Pancreatic cancer treatment device company OncoSil Medical Limited (ASX:OSL) has received a commitment for an investment of $2.7 million before costs by way of a placement to one institutional investor.
Proceeds from the capital raising will be used to:
- Support commercialisation and accreditation from regulatory bodies for the OncoSil device;
- Progress manufacturing and supply chain optimisation with completion of the next milestone and validation of the facility at Macquarie Park, NSW;
- Fund clinical trials to expand the approval of the current label for the OncoSil device; and
- General working capital.
“We are pleased to welcome an additional institutional investor onto our share registry,” CEO and Managing Director, Nigel Lange, said.
“This investment serves to further validate the future potential of our device in the treatment pathway of patients afflicted with unresectable locally advanced pancreatic cancer. Furthermore, it enhances our ability to capitalise on the commercial opportunity presented by the global unmet need for an effective treatment in this patient population.
“In particular, this additional capital will enhance OncoSil’s efforts in building a world class distribution network to support the consistently increasing monthly sales revenue.”
The institutional investor will hold approximately 11.4% of issued shares following the placement.
Forrest Capital and McFarlane Cameron acted as Joint Lead Manager for the placement.
