Australian company OncoSil Medical, which develops targeted radiation therapies for difficult-to-treat cancers, has secured commitments for A$5.6m ($4.03m) in new capital to launch its single-use brachytherapy (internal radiation) device.
These commitments were obtained from the company's institutional shareholders, namely Australian Ethical Investments, Pengana High Conviction Equities Fund and Regal Partners.
The funding comes in two parts. A A$4m placement will be priced at A$1.00 a share, a 9.9% premium to the closing price, through the issue of four million shares using OncoSil's existing capacity under Australian Securities Exchange (ASX) Listing Rule 7.1.
A further A$1.6m will come from the early exercise of about 1.8 million listed options at A$0.90.
The company said the raising lifts pro forma cash and cash equivalents to A$12.1m. Allotment of the placement shares and the shares issued on exercise of the options are expected on 10 September 2026, with normal trading due to begin the following day.
Proceeds are earmarked for the commercial rollout of the OncoSil device in Australia and the US.
OncoSil is used to administer a specific dose of beta radiation directly to cancerous tissue. This targeted method allows healthcare professionals to provide a higher radiation dose directly to the tumour, in contrast to external beam radiotherapy, while protecting adjacent vital organs.
Australia's Therapeutic Goods Administration approved the device in May 2026 for locally advanced pancreatic cancer alongside gemcitabine-based chemotherapy.
Last month, the US Food and Drug Administration (FDA) cleared it under the Humanitarian Device Exemption pathway for unresectable, non-metastatic distal cholangiocarcinoma as an adjunct to systemic therapy.
The product is currently approved for sale in more than 30 countries.
OncoSil Medical chairman Dr Thomas Duthy said: "The placement and early exercise of the listed options by our major holders, which are not due to expire until the end of June 2027, is a strong endorsement of our outlook in FY27 as we move rapidly towards multiple value accretive events for the company with a strong balance sheet and a committed team."
OncoSil Medical expects to deliver a Gemeinsamer Bundesausschuss (G-BA) funded study, two further European regulatory filings and the start of manufacturing at its OncoSil Medical/Cyclotek facility in Sydney during the first half of financial year 2027.
"OncoSil Medical secures funding for cancer device launch" was originally created and published by Medical Device Network, a GlobalData owned brand.