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.

The post The OncoSil Medical share price is booming 66%. Here's why appeared first on The Motley Fool Australia.

The study confirmed the company's OncoSil device can be safely and successfully used alongside chemotherapy to treat unresectable locally advanced pancreatic cancer.

At the time of writing, the OncoSil share price is 4.6 cents, 17.95% higher than its previous close.

Let's take a closer look at today's news from the medical device company.

OncoSil share price leaps higher on study results

The OncoSil share price is surging on the results of the PanCO clinical study, conducted in Australia, Belgium, and the United Kingdom.

The company's OncoSil device delivers beta radiation to cancerous tissue.

The study found it controlled advanced pancreatic cancer at the 16-week point in 90.5% of patients. On top of that, 31% of the study's participants achieved a disease control rate of 100%.

Finally, despite the recruited patients having had their cancers defined as unresectable (unable to be removed completely through surgery) by pancreatic cancer experts, 23.8% had surgery with the intent to cure their cancer after being treated with chemotherapy plus OncoSil.

The company also notes more patients found their cancer was resectable following the study but chose not to receive surgery.

The device was also found to not cause adverse events related to radiation.

The paper resulting from the study has been published in ESMO Open. ESMO Open is the European Society for Medical Oncology's peer-reviewed open-access journal.

Speaking on the results of the study fuelling the OncoSil share price, its principal investigator Dr Paul Ross commented:

The results of this important clinical study provide evidence that OncoSil can address a significant unmet clinical need in patients with unresectable locally advanced pancreatic cancer. The results clearly show an acceptable safety profile and encouraging clinical benefits for patients.

OncoSil's CEO and managing director Nigel Lange also commented on the news, saying:

We are very encouraged by the published results of the PanCO study… We will be sharing this clinical evidence with gastroenterologists, oncologists, and nuclear medicine physicians to make this novel treatment more widely available to patients.

Despite today's uptick, the OncoSil share price is still down 61% year to date. Though, it has gained 2.2% over the last 30 days.

The post Why is the OncoSil Medical (ASX:OSL) share price surging 18% today? appeared first on The Motley Fool Australia.

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.

The post Why the OncoSil (ASX:OSL) share price finished the day higher today appeared first on The Motley Fool Australia.

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.

The post Here's why the OncoSil Medical (ASX:OSL) share price has jumped 10% today appeared first on The Motley Fool Australia.