The OncoSil Medical Ltd (ASX: OSL) share price finished in positive territory during late-afternoon trade. This comes after the company announced it has received regulatory approval from an important strategic market.
At market close, the medical device company's shares ended the day at 9.8 cents, up 4.2%.
New market opportunity
Investors appear pleased with the company's latest update, sending OncoSil shares higher towards the end of the day.
In the statement to the ASX, OncoSil advised it has been granted regulatory clearance to market and sell the OncoSil device in Hong Kong. This follows the recent approvals received in Singapore and Malaysia last year.
OncoSil stated the regulatory clearance came from the Medical Device Division which operates under the Department of Health in Hong Kong.
The company's OncoSil device will be targeted for the treatment of locally advanced pancreatic cancer (LAPC). The disease represents around one-third of the cases of pancreatic cancer and has a median survival of 9 months.
OncoSil stated that Hong Kong is an important market in the Association of Southeast Asian Nations (ASEAN) commercialisation strategy. The country has a small number of hospitals that can provide treatment of LAPC. In addition, healthcare spending per capita is considered as high when compared to other Asian markets.
Furthermore, the company also revealed that it has begun commercial sales in New Zealand, although no sales figures were given. It is also awaiting the outcome of its application lodged to the Australian Therapeutic Goods Administration to sell its device.
OncoSil share price snapshot
Despite today's positive announcement, the OncoSil share price has been a poor performer over the past 12 months, down 13%. When looking at year-to-date comparisons, the company's shares have also dropped 22%.
Based on today's prices, OncoSil has a market capitalisation of around $75 million, with over 807 million shares on issue.
