ASX Health Stocks: Oncosil advances pancreatic cancer device to Greece, its third potential market in Europe

Oncosil says first two patient treatments using OncoSil device happened in Greece
Nova Eye says Medicare reimbursement decision in the US delayed from December to January

Oncosil’s device used in Greece hospital

The medical device company focusing on pancreatic cancer, Oncosil Medical (ASX:OSL), jumped 12% this morning after an update on its OncoSil device.

Oncosil said the first initial commercial treatments involving the OncoSil device in Greece have just commenced at a renowned hospital in Athens. The first two patient treatments using the device occurred yesterday at the Agios Savvas Hospital, located in Athens.

These treatments see Greece become the third European country – after Italy and Spain – where commercial treatments utilising the OncoSil device have been completed.

As these treatments are commercial rather than clinical trial related, they additionally represent a clear positive signal for OncoSil’s long‐term sustainability, says Oncosil.

Oncosil also says this is another milestone in the commercialisation strategy for the device, which is intended for the treatment of locally advanced unresectable pancreatic cancer, in combination with gemcitabine‐based chemotherapy.

“It’s good to see the continued progress being made in our concerted efforts to commercialise the OncoSil device,” said Oncosil’s CEO, Nigel Lange.

“The just‐completed initial commercial treatments in Greece at the Agios Savvas Hospital means that our innovative OncoSil device has now been utilised in commercial treatments in three European countries – and we remain confident that other countries across Western Europe will join this list.”

Nova Eye gets temporary reprieve on US Medicare decision

Meanwhile, Nova Eye (ASX:EYE) rose almost 9% after announcing that five MACs (Medicare Administrative Contractors) have deferred the proposed USA reimbursement changes from 23 December 2023, to January 29, 2024.

The deferral by all five MACs is a positive outcome for the near-term sales of the company’s iTrack portfolio of canaloplasty devices, which continue to be strong since the US launch of iTrack Advance in May.

As a quick background, in November EYE reported that four additional MACs have proposed LCD (local coverage determination) changes on Medicare reimbursement of minimally invasive glaucoma surgery (MIGS) procedures in the US.

This would have hit Nova Eye particularly hard, as “approximately 40% of the company’s global revenues are derived from health care facilities located in the 38 states covered by these four MACs,” according to a release from EYE.

But a fortnight later, EYE advised that the final draft of the LCD, issued by the US National Government Services (NGS), has been deferred from December 23 to March 23, 2024.

The NGS administers insurance reimbursement claims of healthcare facilities in the states of New York, Connecticut, Rhode Island, Massachusetts, Vermont, New Hampshire, Maine, Minnesota, Illinois, and Wisconsin.

NGS said the the deferral is to “allow more time to make decisions regarding comments received”.

Following today’s announcement, reimbursement coverage of canaloplasty surgeries in the 38 US states covered by the five MACs beyond January 29, 2024, will depend on whether the proposed LCDs are implemented.