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Oncology Med's Prostate Cancer Brachytherapy Program Exceeds Initial Financial Projections With the Largest Health Care System in Ohio
35 Patients Currently Under Brachytherapy Treatment
Apr 17, 2008 9:15:00 AM
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PITTSBURGH, PA -- (MARKET WIRE) -- 04/17/08 -- Oncology Med, Inc. (PINKSHEETS: ONCO) a Pittsburgh based cancer treatment solutions group, announced today that it is exceeding its initial financial projections with its multiple year exclusive contract with Humility of Mary Health Partners, a division of Catholic Healthcare Partners, the largest health system in Ohio and the seventh largest not-for-profit health system in the United States. During the first six months of this contract, the referral of patients to its prostate cancer brachytherapy program has steadily increased and is exceeding projected proforma utilization. This trend is expected to keep Oncology Med on track to exceed its financial projection as predicted in January of this year.
Under this exclusive multi-year contract Oncology Med provides physics and full turnkey prostate cancer brachytherapy services, equipment, staff, and radionuclide seed management to the system's hospitals of St. Elizabeth Medical Center, St. Elizabeth Boardman Medical Center, and St. Joseph's Medical Center all of which are located in the greater Youngstown, Ohio area.
According to William Walker, Ph.D., Oncology Med's CEO and founder, "This initial program in Ohio which went operational last November has proven the viability of the Oncology Med model. We are committed to expand our client base by entering into similar contracts with a variety of healthcare organizations resulting in additional revenue increases."
Oncology Med has executed a contract with a large ambulatory surgery center management company in the northeast and is looking to enter into additional turnkey brachytherapy programs in the northeast. The first northeast program is expected to be operational by June. "We fully expect our northeast project to duplicate the financial success of our Ohio turnkey prostate treatment program and anticipate a number of other centers in that region to sign on board over the next few months. Once others become aware of the success of Oncology Med's programs and the quality of its services and patient outcomes, we expect very rapid growth into additional new geographical healthcare markets in the U.S.," stated Dr. Walker.
Jack Sloan, Vice President of Business Development, added, "While only in the early months of this program, the high number of patients being treated is an early indication that many patients are choosing radiation therapy as their treatment of choice for prostate cancer as has been indicated by several studies. Our turnkey brachytherapy program eliminated the need for the hospital system to spend valuable time and effort in organizing a new program from scratch and dramatically shortened the implementation time of their program and acceptance of new patients. In addition, the hospital saved a substantial amount of upfront capital equipment dollars on the project because fees are based on usage which means the program pays for itself as it grows without incurring a deficit on the front end," Sloan continued.
"Based on industry data, we continue to believe that radiation treatment for cancer, particularly prostate and breast brachytherapy cancer treatments, will continue to be the treatment of choice for those patients who meet the treatment criteria which will continue to make it a consumer driven treatment modality. This will continue to drive utilization and expansion of our brachytherapy cancer treatment programs throughout the U.S.," Sloan concluded.
About Oncology Med, Inc.
Oncology Med is a public company engaged in the fulfillment of services related to the treatment of various cancers. It currently provides analysis and design of radiation treatment plans in order for radiation oncologists to administer radiation treatments to cancer patients. Current services facilitate radiation treatment programs ranging from external beam radiation to more advanced radiation treatment technologies.
More information about Oncology Med, Inc. can be found at www.oncologymed.com.
NOTE: This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results.
For information, please contact:
William Walker, Ph.D.
Oncology Med, Inc.
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