OncoSil Medical Limited (ASX: $OSL) Pancreatic cancer treatment device company reported its half-yearly performance recently, and there are many significant milestones achieved by the company before diving into the report further, let’s see what the CEO & Managing
Director Nigel Lange said:
“The December 2023 half saw further significant progress made in our efforts to commercialise the OncoSil device. The device’s worth as a treatment of locally advanced unresectable pancreatic cancer, in combination with gemcitabine-based chemotherapy, continued to be reinforced – and this momentum is expected to build further over coming months as patients continue to be onboarded by the PANCOSIL and TRIPP studies. While this positive reinforcement is occurring on the studies front, OncoSil has, at the same time, further penetrated key addressable markets, with more hospitals now using the device.”
Yes, positive commentary from the CEO, this kind of optimism of the management tells about the growth of the company in future.
Major key highlights of the report
- OncoSil device trials progressed significantly, including a G-BA trial in Germany and the TRIPP-FFX Clinical Study.
- Commercialisation momentum increased in Spain, Greece, and Israel; an exclusive distribution agreement was signed for the Turkish market.
- Regulatory approvals for the OSPREY patient registry advanced.
- The board strengthened with experienced healthcare executives Douglas Cubbin and Dr. Gabriel Liberatore.
- Various new hospitals were added for the use of the OncoSil device.
Let's dig deeper into some of the major developments that happened in the company.
New trails with the device
By the end of OncoSil's H1 FY24, 13 patients were randomised for participation. In the PANCOSIL Investigator-Initiated Clinical Trial, the first patient was treated on November 28, 2023, in Amsterdam as the company announced, this trial is held for patients with non-progressive locally advanced pancreatic cancer. In total, the trial has the potential to treat up to 50 patients using the OncoSil device through percutaneous application, expanding OncoSil's user base.
There have been some major additions to the sites for the oncoSil usage also.
New sites addition for the device usage
Spain: 9 medical centres in Spain actively treat patients with OncoSil, marking a significant expansion. A total of 20 patients have received treatment in clinical trials and commercial settings.
Italy: After the initial patient treatment in Q4 2023, 2 more patients received OncoSiltreatment at San Camillo-Forlanini Hospital in Rome. Additional centres are expected soon.
Israel: Hadassah Hospital in Jerusalem initiated OncoSil treatments in April 2023, achieving successful completion for the fourth patient by August 2023. In late November 2023, major Israeli health insurer Clalit approved the device for unresectable pancreatic cancer treatment, a crucial step for potential reimbursement schedules.
Greece: On December 8, 2023, the company announced the commencement of initial commercial treatments with OncoSil in Greece, supported by Greek partner Mediray. Two patients were treated at Athens' Agios Savvas Hospital, which specialises in various solid tumours. This marks Greece as the third European country, after Italy and Spain, where commercial treatments with OncoSil have been successfully conducted.
Exclusive distribution deal with Turkey
The company teamed up with EDH Nuclear Medicine & Healthcare Services for an exclusive deal in Turkey. Turkey, with its whopping 85 million people, is a big market that's expected to grow fast. EDH is a healthcare company that does a bunch of stuff, like selling and fixing medical devices used in nuclear medicine, distributing radiopharmaceuticals, and giving advice on projects for nuclear medicine departments and radiopharmaceuticals production sites. EDH isn't just in Turkey; they're all over the place, covering Central and Eastern Europe, North Africa, the Middle East, Gulf Countries, and a bunch of Turkic Republics, making a way for further expansion for OncoSil.
84 German hospitals received approval
In another recent development, 84 German hospitals received approval from the German Institute for the Hospital Remuneration System (InEK) to discuss funding for the OncoSil device under the innovation funding (NUB) program in negotiations with statutory health insurance (SHI) companies. This positive nod comes after OncoSil secured a "Positive Status 1" classification under the NUB program in 2021. Notably, the number of hospitals requesting NUB for the OncoSil device has more than tripled since 2021, reflecting a growing interest in its classification.
New skillset addition to the company
Apart from the product development, new trails and new site addition, there have been additions to the board also. In July 2023, Dr. Gabriel Liberatore, an accomplished biopharmaceutical executive, joined the Company's Board as a Non-Executive director. He has more than 25 years of expertise in senior roles such as Business Development, R&D, and strategic operational management, Dr. Liberatore served as the Group Chief Operating Officer at Telix Pharmaceuticals Limited until recently.
Bottom Line
Major developments are happening in the company, as CEO Nigel Lange emphasised significant progress in device commercialization and positive reinforcement from trials, and expects further developments in 2024.
