Australia's OncoSil Medical gains most in 17 months on German institute funding

Oncosil Medical

03/02/2022 02:08

** Shares of medical device developer  OSL.AX  jump as much
as 28.2% to A$0.050, post their biggest intraday pct gain since
Sept. 3, 2020
    ** Co says its OncoSil device has been granted a "positive
status 1" classification under the innovation funding (NUB)
programme by the German institute for the Hospital Remuneration
System  urn:newsml:reuters.com:*:nASX3hFgBy
    ** The NUB funding mechanism provides hospitals with
additional funding to adopt a method or procedure that uses a
new device that is not covered through existing federal hospital
funding processes in Germany
    ** OSL can now negotiate with statutory health insurance
providers for reimbursement of the OncoSil device for patient
treatments
    ** Stock hits highest level since Nov. 16; marks third
straight session of gains
    ** Nearly 3 mln shares have changed hands, vs the 30-day
average of about 860,000 shares 
    ** Stock down ~13.3% this year, as of last close 

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))