Today is a good day for the OncoSil Medical Ltd (ASX: OSL) share price after the company released news of its pancreatic cancer treatment.
The treatment – which comes in the form of a device – has surpassed a major milestone. It has been used to treat a commercial patient in Europe for the first time.
At the time of writing, the OncoSil Medical share price is 7 cents, 66.67% higher than its previous close.
Though earlier today, it surged to an intraday high of 7.5 cents, representing a 78.6% gain.
Let's take a closer look at today's news from the medical device company.
What's driving OncoSil's stock higher?
The OncoSil Medical share price is launching higher on the news a European commercial patient has been treated with the company's pancreatic cancer treatment device for the first time.
The OncoSil device is a targeted radioactive isotope. It works by being implanted into a pancreatic tumour via an endoscopic ultrasound.
The first European commercial procedure of its kind was performed at Madrid's Hospital Universitario de Fuenlabrada.
Previously, COVID-19 had hampered the company's ability to train hospitals on the device's implantation. However, now restrictions have begun to ease, the company has trained 10 hospital sites in Spain.
The hospitals can now negotiate a budget for a certain number of treatments each year. To get their hands on the devices, hospitals must complete a formal tender process.
OncoSil Medical's sales team is working with other trained hospitals through the tender process to allow better access to the treatment in various regions.
OncoSil Medical CEO and managing director Nigel Lange commented on today's news:
We look forward to the OncoSil device becoming more accessible to patients throughout Spain and subsequently other European countries, to maximise the benefit from this novel treatment.
Overall, following our recent success in Germany, we expect the momentum of OncoSil device sales to continue improving over the course of the current year.
OncoSil Medical share price snapshot
This year has so far been good for the OncoSil Medical share price.
It has gained 40% since the start of 2022. However, it is 30% lower than it was this time last year.
