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- OncoSil Medical (OSL) has raised about $6 million through its entitlement offer to drive commercialisation and clinical trials across Europe
- A total of 65.39 million new shares will be issued at a price of 5 cents each
- The funds will help the company commence clinical trials on its drug to treat pancreatic cancer in the EU
- In addition, the money will be utilised for working capital and to accelerate commercialisation activities for its OncoSil device in the UK and Europe
- Shares were trading 6.12 per cent higher today at 5.2 cents each at 3:24 pm AEST
OncoSil Medical (OSL) has raised about $6 million through its entitlement offer to drive commercialisation and clinical trials across Europe.
The company received applications from eligible shareholders for $3.2 million, with the shortfall to be placed with sophisticated and professional investors, raising a further $2.7 million.
A total of 65.39 million new shares will be issued at a price of 5 cents each.
The fresh funds will help the company commence clinical trials on its drug to treat pancreatic cancer in the EU.
In addition, the money will be utilised for working capital and to accelerate commercialisation activities for its OncoSil device in the UK and Europe.
Non-Executive Chairman Otto Buttula subscribed for three million shortfall shares, which will be subject to shareholder approval.
Shares in OncoSil Medical were up 6.12 per cent to 5.2 cents at the close of trading on Thursday.
