- OncoSil Medical (OSL) signs its first commercial agreement in Spain for the OncoSil device with The Hospital Universitario de Fuenlabrada in Madrid
- The legally binding agreement worth €374,000 (A$553,000) will enable the hospital to treat patients with locally advanced pancreatic cancer using the OncoSil device
- The agreement is ongoing and includes a set number of doses to be delivered by the hospital which will be subject to renewal once utilised
- The sales team in Spain is currently working with other trained hospitals to facilitate further agreements to enable greater patient access to the OncoSil device
- Shares in OncoSil Medical are down 4.92 per cent to 5.8 cents at 10:41 am AEST
OncoSil Medical (OSL) has signed its first commercial agreement in Spain for the OncoSil device at The Hospital Universitario de Fuenlabrada, Madrid.
The legally binding agreement worth €374,000 (A$553,000) has been awarded to OncoSil to enable the treatment of patients with locally advanced pancreatic cancer to be treated with the OncoSil device.
The agreement is ongoing and includes a set number of doses to be delivered by the hospital which will be subject to renewal once utilised.
It follows successful treatments by the hospital using the OncoSil device earlier this month.
“This is an important advance for patients with locally advanced pancreatic cancer in Spain,” CEO and Managing Director Nigel Lange said.
“This is in addition to training additional OncoSil treatment sites in other European countries.
“We look forward to entering into further agreements with hospitals in Spain to improve patient access to the OncoSil device.
The sales team in Spain is currently working with other trained hospitals to facilitate further agreements to enable greater patient access to the OncoSil device treatment in various regions throughout Spain.
The OncoSil device is a targeted radioactive isotope (Phosphorus-32), implanted directly into a patient’s pancreatic tumours via an endoscopic ultrasound.
Treatment with the OncoSil device is intended to deliver more concentrated and localised beta radiation compared to external beam radiation.
The estimated worldwide market opportunity for the OncoSil device in pancreatic cancer exceeds $3 billion.
In addition to the agreement, OncoSil is looking to raise $10 million to support its growth plans across Europe and the UK.
Commitments have already been received for a $4 million placement to sophisticated and institutional investors, with another $6 million to come from a 2-for-13 non-renounceable entitlement offer.
Shares in OncoSil Medical are down 4.92 per cent to 5.8 cents at 10:41 am AEST.