ASX Health Stocks: OncoSil up 15pc on German device funding; Starpharma expands to Middle East
Health & Biotech
Health & Biotech
The ASX 200 Health Index (XHJ) has fallen by 1.26% at the time of writing, compared to the broader index which is down by 0.12%.
Medical device company OncoSil Medical (ASX:OSL) surged as high as 25% up today, after its device was granted a “Positive Status 1” classification in Germany.
The classification was granted by the German institute for the Hospital Remuneration System (InEK), which has now put the OncoSil device under its innovation funding (NUB) program.
This comes after 25 leading university hospitals in Germany petitioned for NUB funding to be approved for the OncoSil device.
The InEK said it granted NUB funding due to the new device’s added clinical benefit compared with established procedures, as well as the increasing number of German patients being treated with the device.
OncoSil is a device that imparts a dose of beta radiation directly into a cancerous pancreatic tissue.
The beta particles emitted travel a short distance in tissue causing damage to cancer cell DNA, which renders them incapable of further cell division and proliferation
“Receiving a Positive Status 1 classification from the InEK is an important step forward for OncoSil in Germany,” commented Oncosil CEO Nigel Lange.
“The innovation funding process significantly accelerates the process for obtaining systematic funding for treatment utilising the OncoSil device throughout all of Germany, which bodes very well for delivering on OncoSil’s commercialisation plan,” he added.
Starpharma (ASX:SPL) has signed an exclusive sales and distribution agreement for its antiviral nasal spray VIRALEZE in Saudi Arabia and eight other countries.
The eight other countries include the United Arab Emirates, Qatar, Kuwait, Oman, and Bahrain.
VIRALEZE is already registered for sale in Saudi Arabia, with launch preparations well advanced.
The new distribution agreement, signed with Etqan & Nazahah, is now expected to facilitate further registrations across the region.
VIRALEZE is already registered in more than 30 countries, including Europe, Vietnam, India, New Zealand.
Medical Developments International (ASX:MVP) has decided to discontinue its collaboration project with the CSIRO.
CSIRO and MVP had earlier partnered to develop a continuous flow technology for the manufacture of Penthrox, a painkiller drug.
Despite considerable technical progress across multiple pharmaceuticals, a careful prospective review conducted by MVP indicates that significant commercial success from the project is unlikely.
As previously announced in July, MVP no longer carries any balance sheet value for this project.
Cannabis company Creso Pharma (ASX:CPH), has just made a move to enter the US CBD market through a strategic acquisition of a private company.
Creso announced the acquisition of US-based Sierra Sage Herbs (SSH), a US$5.7m revenue company with established sales channels across the US.
The up-front purchase price for SSH is US$21 million; with additional future payments based on SSH achieving US$10m of sales in 2022, and US$20m of sales in 2023.
“The acquisition of Sierra Sage Herbs and the company’s product range is a major milestone for Creso Pharma,” says Creso Pharma Group CEO, William Lay.
“It marks entry into the US CBD market, and provides a strong foundation to rapidly scale up operations, product development and sales, as well as further M&A transactions,” he added.