OncoSil (ASX: OSL) Accelerates Operational Progress with 10 Major Cancer Treatment Centres & Reports $8.0m Cash Balance

OncoSil Medical Ltd (ASX:OSL), a medical device company which focuses on localised treatments for patients with pancreatic and liver cancer, has released its Appendix 4C – Quarterly Cashflow report for the quarter ended 30 June 2017.

KEY TAKEAWAYS:

  • Accelerated operational progress, with 10 major cancer treatment centres now activated
  • 13 patients now enrolled into current study (up from 1 patient at the end of FY3Q 17)
  • 4 patients in study group implanted with OncoSil™ device on 21 July
  • 1 Compassionate access patient implanted with OncoSil™ device on 21 July
  • Cash balance as at 30 June of $8.0m, with cash outflow from operations for the quarter of $2.4m

OncoSil Chief Executive Officer, Daniel Kenny commented:

“Our team’s primary focus during the past quarter has been to continue driving patient recruitment to our activated sites which are part of our global study programme – with additional sites now on board, including leading sites in both the UK and US, we look forward to reaching our goal of 20 patients over the coming weeks, and providing the required supplemental data to BSI for CE Mark approval.

While I am encouraged by our current rate of recruitment and the growing list of globally prestigious cancer centres involved in our clinical programme, recruitment for this study is challenging.

The Company will need to accelerate operational performance in the coming weeks if it is to secure CE Mark in 2017. However, given the significant advances in 2017, and particularly in this past quarter, Oncosil’s Board is confident that we are proceeding in the right manner and should near full patient recruitment in the coming weeks.”

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