OncoSil Medical Limited (ASX: OSL), a global medical device company focused on Interventional Oncology with a mission to improve outcomes for people living with cancer, has announced an $8.0 million capital raise. The raise comprises a $6.0 million placement and a fully underwritten, non-renounceable Entitlement Offer to raise approximately $2.0 million. The company received strong support from new and existing substantial shareholders, including Pengana High Conviction Equities Fund as a cornerstone investor, with participation from OncoSil’s directors.
The funds raised will be used to complete clinical trials and the manufacturing facility, invest in sales, marketing, and market access, and provide general working capital. OncoSil anticipates the commencement of a German Government (G-BA) sponsored study in the first half of CY26, with estimated trial revenues of $5.6 million, in addition to $6.5 million relating to treatments for patients otherwise ineligible to receive OncoSil™ treatment within the study, from 40 new German hospitals. Further commercial momentum is underpinned in Spain, Italy, and Turkey, where there is a growing number of active implanting centres, with 15 hospitals consistently re-ordering.
According to the announcement, label expansion of the approved OncoSil™ device for percutaneous administration and, in addition, FOLFIRINOX chemotherapy combination in existing jurisdictions is anticipated in the second half of CY26. Following the transaction, the company will have a pro-forma cash balance of $12.0 million, which will support OncoSil’s ongoing commercial initiatives and regulatory activities. Nigel Lange, Chief Executive Officer and Managing Director, stated that the capital raise would strengthen the company’s balance sheet and support the execution of key near and medium-term clinical, regulatory, and commercial milestones.
The placement of new shares and new options to sophisticated and professional investors will be at an issue price of $0.68 per new share. The entitlement offer will be of 1 new share for every 6.4 shares held at the record date, also at $0.68 per share, and 1 new option for every 1 share subscribed under the offer to eligible shareholders. Bell Potter Securities Limited acted as the sole lead manager and bookrunner to the Placement and as underwriter to the Entitlement Offer.
