OncoSil Medical (ASX: OSL) has raised $1.2 million from its Share Purchase Plan, adding to the $7.8 million it raised through a placement to sophisticated and institutional investors.
All directors took up their full allocation and the balance of shares not taken up by shareholders - about $1.3 million - are now being placed by a major Australian investment bank.
Proceeds will be used to support the development of the Company's lead product candidate, OncoSil™, to provide a new treatment option for 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.
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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