ASX Healthcare Stocks: OncoSil Up 15% on German Device Financing; Starpharma expands in the Middle East

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The ASX 200 Health Index (XHJ) is down 1.26% at the time of writing, compared to the broader index which is down 0.12%.

Medical device company OncoSil Medical (ASX:OSL) jumped as much as 25% today after his device earned a “Positive Status 1” rating in Germany.

The classification was granted by the German Institute for the Hospital Remuneration System (InEK), which has now placed the OncoSil device under its Innovation Funding Program (NUB).

This comes after 25 leading university hospitals in Germany applied for NUB funding to be approved for the OncoSil device.

InEK said it granted funding to NUB because of the additional clinical advantage of the new device over established procedures, as well as the growing number of German patients being treated with the device.

OncoSil is a device that delivers a dose of beta radiation directly into cancerous pancreatic tissue.

The emitted beta particles travel a short distance through the tissues, causing DNA damage to cancer cells, making them unable to continue dividing and proliferating.

“Receiving a Positive Status 1 classification from InEK is a significant achievement for OncoSil in Germany,” commented Oncosil CEO Nigel Lange.

“The innovation funding process significantly accelerates the process of obtaining systematic funding for treatment using the OncoSil device throughout Germany, which bodes very well for the realization of OncoSil’s commercialization plan” , he added.

OncoSil stock price today:

Starpharma expands in the Middle East

Starpharma (ASX:SPL) signed an exclusive sales and distribution agreement for its VIRALEZE antiviral nasal spray in Saudi Arabia and eight other countries.

The other eight countries are 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, should now facilitate new registrations in the region.

VIRALEZE is already registered in more than 30 countries, including Europe, Vietnam, India, New Zealand.

Starpharma share price today:

Other ASX healthcare announcements today

International Medical Developments (ASX: MVP) has decided to stop its collaboration project with the CSIRO.

CSIRO and MVP previously partnered to develop continuous flow technology for the manufacture of Penthrox, a pain medication.

Despite considerable technical progress on several pharmaceutical products, careful prospective review conducted by MVP indicates that significant commercial success of 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 taken the step 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$5.7 million company with established sales channels across the United States.

The initial purchase price for SSH is US$21 million; with additional SSH-based future payments achieving $10 million in sales in 2022 and $20 million in sales in 2023.

“The acquisition of Sierra Sage Herbs and the company’s product line is an important milestone for Creso Pharma,” said Creso Pharma Group CEO William Lay.

“This marks entry into the U.S. CBD market and provides a solid foundation for rapidly expanding operations, product development and sales, as well as other M&A transactions,” he added.

Other hare prices today:

At Stockhead, we tell it like it is. Although Creso is a Stockhead advertiser, he did not sponsor this article.

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