OncoSil Medical Ltd swells cash position after tax refund
Date
9/26/2016 2:25:28 AM
(MENAFN- ProactiveInvestors - Australia)
OncoSil Medical Ltd (ASX:OSL) has bagged a $2.3 million R & D Tax Incentive Refund, swelling the company cash (and cash equivalents) to circa $14 million.
The company said it anticipates its ongoing research and development activities including components of the global OncoPac-1 clinical study, will also be eligible for the research and development tax incentive scheme.
OncoSil is a clinical-stage medical device company seeking to provide a new medical radiation treatment for cancer subjects.
The company's lead product, OncoSil™ is silicon and phosphorus (p32) beta emitter, able to be implanted by an endoscopically placed catheter in localised solid tumours of subjects with pancreatic cancer.
Treatment with the OncoSil™ device, known as brachytherapy, is intended to deliver more concentrated and localised beta radiation compared to external beam radiation.
Commercialisation plan
OncoSil recently delivered a significant milestone on the pathway to commercialisation, as it received Investigational Device Exemption (IDE) approval from the U.S. Food and Drug Administration (FDA).
The IDE Approval is beneficial in supporting OncoSil's ongoing CE mark application, with the company remaining confident of obtaining the CE Mark in the near term.
Broker spotlight
OncoSil has been receiving some strong broker attention, as the company moves closer to commercial revenue.
OncoSil last traded at $0.125.
- Wilsons Research $0.48 per share.
- Bell Potter $0.33 per share.
- WilsonHTM $0.48 per share.
- Van Leeuwenhoek (earlier in year) $0.80 per share.
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