Last checked at 2 Dec 2014 07:00
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Exclusivity agreement with SUNY Upstate Medical University Hospital, New York
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that the SUNY Upstate Medical University Hospital ("SUNY"), has signed an agreement to exclusively work with Advanced Oncotherapy to install the first LIGHT system in the highly-sought after area of Syracuse, Central New York State.
The agreement extends the collaboration previously announced on 20 May 2014 whereby both parties signed a Letter of Intent to establish a relationship to build a three-room proton treatment facility incorporating the first operational LIGHT system in North America.
SUNY is set to become Advanced Oncotherapy's US hub for research and development, manufacture and treatment using the next generation proton therapy technology for treating cancers. In addition SUNY and Advanced Oncotherapy will develop a clinical training and sales facility on the same site, which could ultimately supply LIGHT machines to all of the Americas.
SUNY is a leading academic medical centre in Central New York, serving 1.8 million people in the state from Canada to Pennsylvania with its educational, clinical and research missions. It is also the region's largest employer with more than 9,000 employees.
Advanced Oncotherapy has been approached on a regular basis by hospitals across the US, South America and Asia interested in using its innovative and affordable proton beam technology and has Letters of Intent from BMI and Spire, two of the leading chains of private hospitals in the UK.
John McCabe, CEO of Upstate Medical University Hospital, commented: "Both Advanced Oncotherapy and SUNY have made significant progress since the Letter of Intent signed earlier this year and this momentum has materialised into this exclusivity agreement. Proton therapy has been recognised and used for many years as a superior treatment modality in the fight against cancer. Nevertheless, widespread treatment of common cancers has been impractical, due to the size and cost of proton therapy machines. Advanced Oncotherapy has been pushing boundaries of proton therapy way beyond these issues and I am proud that Syracuse has been chosen as one of the first sites in the world for this ground-breaking proton therapy system."Commenting on the agreement, Sanjeev Pandya, CEO of Advanced Oncotherapy said: "As highlighted in our recent investor day, we have an exciting and rapidly progressing development plan and this agreement is another key step forward in our transformational journey to become the leading proton therapy player. Both parties are driven by a clear objective of delivering innovative and affordable proton therapy solutions to the Central New York area and we look forward to seeing this strong partnership bear fruits for the benefits of patients and payors."
Advanced Oncotherapy Plc | www.avoplc.com |
Sanjeev Pandya, CEO | Tel: +44 20 3617 8728 |
Nicolas Serandour, CFO | |
Westhouse Securities (Nomad & Joint Broker) | |
Antonio Bossi / David Coaten | Tel: +44 20 7601 6100 |
Beaufort Securities (Joint Broker) | |
Saif Janjua / Jon Levinson | Tel: +44 20 7382 8300 |
Walbrook PR (Financial PR & IR) | Tel: +44 20 7933 8780 or avo@walbrookpr.com |
Paul McManus / Anna Dunphy | Mob: +44 7980 541 893 / Mob: +44 7876 741 001 |
About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy's team based at CERN in Geneva focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates a greater precision and electronic control which is not achievable with older technologies.
Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. As a result, Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.
Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.