OncoSil Medical (ASX:OSL) - Managing Director & CEO, Daniel Kenny
Managing Director & CEO, Daniel Kenny
Sourced: Finance News Network
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  • OncoSil Medical (OSL) will raise $14 million through a placement and an entitlement offer
  • The funds will be used to commercialise OncoSil’s namesake radioactive tumor isotope across Europe, the Asia Pacific and Southeast Asia
  • Specifically, OncoSil will be able to trial its medical device for treating pancreatic cancer in the U.S.
  • Further aligning to its strategy, the company has filed for registration of its OncoSil device in Singapore, Hong Kong and Malaysia
  • Additionally, OncoSil has appointed Nigel Lange as President of Europe, the Middle East and Africa operations
  • Mr Lange has over 30 years of global experience and will use that to lead operations in Europe
  • OncoSil’s shares are currently in the grey and trading for 11 cents each

OncoSil Medical (OSL) has provided a plethora of news including a $14 million raise, submitting approvals for OncoSil, and the appointment of a Europe, the Middle East and Africa (EMEA) President.

Capital raise

OncoSil will raise $14 million through a placement to institutional and wholesale investors and an underwriting agreement with Bell Potter Securities for a fully underwritten 1 for 11 non-renounceable entitlement offer to raise approximately $5 million.

The money will be raised through the issue of approximately 155.1 million new shares at $0.09 per share. The shares are expected to be allocated on May 15, with normal trading expected on May 18.

Funds from the capital raising will mainly be used to support commercialisation activities across U.K. and Europe, as well as the ASEAN and APAC regions once approved. Specifically, OncoSil will be able to begin its pancreatic trials in the U.S. which are testing the OncoSil device.

“Having recently received CE Marking and FDA Breakthrough Designation, it is a truly exciting time for the business with a clear path to commercialisation in Europe, to generating and securing regulatory approvals in new jurisdictions and executing on delivering on its target of significant shareholder value in the near term,” CEO and Managing Director Daniel Kenny said.

Registration of OncoSil device

OncoSil has filed for registration of its OncoSil device for the treatment of locally advanced pancreatic cancer in Singapore, Hong Kong and Malaysia.

All three jurisdictions recognise the CE Marking certification, which was received on April 1.

The OncoSil device is now listed on the New Zealand WAND database which allows for medical devices, like OncoSil, to be legally supplied in New Zealand.

Submitting these registrations is an important step for the company in pursuing its strategy to commercialise its product in the Southeast Asian and Asia Pacific regions.

If the company gets the go-ahead, this will formally allow OncoSil to market and sell its namesake device in those regions.

OncoSil is a targeted radioactive isotope that is implanted directly into a patient’s pancreatic tumours through an endoscopic ultrasound. This method is intended to deliver more concentrated and localised beta radiation compared to external beam radiation.

It is estimated that the world-wide pancreatic cancer market opportunity for OncoSil is worth over $3 billion.

EMEA President

OncoSil has appointed former Sirtex Group Chief Commercial Officer, Nigel Lange, as President of Europe, the Middle East and Africa (EMEA) operations.

As EMEA President of OncoSil Medical, Nigel will be responsible for further building the company’s commercial infrastructure in Europe. He will be the accountable executive for developing the company’s European business plan and will report directly to CEO and Managing Director, Daniel Kenny.

“Nigel brings with him a wealth of experience and demonstrated success commercialising medical devices with similar attributes to the OncoSil device,” Daniel said.

“I’m delighted to be part of the team that brings to market a device addressing such an important unmet medical need and am looking forward to leveraging my experience with similar devices for OncoSil,” Nigel said.

Nigel Lange has over 30 years of global experience in the medical devices industry and demonstrated success in commercial leadership roles, including interim CEO.

OncoSil’s shares are currently in the grey and trading for 11 cents each at 1:56 pm AEST.

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