Advanced Oncotherapy agrees to install LIGHT system in Cyprus
Proton therapy systems developer Advanced Oncotherapy announced on Monday that the Mediterranean Hospital of Limassol in Cyprus has agreed to purchase a ‘LIGHT’ system for €50m.
The AIM-traded firm said that under the terms of the agreement, the installation of a three-treatment room system was due to start before the end of 2023, to coincide with the completion of construction works being carried out at the hospital.
It said the Mediterranean Hospital of Limassol is partly owned by the Mediterranean Hospital of Cyprus in Limassol, which is one of the largest private hospitals in the country.
Advanced Oncotherapy said it was the first health centre integrated with the newly-created National Health System there, which had a stated ambition 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 the country a regional hub for medical services, offering high-quality medical services to citizens of Cyprus, as well as to tourists seeking medical treatment.
In addition to the €50m consideration for the provision of the “turnkey solution” payable to Advanced Oncotherapy, the Mediterranean Hospital of Cyprus and Synergy Wealth Management would receive a share of the net profits from the clinical services.
The timing and the full execution of the agreement remained subject to customary conditions and documentation being in place, including obtaining all relevant approvals, consents and authorisations, such as the certification of LIGHT.
“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,” said Dr Andreas Panayiotou, founder of the Mediterranean Hospital.
“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.”
Dr Panayiotou said that additionally, the government was investing “significantly” in promoting the country as a key healthcare destination, allocating a significant amount of its 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, chief executive officer of Advanced Oncotherapy, added that the company was “delighted” to announce the 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.”
Serandour said Advanced Oncotherapy was now entering an “exciting phase”, as it moved towards certification of the LIGHT system and delivery of its “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.”
At 1448 GMT, shares in Advanced Oncotherapy were up 9.42% at 39.39p.