Healthcare Industry News: American Shared Hospital Services
News Release - November 8, 2006
American Shared Hospital Services Agrees to Provide a Clinatron-250 Proton Beam Radiation Therapy System to Tufts-New England Medical CenterSAN FRANCISCO--(HSMN NewsFeed)--American Shared Hospital Services (AMEX:AMS ; PCX:AMS ), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that it has entered into an agreement to provide a Clinatron-250(TM) proton beam radiation therapy (PBRT) system to Tufts-New England Medical Center (TUFTS-NEMC). Subject to the receipt of FDA approval for the Clinatron-250 and the approval of a Determination of Need Application by the Massachusetts Department of Public Health, AMS anticipates commencing its lease agreement with TUFTS-NEMC for the PBRT system in 2009.
Currently under development by Still River Systems, Littleton, Massachusetts, the Clinatron-250 is a single-treatment-room PBRT system incorporating proprietary technology that Still River believes may dramatically reduce the cost of implementing proton beam radiation therapy.
"PBRT therapy is widely regarded as the optimal radiation treatment for a wide variety of cancers because of its significant clinical advantages compared to conventional high energy X-rays. We believe PBRT will be the next major advance in radiation therapy, which is why AMS recently made an equity investment in Still River Systems, and purchased an option to acquire two Clinatron-250 PBRT systems," said Ernest A. Bates, Chairman and CEO of AMS. "We are pleased that Tufts-NEMC will take advantage of AMS' creative financing solutions to become one of the first centers in the world to offer this advanced treatment modality to patients."
"With the addition of a proton beam, Tufts-NEMC will be able to offer patients the latest in radiation therapy technology," said David Wazer, MD, Radiation Oncologist-in-Chief at Tufts-New England Medical Center. "We look forward to this exciting and unique opportunity to provide state-of-the-art radiation treatment for our patients."
This agreement is in addition to an agreement announced in September 2006 under which AMS will provide an image-guided radiation therapy (IGRT) system, a CT Simulator, and related service, support and maintenance services as part of a complete radiation therapy department upgrade for Tufts-NEMC. This lease agreement is expected to commence in the second quarter of 2007.
About Tufts-New England Medical Center
Tufts-NEMC is a world-class, academic medical institution that is home to both a full-service hospital for adults and the Floating Hospital for Children and has long been recognized as a leader in cancer care, cardiology, organ transplantation and pediatrics. Founded in 1796 as the Boston Dispensary to care for sick and needy Bostonians, Tufts-New England Medical Center is the oldest health care facility in New England. It serves as the primary clinical and teaching affiliate of Tufts University School of Medicine. For more information on Tufts-NEMC, access our web site, www.tufts-nemc.org.
American Shared Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is the world leader in providing Gamma Knife radiosurgery services, a non-invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia (facial pain). The Company also offers the latest IGRT and IMRT systems, as well as its proprietary Operating Room for the 21st Century concept. Through its equity investment in Still River Systems, AMS also plans to complement these services with the Clinatron-250(TM) proton beam radiation therapy (PBRT) system, which has not yet been approved by the FDA.
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services, which involve risks and uncertainties including, but not limited to, the risks of the Gamma Knife business, the risks of developing its IMRT and The Operating Room for the 21st Century® programs, and the risks of investing in a development-stage company, Still River Systems, Inc., without a proven product. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2005, the Form 10-Q for the three months ended March 31, 2006 and June 30, 2006, and the definitive Proxy Statement for the Annual Meeting of Shareholders on June 28, 2006.
Source: American Shared Hospital Services
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