Why the Optiscan (ASX:OIL) share price is going gangbusters

The Optiscan share price is flying today as the company announced the next stage of its breast cancer study.

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The Optiscan Imaging Limited (ASX: OIL) share price took flight today as the company announced the start of an important study. Shares in the innovative health researcher were swapping hands for 12.5 cents, up 13.6%, at the close of trade today.

It comes off the back of a phenomenal past 12 months for the Optiscan share price, which has gained more than 300% in that time. The company currently has a market capitalisation of $74.6 million.

Why is the Optiscan share price flying?

Shares in research company Optiscan were flying today as the company announced the next stage of its breast cancer study.

Optiscan will begin stage three of its study at 3 Melbourne hospitals. Conducted by leading breast cancer surgeon, Professor Bruce Mann, the study will involve 20 breast cancer patients at Royal Melbourne Hospital, Frances Perry House and Epworth Hospital.

It will use Optiscan's specialised endomicroscope, which enables real-time, 3D, 'in vivo' imaging of human tissue at the cellular level. This results in instant 'virtual biopsies' for cancer screening, enabling faster diagnosis and treatment.

The handheld instrument allows users to view tissue at 1,000 times magnification instantly and enables them to identify cancerous tissue on the surface of a specimen in real-time. This reduces or eliminates the need to have specimens sent to a laboratory for processing which can take two to three days.

Researcher comments

Commenting on the upcoming tests, Professor Mann said:

We want to trial the use of this technology to be able to see tumour cells, helping us to assess the adequacy of excision there and then.

Being able to have this sort of real-time information during surgery is critical to allow more accurate surgery, which is beneficial to the physical and mental wellbeing of breast cancer patients. By ensuring that we achieve 'clear' or 'negative' margins at initial surgery, we expect to reduce the requirement for a second surgery, which currently occurs in over 20 per cent of lumpectomy cases.

About the Optiscan share price

Optiscan is involved in developing microscopic imaging and related technologies for screening, surgery and medical research. Based in Melbourne, the company has developed and patented its technology, enabling real-time, 3D imaging of human tissue at the cellular level. The 'virtual biopsies which it produces are critical in improving patient welfare, reducing accuracy and reducing the need for multiple procedures.

Over the last month, the Optiscan share price is up 13.6%, outpacing the All Ordinaries Index (ASX: XAO) by 9%.

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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