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OncoSil Medical To Raise $2.5M Following Heavily Oversubscribed Placement

OncoSil Medical (ASX: OSL) has launched a Share Purchase Plan for its shareholders to raise $2.5 million that follows up on the oversubscribed placement.

Notably, a major Australian investment bank who led the placement has undertaken to place any shortfall in the SPP component of the capital raise.

Eligible shareholders will be able to subscribe for up to $15,000 worth of new shares priced at $0.13 each.

Directors and officers of OncoSil will take up their full allocations.

Sophisticated and institutional investors had heavily oversubscribed for the placement, which raised $7.8 million.

Funds raised will be used for the global Registration Study for its OncoSil™ localised radiation therapy for the treatment of pancreatic cancer.

The company is developing OncoSil™ as a localised, implantable nuclear medicine device for the treatment of pancreatic cancer. It emits radiation directly into the pancreatic tumour and the pain conducting nerves surrounding it.

There are already highly successful, commercially available, local radiation products for treatment of liver cancer and prostate cancer.

Radiation therapy, such as that provided by OncoSil™, has been proven over many years to kill tumour cells. OncoSil™ delivers radiation therapy locally for up to three months (P32 half-life of 14.3 days). There may also be potential use for OncoSil™ in other cancer indications.

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