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.
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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.
