Oncosil Medical Reports Positive Cash Flow of $5.53m for the March 2018 Quarter

OncoSil Medical Ltd, a medical device company focused on localised treatments for patients with pancreatic and liver cancer, today released its Appendix 4C – Quarterly Cashflow report for the quarter ended 31 March 2018 (the Quarter or 3Q 18). All financial results are in Australian dollars and are unaudited.

Key highlights

  • Highly encouraging progress in Global Clinical Study over the past quarter.
  • 5 of the initial 20 study participants have undergone surgical resection with curative intent
  • 44 patients now enrolled in PanCO clinical study, with 33 successful implants completed to date with the OncoSil™ device and strong clinical performance achieved across multiple metrics
  • First study participants in the US and in Belgium successfully implanted with the OncoSil™ device as screening and recruitment efforts in both geographies continue to progress
  • 3 US patients now enrolled in OncoPaC-1
  • Successful completion of oversubscribed institutional placement, raising approximately $12.7 million, and oversubscribed Share Purchase Plan (SPP), raising approximately $4.0 million
  • Receipt of additional $0.6 million from R&D Tax Incentive Refund
  • Cash balance as at 31 March 2018 of $10.7m

OncoSil Chief Executive Officer, Daniel Kenny commented:

“We are very pleased with our progress over this last quarter. The emerging outcomes and results from our Global Pancreatic Clinical Study Programme are highly encouraging. We anticipate submitting 16-week data for the first 20 patients to the EU Notified Body, BSI by the end of May.

“We are particularly excited to have observed surgical resection outcomes in 5 out of the first 20 implanted patients in the study. This is an important achievement as it demonstrates the potential of the OncoSil™ device, in combination with chemotherapy, to take these patient’s tumours from an inoperable to operable state which is a significantly improved outcome.

“We were pleased with the strong support from our shareholders to our recent capital raising and look forward to continuing our plans to commercialise the breakthrough OncoSil™ treatment.”


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