OncoSil Medical - Quarterly Activities & Cash Flow Report - 31 July 2024
ONCOSIL MEDICAL LTD (OSL) Share Update July 2024 Wednesday 31st
OncoSil Medical Reports Positive Developments in Q4 FY24
OncoSil Medical Ltd (ASX: OSL) has reported a series of significant advancements in both financial and operational areas for the quarter ended 30 June 2024.
Instant Summary:
- Q3 and Q4 revenue of $0.171 million, a 161% increase from Q1 and Q2.
- First commercial patients treated in Austria, UK, and Türkiye.
- Positive results from a study showing increased pancreatic tumor vascularity.
- $7.2 million in new equity raised.
- 3-year distribution agreement signed with a Saudi Arabian company.
- Presented at two international congresses.
Financial Performance
OncoSil Medical Ltd reported a combined Q3 and Q4 revenue of $0.171 million, representing a 161% increase compared to the first half of the fiscal year and a 136% increase from the same period last year. This strong financial performance is attributed to the company's focused efforts on commercializing its OncoSil™ device in multiple markets.
During the quarter, OncoSil successfully raised $7.2 million in new equity through a combination of a Non-Renounceable Entitlement Offer, a placement, and a shortfall offer. This capital will be used to fund ongoing commercialization efforts, regulatory approvals, and the expansion of existing indications.
Operational Milestones
OncoSil achieved several key operational milestones in Q4 FY24. The first commercial patients in Austria were treated with the OncoSil™ device at Universitätsklinikum St. Pölten. Additionally, the first patient in the UK was treated as part of the TRIPP-FXX study at Hammersmith Hospital in London. In Türkiye, the first patient received treatment at Istanbul Memorial Hospital.
Furthermore, a study conducted at the Royal Adelaide Hospital showed that the OncoSil™ device significantly increases the vascularity of pancreatic tumors, potentially enhancing the effectiveness of chemotherapy. These results were presented at the 54th Annual Scientific Meeting of the Australian and New Zealand Society of Nuclear Medicine.
Strategic Partnerships
OncoSil signed a 3-year distribution agreement with Abdulla Fouad for Medical Supplies and Services (AFMS) in Saudi Arabia. This partnership will facilitate the marketing and distribution of the OncoSil™ device in the Kingdom, pending local registration approvals.
Clinical Trials and Presentations
The company continued its PANCOSIL Investigator Initiated Clinical Trial, treating the 5th patient during the quarter. OncoSil also presented its advancements at two prestigious international congresses: ESGE Days 2024 in Berlin and the European Pancreatic Club Meeting in Santiago De Compostela, Spain.
The positive financial and operational updates are likely to boost investor confidence in OncoSil Medical. The successful treatments and study results could lead to increased adoption of the OncoSil™ device, potentially driving future revenue growth. The new equity raised will provide the necessary capital to support ongoing and future projects, further strengthening the company's market position.
Investor Reaction:
Analysts are expected to react positively to OncoSil's latest updates, particularly the significant revenue growth and successful equity raise. The promising study results and new distribution agreement in Saudi Arabia are also likely to be viewed favorably, as they indicate strong future potential for the company's products.
Conclusion:
Investors should keep an eye on OncoSil Medical's continued progress in commercializing its OncoSil™ device and expanding its market presence. The company's strategic initiatives and positive financial performance suggest a promising outlook for future growth. Stay informed on OncoSil's developments and consider the potential long-term benefits of investing in this innovative medical device company.