OncoSil Medical (ASX:OSL) Results of Annual General Meeting

On 29 November 2023, OncoSil Medical Ltd, a medical device company focusing on localised treatments for patients with locally advanced pancreatic cancer (LAPC), held its Annual General Meeting (AGM) in Melbourne, Australia.

AGM Presentation Highlights

1. Corporate Overview: OncoSil Medical, listed on ASX under the ticker $OSL since 15 August 2005, holds a market capitalisation of $15.8 million with 1975.8 million shares issued. The share price stands fluctuates between a 52-week high of $0.041 and a low of $0.008​​
2. OncoSil Device and Market Position: The OncoSil device, a commercial breakthrough in targeted radiotherapy for pancreatic cancer, has gained significant traction. It is approved for sale in 34 countries, with a large global addressable market, including a yearly global population of approximately 130,000 patients​​.
3. Significant Accomplishments: OncoSil Medical has achieved key milestones, including CE Marking, US FDA breakthrough device designation, and successful completion of the PanCO Study, demonstrating the device’s safety and efficacy​​. 33% of patients treated with OncoSil became eligible for surgical resection, and 57% saw at least a 50% reduction in tumour volume​​.
4. Commercialisation Progress: The early-stage commercialisation of the OncoSil device has already begun, with a focus on expanding the addressable market and securing innovation funding in Germany.

$OSL AGM Resolution Results

• The AGM was marked by unanimous shareholder support for all proposed resolutions, reflecting strong investor confidence.
• Remuneration Report: Overwhelmingly accepted with 97.39% votes in favour.
• Director Elections: The election of Dr Gabrielle Liberatore and Mr Douglas Cubbin as Directors received 99.33% and 99.32% approval, respectively.
• Executive Compensation: Approval for the issue of performance rights to CEO Mr Nigel Lange was carried with 98.15% in favour.
• Director Compensation: The issuance of options to Non-Executive Directors Dr Gabrielle Liberatore and Mr Douglas Cubbin saw 98.25% and 98.23% support, respectively.
• Placement Facility: The special resolution to approve the 10% Placement Facility garnered 97.55% votes for, solidifying the mandate for potential future financing activities.

Outcomes

The AGM highlighted the shareholders’ approval of OncoSil’s governance and strategic initiatives, with all resolutions passed by a substantial majority. This outcome bodes well for the company’s direction and underpins the investors’ trust in its leadership.

Background of OncoSil Medical

Since its inception in 2005, OncoSil Medical Ltd has carved out a niche in the medical industry with its forward-thinking approach to pancreatic cancer treatment. The firm’s prime offering, the OncoSil device, stands as a testament to its dedication towards filling the critical treatment void that persists in the fight against this challenging disease.

The AGM was a significant event for OncoSil Medical, marking a pivotal moment in its journey towards enhancing cancer care. The meeting’s outcomes and the presentation’s insights provide a clear trajectory for the company’s growth, showing its potential for shareholders and prospective investors.