• Two patients have been treated for Pancreatic cancer using the OncoSil device

• Oncosil plans to expand to other European Countries such as the UK, Portugal, and Germany

• Past expansions have preceded revenue growth. 

• Revenues grew 37% between 2022 and 2023.

The first patients residing in Austria have received treatments involving the OncoSil device. Both patients were treated at Universitätsklinikum St. Pölten, located in lower Austria.  This prestigious university provides a wide range of cutting-edge medical treatments to patients attending its facilities. This means OncoSil Medical (ASX: OSL) has now been used for commercial treatments in four different countries; namely Spain, Italy, Greece, and Austria. This is good news for the company whose share price has rallied on the news, but equally indicates string expansion across Europe. 

The list of patients who are treated using the Oncosil device will likely expand in the coming months as other countries in Europe such as the UK, Portugal, and Germany, have already started training on the usage of the OncoSil device. This is important as regulatory approvals are useful for the company to gain a stronger footing in the market. However, successful treatment using the device will increase its marketability over the medium term and support revenue growth. 

OncoSil device continues to penetrate target European markets 

As Oncosil (ASX: OSL) continues to expand across Europe, it has hit a major milestone, with its distributing partner THP Medical Products Vertriebs GmbH, which will allow it to penetrate multiple European countries and provide innovative treatment to pancreatic cancer patients. We should note that Oncosil Medical Limited (ASX: OSL) is an Australian-listed medical device company that focuses on localised treatments for patients with pancreatic cancer. Its medical device is equipped with targeted radioactive isotopes (Phosphorous-32), which are then implanted directly into pancreatic tumours in a treatment known as brachytherapy. As a result, patients can be treated with concentrated and localised radiation without harming surrounding organs and/or tissue. 

“We are thrilled that Austria has now been added to the OncoSil device’s European footprint, with our unique medical technology used in treatments on two patients at the prestigious Universitätsklinikum St. Pölten, located in lower Austria. These treatments yet again demonstrate our ability to deliver tangible evidence that the OncoSil device is gaining traction as a treatment option for patients with locally advanced pancreatic cancer. Our Austrian Partner, THP Medical Products has been an integral part of this journey in identifying and setting up St. Pölten University Hospital as a treatment centre. We now look forward to updating investors on other European-based treatments using the OncoSil device that are currently in the pipeline.”

OncoSil Medical CEO & Managing Director Nigel Lange.

OncoSil is raising $7.1 million to Commercialise its Products 

The company expects to raise $7.1 million which will be used to invest in a range of projects destined to boost commercialization and revenue growth. As the device is being increasingly used in treating patients, it needs to expand further across Europe and the company must invest in both sales, marketing, and training of new hospital staff on how to perform the treatment using the device. While expansion continues across Europe, Oncosil (ASX: OSL)  has submitted additional information to the Food and Drug Administrator (FDA) in the United States (U.S.) to ensure it can be approved fully and advance the use of the device across the United States. 

In addition to expanding the use of its device across approved countries, OncoSIl (ASX: OSL) is raising capital to invest in a manufacturing plant, support day-to-day operations, and fund more control trials. These will ensure the company expands and scales its operations, ensuring long-term revenue growth.

Expansion has Preceded Revenue Growth 

In 2023, OncoSil gained regulatory approvals and performed site training in 18 hospitals where doctors are fully trained to administer treatment using the OncoSil device. a total of ten hospitals in Spain are using or set to begin treatment soon using the device and 10 patients were already treated in Spain. As Oncosil expanded across several countries, its revenues rose, illustrating a strong link between expansion and revenue growth. In their 2023 Annual report, revenues rose from 231, 789 to 367,677 between 2022 and 2023. This represents a 37% increase in revenues as the company began to accelerate and expand into other countries. 

OncoSil (ASX: OSL) is being used to treat patients in over five countries. The recent use of the device to treat two patients in Austria suggests the company will continue to expand across Europe. This is why its $7.1 million capital raise is necessary to support these expansion efforts. The share price has rallied on the news, but the expansion will support the share price over the long run.