Healthcare Industry News: Baxter International
News Release - June 30, 2010
Proton Therapy Global Management Formed to Establish Global Network of Centers Offering Proton Therapy to Cancer PatientsCHICAGO & LONDON--(HSMN NewsFeed)--Proton Therapy USA and CareCapital plc (AIM: CARE) announced today the formation of Proton Therapy Global Management (PTGM). The Company will design, develop and manage a global network of proton therapy centers, providing access to this specialized and highly effective treatment to the world’s growing population of cancer patients. Proton therapy is a precise form of radiation treatment that has been very successful in treating a wide range of localized tumors, while leaving healthy tissue mostly intact.
PTGM will develop and manage proton therapy facilities in partnership with some of the world’s most prominent hospitals, which are leaders in providing the most advanced forms of cancer care. To date, letters of intent have been signed to build five centers in the US and UK, including at two leading academic cancer research centers and at a site in central London, respectively. The Company is in the process of launching a funding entity, Proton Therapy Global, Inc. that aims to raise several hundred million dollars for investment in individual proton centers.
The founding PTGM team possesses more than 100 years of combined healthcare experience, having held senior executive positions in leading healthcare services’ organizations and global corporations. In addition, management possesses extensive capital markets experience and expertise in structuring facilities management and real estate partnerships.
“The formation of PTGM represents the combination of a highly focused vision, a compelling business strategy and a disciplined operating plan orchestrated by one of the most experienced management teams in the global healthcare industry,” stated Vernon R Loucks, Chairman of PTGM and former Chairman of Baxter International.
In addition, the PTGM team has provided critical leadership to the first facility in the world specifically designed to treat cancer patients with proton therapy, which so far has treated more than 15,000 patients. The team has also built and managed hospitals and medical facility projects on four continents.
“Cancer patients are increasingly demanding access to proton therapy because it’s non-invasive, effective and unlike standard X-ray radiation causes significantly fewer side effects,” noted Ronald Anderson, President and CEO, Proton Therapy USA, who previously was instrumental in developing and launching the Proton Therapy Treatment and Research Center at Loma Linda University Medical Center, Loma Linda, California. “There are currently only 28 proton centers around the world that even at full capacity fall significantly short in meeting demand for this transformational treatment.”
“Recent technology innovations have permitted the development of scalable, modular proton systems that can be deployed to address larger and broader communities of patients in a highly cost effective manner,” said Dr Michael Sinclair, Executive Chairman of CareCapital. “These advances mean our approach is much less capital intensive and allows PTGM to target building in major metropolitan areas.”
ABOUT PROTON THERAPY
Proton therapy is emerging as a safe, efficacious, reliable and cost effective alternative for the treatment of a wide array of prevalent cancers. The approach uses the power of protons to kill cancer cell DNA rather than X-rays, which are used in traditional radiation therapy. Both approaches are effective, however X-rays affect the surrounding normal as well as the cancerous tissue. The major advantage of proton treatment is that the energy distribution of protons can be directed accurately to the tumor, so is associated with fewer side effects.
ABOUT PROTON THERAPY GLOBAL MANAGEMENT
PTGM, with headquarters in Chicago and offices in London, is an emerging leader in providing advanced cancer services in the most compelling communities and in partnership with some of the most important hospital institutions worldwide. The Company’s services comprise: medical staff management; information systems services; equipment maintenance and technical services; diagnostic services; clinical procedures; perioperative services; clinical support services; financing, control and treasury services; marketing; property management; patient, family and community services; and, case management services. The Company is owned by CareCapital Plc (25%), a developer and investor in primary healthcare real estate, the principals and investors in Proton Therapy USA (50%) and Tricast (25%), a European based international real estate developer and investor. PTGM has an implied valuation of $60 million dollars based on the latest closing of a Series A Preferred financing in PT USA, which occurred in February 2010. Further information can be found by visiting www.protontherapyglobal.com.
Source: Proton Therapy USA
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