OncoSil Medical (ASX:OSL) shares jump 14% on G-BA approval

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OncoSil Medical (ASX:OSL) shares jump 14% on G-BA approval

OncoSil™ is a device related to pancreatic tumour
Image source: © Designer491 | Megapixl.com

Highlights

  • OncoSil Medical has secured G-BA approval for a fully funded trial to evaluate its OncoSil device.  
  • Successful results from the clinical trial are anticipated to lead to public insurance reimbursement funding of the device for all patients in Germany.  
  • The device targets patients with Locally Advanced Pancreatic Cancer.  
  • Revenue receipts from the device provision during the study would aid revenue growth.

Shares of OncoSil Medical Ltd (ASX:OSL) rallied by nearly 14% to AU$0.041 in the morning trading session following the release of a significant update on OncoSilTM device. The medical device company has secured approval for a fully funded trial in Germany to evaluate its OncoSil device.   

OncoSil Medical is focused on advancing radiation for cancer patients. The company’s lead product is OncoSil™, a targeted radioactive isotope (Phosphorus-32) implanted directly into a patient’s pancreatic tumours through an endoscopic ultrasound.  

Anatomy of pancreatic cancer Image source: © Skypixel | Megapixl.com

Do read:  A look at cancer fighting ASX healthcare stocks: IMM, KZA, NOX, PXS  

G-BA approves trial in Germany

Today, the company announced to have received approval from the Federal Joint Committee (G-BA) for conducting the trial to assess the OncoSil device compared with chemotherapy in the treatment of Locally Advanced Pancreatic Cancer (LAPC).  

The OncoSil™ device has a Breakthrough Device designation in the US, UK and Europe with a CE mark in Europe and the UK.

Potential benefits from the trial

  • The comparative trial will represent remarkable opportunity for OncoSil to improve the current body of evidence.  
  • Successful results from the G-BA clinical trial are expected to aid in securing public funding to treat patients in Germany with unresectable locally advanced pancreatic cancer.
  • OncoSil will also get additional device sales revenues for the provision of OncoSil™ during the study. 

The commencement and funding of a clinical trial follow the receipt of a “Positive Status 1” classification under the innovation funding (NUB) program. The G-BA decision and the classification under the NUB program are expected to remarkably boost the profile of the OncoSil™ device with Key Opinion Leaders and stakeholders in the German market and throughout the EU and the UK.

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