ASX Health Stocks: OncoSil and PainChek set to embark on overseas expansion
Health & Biotech
Health & Biotech
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Medical device company OncoSil (ASX:OSL) announced that Germany has approved a fully-funded trial in the country to assess the OncoSil device for the treatment of advanced pancreatic cancer.
OncoSil will receive revenue payments for the use of the device within the clinical trial.
A successful outcome of the trial, which was approved by Germany’s Federal Joint Committee (G-BA), could lead to the approval of public funding for the treatments of patients in Germany with the disease.
The company believes it will also significantly increase the profile of the OncoSil device with decision makers in the German market, and throughout the EU and UK.
The OncoSil device already has a CE Mark in Europe and the UK, having received the Breakthrough Device designation in the US, Europe and the UK.
“The OncoSil device offers a promising treatment alternative in a disease of high unmet need,” says CEO, Nigel Lange.
“Revenue receipts from the provision of the OncoSil device in the clinical trial will also assist in accelerating revenue growth in Germany, and eventually throughout Europe,” he added.
The decision today follows the announcement made in February, when a German health institute granted the OncoSil device with a “Positive Status 1” classification.
That approval provides German hospitals with additional funding to adopt a procedure that uses a new device that is currently not covered in the existing federal hospital funding.
Smartphone-based pain assessment company, PainChek (ASX:PCK), announced that Summerset Holdings is rolling out PainChek’s solution across all its 24 NZ care centres after a successful six-month pilot.
The contract is PainChek’s first rollout in New Zealand.
PainChek says that while the monetary value is not material, the arrangement is materially significant in the international expansion of its business. The company has already rolled out its platform in over 1,500 aged care facilities globally.
Summerset is NZ’s third largest aged care provider, and this rollout will remotely assist its care centre personnel in responding more quickly to patients who may be in pain but are not able verbalise it.
PainChek’s platform is a Software-As-A-Service (SaaS) that uses artificial intelligence for the detection of a patient’s facial expression and pain via video analysis.
It’s a unique technology that has been clinically and commercially validated via multiple peer reviews.
“PainChek really made us think about how important effective pain management is for older people,” commented Lynda Irvine, head of Clinical Services at Summerset.
“And a key advantage (of using PainChek’s platform) is being able to rule out pain as a contributing factor for residents who are at times distressed,” she added.