Australian medical-device and biomedical company Sirtex Medical Limited (ASX:SRX) has reported the confirmation of its previous clinical trial results. In May, the company announced improved results in its Sirflox study. The study underwent consideration and peer review by the American Society of Clinical Oncology (ASCO). The American medical oncology community confirmed the results of the study, with feedback from key opinion leaders (KOLs) being positive. Sirtex believes sales of a new product containing the new medical technology is achievable based on the results demonstrated in the study.
The Sirflox study utilised SIR-Sphere Y-90 resin microspheres to reduce the risk of tumour progression in the liver. Patients whose treatment included the microspheres saw a 31 per cent lower risk of tumour progression. The treatment also saw a 7.9-month improvement in median progression-free survival time in the liver. Many medical and oncological experts supported the findings after its release. “The SIRFLOX study results provide robust Level 1 evidence for medical oncologist to incorporate in their daily clinical practice,” said Professor Eric Van Cutsem, MD PhD from the University of Leuven, Belgium.
The share price of SRX skyrocketed on news of the peer reviewed confirmation of the study. In March, shares of Sirtex plummeted after the original study failed to show significant results, losing over $1bn in market capitalisation. SRX has since recovered from the selloff, with a particularly strong day of trading after the positive findings in the next Sirflox study announcement. SRX has advanced $3.86, or 14.47 per cent, at $30.54 per share around 2:23pm on Monday. Shares of the company have advanced 77.62 per cent in the last 12 months and 7.68 per cent so far this year.
Author: Imran Valibhoy
Jun 01, 2015
Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.