OncoSil Medical's capital raising and expansion plans

OncoSil Medical Limited (ASX: $OSL) has successfully secured commitments for a placement to raise up to $1.48 million and proposes a non-renounceable entitlement offer to raise up to $5.65 million. The company's Non-Executive Chair, Mr Douglas Cubbin, has committed to participate in the placement for $75,000, subject to shareholder approval. The funds will be utilized for commercialization of the OncoSil device, regulatory approvals, expansion of indications, and validation of the supply chain at the Macquarie Park facility in NSW.

Executive Commentary on Capital Raising and Expansion Plans

We are delighted with the support from existing and new sophisticated and professional investors in the placement announced today, which reflects confidence in the Company. We will offer all shareholders the opportunity to participate on the same terms as the placement in the rights issue announced today. The funding will be applied to our existing key projects encompassing continued commercialization of the OncoSil device, regulatory approvals to include new markets and expansion of existing indications. In addition, funds will be applied to the validation and commissioning of the Macquarie Park facility to enhance the robustness of the supply chain. Over the months ahead, we look forward to announcing the achievement of further critical milestones in this commercialization process. Some of these will be regulator-specific developments, including FDA and G-BA approvals. Others will involve achievements realized in our ongoing validation trials (PANCOSIL recruitment drive included) and our focus on growing the device's geographic footprint. We are currently working on cost reduction strategies and will communicate this to the market in due course. I would like to express my sincere thanks to all our existing shareholders for their continuing support in OncoSil Medical Ltd.

Summary of OncoSil Medical's Capital Raising and Future Plans

OncoSil Medical Limited (ASX: $OSL) has successfully secured commitments for a placement and proposes a non-renounceable entitlement offer to raise a total of approximately $7.1 million. The company's Chairman, Mr Douglas Cubbin, has committed to participate in the placement for $75,000, subject to shareholder approval. The funds raised will primarily be used to support the commercialization and accreditation of the OncoSilTM device, fund clinical trials, progress manufacturing and supply chain optimization, and for general working capital. The company aims to achieve further critical milestones in the commercialization process, including regulator-specific developments and ongoing validation trials. OncoSil Medical is focused on expanding the geographic footprint of the device and is working on cost reduction strategies. The Entitlement Offer will open on 3 April 2024 and close at 5 pm (Melbourne time) on 24 April 2024.