OncoSil Medical, an Australian company developing medical devices for treating pancreatic cancer, has announced commitments for an A$8.7m ($5.6m) capital raise to expedite the commercialisation of its OncoSil brachytherapy device.
This capital increase includes an A$6.7m placement and a A$2m share purchase plan (SPP). Institutional funds have committed to subscribe for any shortfall in the SPP.
The fundraising effort comprises two tranches, with firm commitments amounting to approximately A$3.25m and an additional sum of approximately A$3.45m, pending shareholder approval, from sophisticated and professional investors.
The placement involves issuing around 2.3 billion new shares at A$0.003 per share, accompanied by one free option for every share issued under this scheme. Each option holds an exercise price of A$0.003 and expires on 31 July 2027, with plans to apply for listing on the Australian Securities Exchange (ASX).
Pengana High Conviction Equities Fund, an existing substantial shareholder, participated as a cornerstone investor, thereby increasing its stake in OncoSil Medical following the transaction’s conclusion.
Post-transaction, the pro-forma cash balance of OncoSil Medical is anticipated to reach A$14.1m. This amount is expected to support the company through the second half of the calendar year 2026 until it starts generating positive operating cash flow.
Funds obtained through the placement and SPP will be directed towards clinical trials, administrative expenses, working capital, and covering offer costs.
The proceeds will primarily support the commercialisation of OncoSil Medical’s pancreatic cancer treatment in Europe and other regions.
OncoSil Medical CEO and managing director Nigel Lange said: “The accompanying SPP gives our existing shareholders an opportunity to add to their holding in the company as its commercialisation strategy continues to be delivered.
“A significant portion of the new equity received through the raise will fund ongoing commercialisation which is forecast to take OncoSil to cashflow breakeven by H2 CY26.”
The PANCOSIL study of the device is nearly fully recruited at 95%, while the TRIPP-FFX study has reached approximately 99% recruitment. Success in these trials could lead to label expansion for the OncoSil device in existing jurisdictions, enhancing its use in interventional radiology and with FOLFIRINOX chemotherapy regimens.
Currently, 120 hospitals in Germany are eligible to seek reimbursement for commercial sales of the device following G-BA trial approval. CE Marking allows OncoSil’s device to be marketed across the European Union and UK.
The OncoSil device provides targeted intratumoural placement of Phosphorous-32 into pancreatic tumours via endoscopic ultrasound guidance. It is used alongside gemcitabine-based chemotherapy for locally advanced unresectable pancreatic cancer—one of the most lethal cancers globally due to late-stage diagnosis.
