OncoSil Medical Ltd has successfully raised $5.3 million through a non-renounceable entitlement offer, contributing to a total of $6.8 million in recent funding efforts for their innovative OncoSil™ brachytherapy device for pancreatic cancer treatment. Eligible shareholders were able to subscribe at a rate of 1 new share for every 2 held, with associated long and short-dated options. The funds are earmarked to support the commercialization of the device, which is already approved for use in over 30 countries.
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OncoSil Medical Limited has developed a cancer treatment device, the OncoSil™ brachytherapy device, which is a critical component of a revolutionary brachytherapy treatment for locally advanced unresectable pancreatic cancer. This type of cancer is the 12th most common cancer in men and the 11th most common cancer in women across the globe, with some 500,000 new cases of pancreatic cancer detected every year. With pancreatic cancer typically diagnosed at a later stage, it has a poor prognosis for long-term survival.
The OncoSil™ device delivers a targeted intratumoural placement of Phosphorous-32 (32P) in the treatment of locally advanced unresectable pancreatic cancer. This occurs via injection directly into a patient’s pancreatic tumours under endoscopic ultrasound guidance and takes place in combination with gemcitabine-based chemotherapy.
