News: OncoSil Medical restructures board, management to advance Pivotal Clinical Trial

OncoSil Medical (ASX:OSL) has restructured its board and senior management as part of its growth plans as it advances the Pivotal Clinical Trial for its OncoSil™ localised radiation therapy treatment for pancreatic cancer.

It is also designed to ensure the appropriate level of focus on both the commercialisation and regulatory goals of the business.

Current non-executive director Dr Roger Aston has been appointed the executive chairman and has intimate knowledge and understanding of the OncoSil™ nuclear medicine domain space, having cofounded pSivida Ltd, the original owner of the OncoSil™ technology, in 2001.

He was also the inventor of the patent for the OncoSil™ product.  Aston is a scientist and biotechnology entrepreneur with a successful track record in both fields, and has been closely involved in both start-ups and major pharmaceutical companies.

Significantly, Aston has critical experience with the US Food and Drug Administration (FDA) and European Union (EU) in product registration, clinical trials, global licensing agreements, plus capital raising and other corporate activity.

He will relinquish two of his other current board positions in order take on the increased responsibilities of the Executive Chairmanship with OncoSil Medical.

The current non-executive chairman Martin Rogers will continue to help drive the company’s goals and objectives as a non-executive director.

Current chief executive officer Dr Neil Frazer will take on the newly created key role of chief medical officer and will remain an executive director of the company.

Dr Frazer will take on the newly created role of chief medical officer and will be responsible for building and managing the Doctor-to-Doctor relationships required to successfully implement and deliver the Pivotal Clinical Trial.

He will also be responsible for doctor interactions as part of the CE Mark in Europe expected next year and associated commercialisation.

Dr Frazer will transfer two million loan funded shares to Dr Aston in recognition of increased responsibilities.

The company is actively engaged in a formal search process for a new chief executive officer.

“The changes provide for a broader scope of management focus specifically designed to meet the growing needs of the business as we continue to expand our operations with the roll-out of the OncoSil™ Pivotal Clinical Trial with the US FDA and also upcoming commercialisation with the CE Mark in EU,” Rogers said.

Further, "that we are in a position to have two outstanding industry professionals, in Dr Roger Aston and Dr Neil Frazer, lead the business, as Executive Chairman and Chief Medical Officer respectively, is a testament to the potential of our clinical programs and the strong work to date of the OncoSil Medical team.

"I personally welcome the changes and look forward to continuing to work to help drive the commercialisation of OncoSil™ as a new treatment option for pancreatic cancer patients globally.”