The Mediterranean Hospital of Limassol to purchase a LIGHT proton therapy system
Advanced Oncotherapy to receive €50m and share of profits from clinical services
Installation of LIGHT system to commence in 2023 following completion of construction at hospital.
Agreement follows recent partnerships with The Cleveland Clinic and The London Clinic
Manufacturing of all critical hardware for first full-energy LIGHT system completed
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, is pleased to announce that the Mediterranean Hospital of Limassol, Cyprus, has agreed to purchase a LIGHT system for €50 million. Under the terms of the agreement (the "Agreement"), the installation of a three-treatment room system is due to commence before the end of 2023, to coincide with the completion of construction works being carried out at the hospital.
The Mediterranean Hospital of Limassol is partly owned by the Mediterranean Hospital of Cyprus in Limassol, one of the largest private hospitals in Cyprus. It is the first health centre integrated with the newly created National Health System (NHS) of Cyprus whose ambition is to modernise and upgrade the health sector into a more streamlined and cost effective system and bring Cyprus on par with its European peers in terms of efficient and affordable public healthcare. In 2018, the President of Cyprus commented that the Mediterranean Hospital would contribute to the greater goal of making Cyprus a regional hub for medical services, offering high-quality medical services to citizens of Cyprus but also to tourists seeking medical treatment.
In addition to the €50 million consideration for the provision of the turnkey solution payable to the Company, Advanced Oncotherapy, the Mediterranean Hospital of Cyprus and Synergy Wealth Management S.A. will receive a share of the net profits from the clinical services. The timing and the full execution of the Agreement remain subject to customary conditions and documentation being in place, including obtaining all relevant approvals, consents and authorisations, such as the certification of LIGHT.
Further update announcements in respect of the Agreement and the schedule of payments to be received by Advanced Oncotherapy will be made in due course.
Dr Andreas Panayiotou, founder of the Mediterranean Hospital of Cyprus, commented:
"The Mediterranean Hospital of Cyprus is excited that we will be able to provide patients with access to Advanced Oncotherapy's LIGHT system for proton therapy which is designed to increase the efficacy of treatment and improve quality of life for patients through a reduction of side effects.
This transaction highlights our commitment to support not only the Cyprus NHS in its ambition to offer the public the same level of medical care and innovative technologies but also the Cyprus Government which has earmarked medical tourism as an area with economic potential and growing demand from European tourists.
Medical tourism in Cyprus has seen unprecedented growth over the last few years. Furthermore, the government is investing significantly in promoting the country as a key healthcare destination, allocating a significant amount of the GDP. With this agreement we are helping establish Cyprus as a medical hub for the region. We strive to assist in continuously improving public healthcare services whilst providing superior medical services that cater to all regardless of income. Today's agreement is consistent with our humanistic values and social responsibility."
Nicolas Serandour, CEO of Advanced Oncotherapy, commented:
"We are delighted to announce this agreement with the Mediterranean Hospital of Limassol. This agreement for the purchase of a LIGHT system is a significant milestone for Advanced Oncotherapy in our plan for growth. The LIGHT system will enable the hospital to offer its cancer patients an additional treatment option that combines the advantages of minibeam radiation therapy with the more precise ballistics of protons to further reduce the side effects of radiation. This agreement with the Mediterranean Hospital of Limassol follows our recently announced partnerships with The London Clinic and the Cleveland Clinic, and further builds our network with well-recognised institutions who are keen to promote a more affordable and efficient delivery of proton therapy.
Advanced Oncotherapy is now entering an exciting phase as we move towards certification of the LIGHT system and delivery of a fast-growing pipeline. All the key hardware, including the proton accelerating structures to accelerate protons to 230 MeV and patient positioning system, required for the certification of our first full-energy LIGHT system in Daresbury, UK, has been manufactured."
About the Mediterranean Hospital of Cyprus www.medihospital.com.cy
The Mediterranean Hospital of Cyprus is a modern private health care institution, one of the largest in Cyprus, with a mission to provide to all the citizens and the visitors of the country safe, affordable and high quality medical services 24/7. The Mediterranean Hospital of Cyprus arose from a need to fill the gap between providing/promoting medical and laboratory services to the citizens of private hospitals in Cyprus, while offering affordable, high quality medical care.
About Advanced Oncotherapy plc www.avoplc.com
Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM," based in Geneva, focuses on the development of a proprietary proton accelerator called, Linac Image Guided Hadron Technology (LIGHT). LIGHT's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.
Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with innovative technology as well as expected 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.
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