IBA invests in HIL Applied Medical Ltd. to develop laser-based proton therapy system
Potential of new technology to further reduce cost and size of proton therapy systems
Louvain-la-Neuve, Belgium and Jerusalem, Israel, August 23, 2016 - IBA (Ion Beam Applications S.A., EURONEXT), the world's leading provider of proton therapy solutions for the treatment of cancer, and HIL Applied Medical, Ltd. (HIL), a private Israeli developer of laser-based proton therapy systems, today announce that IBA is leading a round of capital investment in HIL.
HIL is applying a novel, patented approach to particle acceleration and delivery, combining nano-technology with ultra-high-intensity lasers and ultra-fast magnets. This potential technological breakthrough could enable a meaningful reduction in the size and cost of proton therapy systems without compromising clinical utility.
Under the terms of the agreement, IBA has invested USD 2 million and is leading HIL's series C round, together with co-leader OurCrowd and several of HIL's investors from previous rounds. Alongside this investment, IBA and HIL have signed an Original Equipment Manufacturer (OEM) agreement which gives IBA the right to purchase HIL's laser-based proton accelerators for the purpose of integrating them into proton therapy solutions.
Olivier Legrain, Chief Executive Officer of IBA, commented: "We are excited to be working with HIL to bring a highly novel approach to particle acceleration based on high-power lasers. IBA has been engaged in a global review of technological advancements that have the potential to further significantly reduce the size and cost of proton therapy systems, thereby allowing more patients to access proton therapy. We look forward to providing updates on the progress of this collaboration."
Sagi Brink-Danan, Chief Executive Officer of HIL Applied Medical, Ltd., commented: "We are delighted to form this collaboration with IBA, the leading provider of proton therapy solutions. IBA's injection of funding will allow us to accelerate the development of our novel, patented approach to particle acceleration, based on high-power lasers and nanotech targets. We are in R&D mode, it's still quite a few years away from commercialization, but we believe we will be able to reduce the size and cost of proton therapy systems without compromising clinical utility, thus making this ground-breaking treatment available to many more patients."
IBA (Ion Beam Applications S.A.) is a global medical technology company focused on bringing integrated and innovative solutions for the diagnosis and treatment of cancer. The Company is the worldwide technology leader in the field of proton therapy, the most advanced form of radiation therapy available today. IBA's proton therapy solutions are flexible and adaptable, allowing customers to choose from universal full scale proton therapy centers as well as compact, single room systems. In addition, IBA also has a radiation dosimetry business and develops particle accelerators for the medical world and industry.
Headquartered in Belgium and employing about 1,300 people worldwide, IBA has installed systems across the world. IBA is listed on the pan-European stock exchange EURONEXT. (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB) and more information can be found at: www.iba-worldwide.com
About HIL Applied Medical, Ltd.
HIL Applied Medical, Ltd. is a privately held company funded by the Hebrew University in Jerusalem, Israel's Office of the Chief Scientist and private investors. It is headquartered in Jerusalem, Israel. HIL Applied Medical is developing a new class of ultra-compact, high-performance cancer proton therapy systems. The company applies a patented approach, combining nanotechnology, high-intensity lasers and ultra-fast magnets - paving the way for truly cost-effective, expandable, add-on, single-room solutions. More information can be found at: www.hilappliedmedical.com
For further information, please contact:
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Last updated on: 24/08/2016
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