17th Feb 2020 13:12
(Alliance News) - Advanced Oncotherapy PLC on Monday said that the Mediterranean Hospital of Limassol in Cyprus has purchased a LIGHT proton therapy system for EUR50 million.
The Linac Image Guided Hadron Technology proton therapy system is a type of radiation therapy that uses protons rather than x-rays to treat cancer.
As part of the agreement, a share of the net profits from clinical services realised by the Mediterranean Hospital of Limassol will be paid to Advanced Oncotherapy, the Mediterranean Hospital of Cyprus and Synergy Wealth Management SA. The agreed share of profits was not disclosed.
The Mediterranean Hospital of Limassol is partly-owned by the Mediterranean Hospital of Cyprus. Synergy Wealth Management SA is a shareholder in Advanced Oncotherapy.
The radiotherapy technology developer said that the installation of the three-treatment room LIGHT system will commence before the end of 2023.
"This agreement follows our recently announced partnerships with the London Clinic and the Cleveland Clinic. We are now entering an exciting phase as we move towards certification of the LIGHT system and delivery of a fast-growing pipeline," said Advanced Oncotherapy Chief Executive Nicolas Serandour.
In December 2019, the London-based company launched a two-year collaborative research study with Cleveland Clinic, with the aim to increase the efficacy of treatment and improving quality of life for cancer patients through a reduction of side effects or increased long-term survival. In February, it agreed with private independent hospital the London Clinic to operate its first commercial LIGHT facility.
Advanced Oncotherapy shares were trading 5.8% up at 38.10 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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