue to include an equity blocker provision that prohibits the holder from exercising any portion of the warrants if such exercise would result in the holder owning more than 9.99 per cent of the company's outstanding shares on a partially diluted basis. The warrants will also provide that, if the 10-day volume-weighted average trading price of the shares on Cboe Canada Inc. or such other primary securities exchange on which the shares may then be listed is equal to or greater than $1.10 at the close of any trading day, the company may, at its option, accelerate the expiry date of the warrants by issuing a news release announcing that the expiry date will be deemed to be the 30th day following the date of such news release, subject to the equity blocker provision.

The company expects that all shares issuable pursuant to the offering will be issued on an initial closing of the offering. In order to ensure that the aggregate number of securities issued under the offering does not exceed 25 per cent of the company's currently issued and outstanding shares prior to receipt of shareholder approval, as required by Section 10.10(1)(a) of the Cboe listing manual, the company expects to issue 5,686,508 warrants on the initial closing. The remaining 2.25 million warrants are expected to be issued following receipt of disinterested shareholder approval for the issuance of such securities, which approval is expected to be sought at the company's upcoming annual general and special meeting of shareholders, to be held as soon as practicable following the initial closing of the offering.

As previously disclosed, no funds will be immediately available to the company on closing. Instead, the company's economic interest will be determined in 18 monthly settlement tranches measured against a benchmark price, which will be equal to 82.60 cents, with the first monthly settlement tranche payable at the end of the month in which closing occurs. If, at the time of settlement, the applicable settlement price, determined monthly based on the volume-weighted average trading price for the 20 trading days prior to the settlement date, exceeds the benchmark price, the company will receive more than 100 per cent of the applicable monthly settlement amount on a pro rata basis. If the settlement price is below the benchmark price, the company will receive less than 100 per cent of the applicable monthly settlement amount on a pro rata basis. In no event will a decline in the settlement price of the shares result in an increase in the number of shares issued to the investors. Additional details about the final offering structure will be provided in a closing news release in respect of the initial tranche of securities to be issued without shareholder approval.

SBLP is expected to receive a corporate finance fee of $400,000, which will be satisfied through the issuance of an additional 634,921 units at the time of the initial closing.

The company intends to use the net proceeds from the offering to advance the development of its ONC010 program through key stages of its clinical development pathway, including manufacturing and preclinical testing activities, for the development of the SynoGraph, platform and for general working capital and corporate purposes. The company expects to close the offering imminently following the satisfaction of the remaining closing conditions, including final Cboe approval.

About Onco-Innovations Ltd.

Onco-Innovations is a Canadian-based company dedicated to cancer research and treatment, specializing in oncology. Onco's mission is to pursue the prevention and treatment of cancer through pioneering research and innovative solutions. The company has secured an exclusive worldwide licence to patented technology that targets solid tumours.

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