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- OncoSil Medical (ASX:OSL) announces positive developments regarding potential funding for its OncoSil device in Germany
- It also inked a new exclusive distribution agreement in Turkey
- InEK has authorised 84 local hospitals to engage in negotiations with the company regarding funding under the NUB innovation funding program
- This follows a surge in interest from the hospitals, with requests for the device tripling since 2021
- OSL shares are up 14.3 per cent, trading at 0.8 cents at 1:44 pm AEDT
OncoSil Medical (ASX:OSL) a company specializing in localised treatments for locally advanced pancreatic cancer (LAPC), has announced positive developments regarding potential funding for its OncoSil device in Germany and a new distribution agreement in Turkey.
The German Institute for the Hospital Remuneration System (InEK) has authorised 84 local hospitals to engage in negotiations with the company regarding funding under the NUB innovation funding program.
This follows a surge in interest from the hospitals, with requests for the device tripling since 2021.
“This underscores the urgent medical need and growing demand for the therapy in Germany,” OncoSil CEO and Managing Director Nigel Lange said.
“We believe that this surge in demand will expedite either a) the implementation of the treatment using the OncoSil device for patients in Germany or b) the acquisition of systematic funding for the treatment utilising the OncoSil device.”
NUB funding program
The NUB program provides supplemental financial support to hospitals adopting innovative medical technologies not yet covered by existing federal funding schemes in Germany.
Individual funding applications by interested hospitals to InEK are required.
Distribution agreement
This particular healthcare stock has been busy today.
OncoSil Medical has also signed a three-year distribution agreement with EDH Nuclear Medicine & Healthcare Services in Turkey.
This agreement builds on OSL’s vision to build a global distribution network for its unique OncoSil device.
OSL shares were up 14.3 per cent, trading at 0.8 cents at 1:44 pm AEDT.
