At the time of writing, the imagining medical technology company's shares are fetching 32 cents apiece, up 26%. It's worth noting that today's monumental gain now puts OptiScan shares into an all-time high.

What's driving the OptiScan share price higher?

Investors appear excited about the company's latest inclusion, sending OptiScan shares into new territory.

In its announcement, OptiScan advised it has appointed Mr Robert Cooke as non-executive chair to the board.

The company highlighted Mr Cooke's extensive experience in the health industry, noting over 40 years of service. In this time, Mr Cooke has held important roles in both public and private companies in Australia, Asia, and the United Kingdom. Most notably, Mr Cooke served as managing director and CEO of Healthscope from 2010 until 2017. Healthscope is one of Australia's leading private hospital, medical centre, and pathology operators.

Currently, Mr Cooke is a non-executive director of Icon Group as well as Evercare Group.

Following the appointment, David Lurie will take over the reins and become managing director of the company.

Management commentary

Mr Cooke commented on the appointment, saying:

I am excited to join the Board of the Company as the Chair and to support the current team at OptiScan in the next stage of its dynamic growth plans.

With its collaborations with world-class research and medical institutions, the Company is well-placed to embark on the global commercialisation of its world- leading technology in Oral cancer screening and surgery as well as pursuing additional clinical applications.

The ability of OptiScan's unique confocal technology to provide instantaneous, live imaging at a cellular level has the opportunity to revolutionise cancer screening and surgical practices with the resulting benefits for patient care

OptiScan new managing director, David Lurie went on to add:

It is a fantastic opportunity for OptiScan to secure someone of Mr Cooke's capabilities and track record to lead our board. His knowledge of international corporate activity and multiple aspects of the health care sector including private health, pathology, pharmacy, radiology and IVF will provide enormous benefit to the company.

The OptiScan share price has gained close to 900% over the past 12 months, and is up almost 200% year-to-date.

The post Why the OptiScan (ASX:OIL) share price is rocketing 26% today appeared first on The Motley Fool Australia.

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%.

The post Why the Optiscan (ASX:OIL) share price is going gangbusters appeared first on The Motley Fool Australia.

At the time of writing, the Optiscan share price is up 4.3% higher to 12 cents. In comparison, the All Ordinaries Index (ASX: XAO) is currently down 0.1% at 6,932 points.

Quick take on OptiScan

Based in Australia, OptiScan develops endomicroscopic imaging technologies for medical markets.

Its confocal imaging technology can be used for both cancer screening and tumour margin detection in cancer surgery. The company's technology enables real-time, in vivo imaging at the cellular level, providing a digital biopsy. This benefits patients by allowing medical professionals to monitor the early-stage of disease, and reduce waiting times for pathology results.

OptiScan is used by leading research institutions and hospitals in North America, Europe, Asia and Australia.

What did OptiScan announce?

OptiScan advised that it received orders worth $350,000 from its partner, Carl Zeiss Meditec AG (CZM), to support its Convivo system.

CZM is a European medical technology company that employs cutting edge solutions in diagnosing and treating patients. The Convivo system allows real-time feedback on tissue microstructure through digital pathology consultation, powered by OptiScan's miniaturised point scanning confocal technology.

While OptiScan did not release further details on the contract, it noted that the latest order would expand its current revenue streams.

What did management say?

OptiScan CEO and chair Darren Lurie welcomed the progress, adding:

We are also very pleased that OptiScan continues to diversify its revenue streams and cash flows.

Receipts in the December 2020 quarter included $570k from the final payments for the 2 (two) FIVE2 (ViewnVivo) systems sold to China based customers, the BioMedTech Horizons Program grant to support the University of Melbourne's Melbourne Dental School trial and payments from CZM.

OptiScan share price snapshot

The OptiScan share price has been tracking higher over the past 12 months, reaching as high as 16.5 cents in December.

After the company's shares hit a low of 1.3 cents last March, this is a gain of 823% on the current price.

The post Why the OptiScan (ASX:OIL) share price is climbing higher appeared first on The Motley Fool Australia.

At the time of writing, the Optiscan share price is trading at 12 cents. This compares to the All Ordinaries Index (ASX: XAO) which is marginally higher at 0.2% to 6,316 points.

What does Optiscan do?

Optiscan is an Australian-based company that develops endomicroscopic imaging technologies for medical, translational and pre-clinical applications. Optiscan's products enable real-time imaging at the cellular level in human and animal tissue.

The company is used by leading research institutions and hospitals in North America, Europe, Asia and Australia.

Optiscan's newest product is the InVivage device, which uses laser light and confocal optics to screen patients for oral cancer.

FDA update

Optiscan advised it received written feedback from the FDA's Centre for Devices and Radiological Health (CDRH). The letter responded to questions the company had raised about its InVivage device in both January and June 2020.

Following the feedback, Optiscan said its pathway remained on track to apply for a premarket notification (501k) clearance for InVivage. The FDA answered questions regarding the proposed product code, primary predicate device and the use of Convivo device as a reference device.

The company will employ third-party validation, and verification testing will begin in the third quarter to support the submission.

In addition, Optiscan will run a clinical study at the Melbourne Dental School, which is expected to coincide with the verification testing. The trial will aim to illustrate the effectiveness of using a topical imaging agent with InVivage. The testing will start in the current quarter, with submission planned for the first-half of 2021.

Is the Optiscan share price a buy?

Despite Optiscan's stagnated share price today, shareholders have seen large gains over past few months. Since the March low, the Optiscan share price has jumped from 1.5 cents to 12 cents, representing a gain of 700%.

With a market capitalisation of $57 million, I think there is plenty of runway for the company's share price. Of course, this depends on whether it can commercialise its InVivage device and pursue sales opportunities.

I would be inclined to keep Optiscan on my watchlist for now and wait for the clinical study results.

The post Optiscan (ASX:OIL) share price flat on FDA update appeared first on The Motley Fool Australia.