Advanced Oncotherapy (AVO) announced on Monday that the Mediterranean Hospital of Limassol, Cyprus has agreed to purchase a LIGHT proton therapy system for €50 million.
LIGHT stands for the Linac Image Guided Hadron Technology, a proprietary proton accelerator that delivers proton beams in a way that facilitates greater precision and electronic control, developed by the AIM-listed firm.
Advanced Oncotherapy said the installation is expected to start in 2023, in line with the completion of construction works at the hospital.
“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.” said Nicolas Serandour, CEO of Advanced Oncotherapy
Shares in Advanced Oncotherapy were 11.11% higher at 40p during Monday morning trading
Mr. Serandour said the agreement was a significant milestone for Advanced Oncotherapy in its growth plan, adding that the company “is now entering an exciting phase as we move towards certification of the LIGHT system and delivery of a fast-growing pipeline.”
The Mediterranean Hospital of Limassol is partly owned by the Mediterranean Hospital of Cyprus in Limassol, one of the largest private hospitals in Cyprus.
Dr Andreas Panayiotou, founder of the Mediterranean Hospital of Cyprus, said: "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.”
He added: “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.”
Advanced Oncotherapy and the hospital are to receive a share of the net profits from the clinical services under the agreement.
The company said that the timing and full execution of the agreement still remains subject to certain customary conditions, documentation, approval, consents, authorisations and certifications.
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