Perth, February 3, 2014: Oncology Research International Limited (ORIL) today announced a further $1.4M investment by Gina Rinehart’s private company, Hanrine Investments Pty Ltd, has been approved by ORIL shareholders at a recent General Meeting in Perth.
Hanrine is a wholly owned subsidiary of Hancock Prospecting Pty Ltd. This latest investment by Hanrine takes its total investment in ORIL to 27.23%, and provides the necessary financial support for the company to complete its preclinical and clinical program to Phase 1, scheduled for completion by 2015.
In difficult times for biotech, ORIL has raised $9.2M through equity investment over the past three (3) years to fund its novel oncology program.
Dr Philip Marshall, the company’s CEO, said this is a remarkable achievement given the tight economic conditions. “We are delighted with Hanrine’s increased investment, which represents a significant endorsement of ORIL’s technology platform and future.”
The Media Release can be downloaded from our Downloads section.
For further media information contact:
Amanda Loh
Tel: +61 3 8866 1210
Email: aloh@buchanwe.com.au