A cutting-edge prostate cancer imaging drug has given shares in Melbourne pharmaceuticals firm Telix a 15 per cent boost after the company revealed it sold close to $20 million worth of the drug in the 10 weeks after its US launch.

The biotech’s product, Illucix, is designed to help pinpoint the re-occurrence of prostate cancer at an earlier stage than other drugs on the market. It was approved for sale in theUS at the end of 2021.

Telix’s June quarter financials show a 10-fold increase in sales of the product across the globe. In the US, revenue hit $US13.6 million ($19.3 million) in the first 10 weeks on the market.

Telix chief executive Dr Christian Behrenbruch said from Boston the company was “really delighted” with the early sales performance.

Australian patients will also soon gain access to Illucix, with Telix planning a commercial launch this year.

The product was listed on the Medicare Benefits Scheme from July 1 covering its use for immediate to high-risk cancer patients and those with recurrent prostate cancer.

“We are getting inventory ready for the Australian launch. We are the first and only approved product [of this type] and there is a lot of demand for it,” Behrenbruch said.

“The Australian market is a lot smaller than the US market, but it’s an important market, it is our home turf.”

Sales are expected to surge further in the US over the next few quarters because the company now has reimbursement codes for the drug, meaning US insurers can cover the use of Illucix.