Healthcare Industry News: TomoTherapy
News Release - October 23, 2007
Sagemark announces JV with Saint Clare's Hospital for Radiation Therapy CenterNEW YORK--(HSMN NewsFeed)--The Sagemark Companies Ltd. (OTC BB: SKCO) announced today that Premier Oncology of New Jersey, Inc., owned by Premier Oncology, Inc., Sagemark’s wholly owned subsidiary, has entered into a joint venture with Saint Clare’s Hospital Inc. to establish a radiation therapy center that will be located on the Saint Clare’s Hospital medical campus in Dover, New Jersey.
Advanced Radiation Therapy, LLC will feature a TomoTherapy® Hi-Art® system, one of the most advanced radiation therapy cancer treatment systems available, which will complement Saint Clare’s Cancer Care at Saint Clare’s program. Saint Clare’s Hospital will manage the day to-day operations of the center and will own 51% of the venture. It is anticipated that the radiation therapy center will open in Spring 2008, subject to certain terms and provisions of the joint venture agreements, including licensing, equipment financing and New Jersey regulatory approval.
The Saint Clare’s joint venture announcement comes on the heels of Sagemark’s announcement earlier this month of its first radiation therapy venture, Premier Oncology Management of Nassau, LLC, that is developing a 5,000 square foot out-patient radiation therapy cancer treatment facility in Great Neck, New York and which will also feature a TomoTherapy® Hi-Art® system.
“It is gratifying that in the relatively short period of time since launching our growth initiative to establish radiation therapy centers, we have been able to consummate two radiation therapy ventures, both with prestigious partners,” stated Ron Lipstein, President and Chief Executive Officer of The Sagemark Companies Ltd. “Joining forces with Saint Clare’s Hospital provides us with the ability to associate with an established first-class health care provider and leverages its know-how and expertise in managing health care related facilities and its reputation in the communities in proximity to its Dover medical campus where Advanced Radiation Therapy will be located.”
Saint Clare’s Hospital is part of the Saint Clare’s Health System, northwest New Jersey’s largest community health care system, which has recently entered into an agreement to become a member of Catholic Health Initiatives (CHI), one of the nation’s leading faith-based healthcare ministries.
“Saint Clare’s has always played a major role in the diagnosis and treatment of cancer in northwest New Jersey. Partnering with The Sagemark Companies to develop a state-of-the art radiation therapy center on our Dover campus will allow Saint Clare’s to provide our patient base with the very best radiation therapy technology available,” stated Gary J. Blan, FACHE, President and Chief Executive Officer of Saint Clare’s. “We are delighted to be working with The Sagemark Companies on this very important health care initiative.”
“Our joint venture with Saint Clare’s Hospital is another significant milestone for Sagemark,” continued Mr. Lipstein. “We look forward to the opening of Advanced Radiation Therapy and to providing the most advanced radiation therapy services available to cancer patients in northwest New Jersey. Additionally, we plan to continue to aggressively pursue the further development of our radiation therapy initiative and expect to conclude negotiations for the development of another radiation therapy center before the end of the year,” concluded Mr. Lipstein.
About The Sagemark Companies Ltd.
The Sagemark Companies Ltd. (SKCO) owns, operates and administers out-patient medical diagnostic imaging centers that utilize positron emission tomography (PET), and PET and computed tomography (PET/CT) equipment, an advanced diagnostic imaging procedure used by physicians in the detection and staging of certain cancers, coronary disease and neurological disorders. Additionally, the Company is developing medical centers featuring advanced and versatile radiation therapy systems for the treatment of a wide variety of cancers.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements about the Company’s future plans, expectations and objectives regarding the development of radiation therapy centers are forward-looking statements within the meaning of the Safe Harbor provisions of such Act. These forward-looking statements are not historical facts and are based on management’s current, preliminary expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from the statements contained herein. Further information on potential risk factors that could affect the Company’s business and its financial results are detailed in its most recent Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB, as well as other filings with the Securities and Exchange Commission which are available on the SEC’s website at www.sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect changed events, the occurrence of unanticipated events or circumstances after the date of this release.
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