The Oncosil Medical Ltd (ASX: OSL) share price jumped 10% on Thursday after the company received regulatory clearance to market and sell its products in Switzerland.
About Oncosil
Oncosil is focused on localised treatments for patients with pancreatic and liver cancer. Its lead product is a first class medical device with target radioactive isotope, which is implanted directly into a patient’s pancreatic tumours via an endoscopic ultrasound. This treatment, known as brachytherapy, is intended to deliver more concentrated and localised radiation. Oncosil is currently approved in the EU, UK, Singapore, Malaysia and New Zealand.
The company has a market capitalisation of $125 million. As a small cap, the Oncosil share price has seen heightened levels of volatility, especially amid COVID-19. Despite the company’s medical advancements and regulatory approvals, its share price has not made a new high since early 2016.
OncoSil receives Swiss regulatory approval
Switzerland is the latest country to provide clearance to market and sell the Oncosil device. The company reports that Switzerland is an attractive market for Oncosil and is highly receptive to innovative technologies. Healthcare spending per capita is high in comparison to other European markets, and private medical insurance is compulsory for all persons in Switzerland.
This follows on from the European Breakthrough Device designation the company received in April 2020, which covers the UK and EU.
First commercial sale
On 22 October, the company achieved its first revenues after its first commercially treated patient was implanted with the Oncosil device in New Zealand. The company described it as a “very significant achievement for Oncosil and marks the company’s transition towards being a revenue-generating medical device company.”
To facilitate its first revenues in Europe by the end of the year, the company has onboarded multiple hospitals throughout Europe and established a central radio-pharmacy in the UK, which will dispense the Oncosil device in up to 15 hospitals in the greater London area. The company cites that another severe lockdown across Europe as a result of COVID remains the greatest unknown factor for its planned launch timeline.
The pandemic has slowed launch preparations including site training and certification work. Despite these interruptions, the company aims to continue preparations to launch in Europe and remain on track for first revenues in Q4 2020.
Today’s news has seen the Oncosil share price push higher to 16.5 cents this afternoon.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- The IOUpay (ASX:IOU) share price is in a trading halt today
- Goodman (ASX:GMG) share price trading higher after quarterly results
- AMP (ASX:AMP) shuts down ETFs
- Why Domino’s, Estia Health, Pendal, & Treasury Wine shares are dropping lower
- The Treasury Wines (ASX:TWE) share price tumbles lower. Here’s why.
Motley Fool contributor Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Here’s why the Oncosil Medical (ASX:OSL) share price has jumped 10% today appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3k0TbeB
Leave a Reply