OSL Secures $5.6 million from Major Institutional Investors

Key points

• Secured $5.6 million from institutional investors
• Funds to support commercial launch in the US and Australia
• FDA and TGA approvals received

Full summary

OncoSil Medical Limited, a medical device company focused on targeted radiation therapies for difficult-to-treat cancers, announced securing $5.6 million from three major institutional investors. This includes a $4.0 million placement and $1.6 million from the early exercise of listed options at a 9.9% premium. The funds will support the commercial launch of the OncoSil device in the US and Australia, following FDA and TGA approvals. The capital will also bolster the company's pro-forma cash and cash equivalents to $12.1 million. The company plans to use the funds for a G-BA funded study, additional European regulatory filings, and the commencement of manufacturing in Sydney.