FWIW. ONCO News out this morning.
Oncology Med's Three Year Contract to Treat Prostate Cancer for Affiliate of Largest Health Care System in Ohio on Track to Exceed Financial Goals
Oncology Med Projecting $400,000.00 of Increased Revenue From Contract and Has Treated 15 Patients During the First Two Months of the Contract
Jan 23, 2008 9:00:00 AM
View Additional ProfilesPITTSBURGH, PA -- (MARKET WIRE) -- 01/23/08 -- Oncology Med, Inc. (PINKSHEETS: ONCO) a Pittsburgh based cancer treatment solutions group, announced today that it is on track to exceed its financial projection for its new 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 two months of this contract, Oncology Med has fifteen patients under treatment with four having completed the full course of treatments.
This exclusive multi-year contract will have Oncology Med providing 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, "The early financial success of our turnkey prostate treatment program has proven the viability of the Oncology Med model. At the current rate of new patient growth, we can anticipate gross revenues from this contract to exceed earlier projections and is expected to approach $400,000.00 this year. This is a 25% increase over the projected revenues expected at the time the contract was awarded to our company. We are committed to expand our client base by entering into similar contracts with a variety of healthcare organizations, resulting in additional revenue increases."
Jack Sloan, Vice President of Business Development, added, "While only in the early months of this program, the high number of patients being treated under our program is an early indication that many patients are indeed choosing radiation therapy as their treatment of choice for prostate cancer as has been indicated by several studies. Our turnkey brachytherapy program gave the hospital the ability to concentrate on the patients and physicians associated with the treatment of prostate cancer and kept it from having to worry and devote time to the many moving parts of implementing a new brachytherapy seed radiation program from beginning to end. Due to our expertise and clinical experience in this area, Oncology Med had the hospital's brachytherapy seed program in place inside of thirty (30) days, which allowed the physicians to immediately begin referring patients to the treatment at their local hospital," Sloan continued.
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:
Mr. Trevor Bentley
Investor Communications
Bentley Communications
1-888-818-8738
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