OncoSil Medical Ltd has made significant strides in the last quarter of 2023 under the leadership of CEO Nigel Lange and the dedicated team.
The company, a pioneer in localized treatments for patients with locally advanced pancreatic cancer, has reported several key developments:Market Penetration: The OncoSil™ device has successfully commenced its first commercial treatments in Greece, marking Greece as the third European country to utilize the device commercially. This milestone reflects the company's effective strategy in penetrating key European markets.
Clinical Trial Advancements: The first patient was treated in the PANCOSIL Investigator-Initiated Clinical Trial at the Amsterdam Medical Centre. This trial, focusing on the safety and feasibility of CT-guided percutaneous radionuclide therapy using the OncoSil™ device, marks a significant step in expanding treatment methodologies and user base.
Israeli Market Traction: In Israel, major health insurer Clalit General Health Services has approved the OncoSil™ device as a suitable treatment for unresectable locally advanced pancreatic cancer, further expanding the device's reach and potential market.
R&D Tax Incentive: The company received a substantial R&D tax refund of around A$1.1m from the Australian Government, a testament to its robust research and development efforts. This refund is a crucial support for the company's commercialization strategy.
Financial Update: The company reported a cash balance of $4.9 million as of 31 December 2023. The quarter saw a net cash use in operating activities of $2.3 million, which is in line with the company's strategic investments in expanding its market presence and clinical trials.
CEO Nigel Lange commented on these achievements, emphasizing the importance of the first Greek commercial treatments and the approval in Israel as pivotal steps towards long-term sustainability and market growth. He also commended the team's efforts in progressing the commercialization strategy of the OncoSil™ device, particularly in clinical studies and market expansion.
Let's congratulate the team around CEO Nigel !
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