OncoSil Medical Receives Substantial Shareholder Notice From Webinvest

Sep. 23, 2013 8:12 PM ET
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OncoSil Medical (ASX:OSL) has received a notice of change of substantial interests from Webinvest, which is backed by seasoned investor Otto Buttula, which now holds a 6.33% stake.

It had acquired 2,173,617 shares for $322,909.44 in on-market purchases between 16 August and 6 September and a further 4,611,539 shares for $599,500.07 through the company's recent placement.

This increased Webinvest's - acting as trustee for OLSB Unit Trust - total shares to 19,133,067 shares from the previous 12,432,673 shares.

The company's placement to raise funds for the global Registration Study for its OncoSil™ localised radiation therapy for the treatment of pancreatic cancer had closed heavily oversubscribed.

OncoSil™ emits radiation directly into the pancreatic tumour and the pain conducting nerves surrounding it.

Buttula founded broking house IWL in 1999 before selling it to Commonwealth Bank in September 2007 for a reported $373 million.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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