Highlights:
- OncoSil Medical Limited (ASX:OSL) (OncoSil or Company) has received firm commitments for an $8.7m capital raise supported by existing and new shareholders, including strong support from several Australian institutional investors.
- Existing substantial shareholder, Pengana High Conviction Equities Fund was a cornerstone investor in the capital raise and will increase their holding in Oncosil following completion of the transaction.
- Post transaction the Company will have a pro-forma cash balance of $14.1m which will fund the company through H2 CY26 when it is expected the Company will commence generating positive operating cash flow.
- The landmark PANCOSIL study is now ~95% recruited. If successful, OncoSil intends to seek label expansion for the OncoSil™ Device for use by Interventional Radiology in existing jurisdictions
- TRIPP-FFX study now ~99% recruited. If successful, OncoSil intends to seek label expansion for the OncoSil™ Device for use with the FOLFIRINOX chemotherapy combination in existing jurisdictions
- The completion of these two trials, expected shortly, serves as a significant catalyst for the Company and greatly expands market access for the Oncosil™ Device making it available to Interventional Radiologists and across the most widely used chemotherapy regimens
- 120 Hospitals across Germany are now eligible to seek reimbursement for the commercial sale of the OncoSil™ device for the G-BA approved trial
- Proceeds from the raise will be used primarily to fund commercialization of the company’s pancreatic cancer treatment throughout Europe and existing geographies
Nigel Lange, CEO & Managing Director of OncoSil Medical, said:
“We are thrilled by the strong investor support afforded in our capital raise from new and existing investors. I want to personally welcome the new investors joining our share register by virtue of the Placement. I also want to thank Pengana Capital Group for both being a cornerstone investor in the Placement and their ongoing support. The accompanying SPP gives our existing shareholders an opportunity to add to their holding in the Company as its commercialisation strategy continues to be delivered. A significant portion of the new equity received through the raise will fund ongoing commercialisation which is forecast to take OncoSil to cashflow breakeven by H2 CY26.”
To read the announcement, please click here
About us:
About OncoSil Medical
OncoSil Medical Limited (ASX:OSL) has developed a cancer treatment device, the OncoSil™ brachytherapy device, which is a critical component of a revolutionary brachytherapy treatment for locally advanced unresectable pancreatic cancer. This type of cancer is the 12th most common cancer in men and the 11th most common cancer in women across the globe, with some 500,000 new cases of pancreatic cancer detected every year. With pancreatic cancer typically diagnosed at a later stage, it has a poor prognosis for longterm survival.
The OncoSil™ device delivers a targeted intratumoural placement of Phosphorous-32 (32P) in the treatment of locally advanced unresectable pancreatic cancer. This occurs via injection directly into a patient’s pancreatic tumours under endoscopic ultrasound guidance and takes place in combination with gemcitabine-based chemotherapy.
The OncoSil™ device that has already received breakthrough device designation in the European Union, United Kingdom and United States for the treatment of locally advanced unresectable pancreatic cancer in combination with chemotherapy. CE Marking has additionally been granted for the OncoSil™ device, which can be marketed in the European Union, United Kingdom.
While clinical trials involving the OncoSil™ device continue to occur, the Company is simultaneously moving to commercialise this unique medical technology. It is currently approved for sale in 30+ countries including European Union, United Kingdom, Türkiye and Israel, with initial commercial pancreatic cancer treatments using the device already undertaken in Spain, Italy and Israel.
To learn more, please visit: www.oncosil.com
Contact details:
For further information, please contact:
Mr. Nigel Lange
CEO & Managing Director
E: [email protected]
T: +49 30 300 149 3043
Mr. Nathan Jong
Company Secretary
E: [email protected]
T: +61 3 9864 4810
Investor relations
Ms. Julia Maguire
The Capital Network
Media and Investor Enquiries
E: [email protected]
T: +61 2 7257 7338