January 29, 2020 — IBA (Ion Beam Applications S.A.) announced that it has signed a contract and received a major down payment for a ProteusONE solution financed by the International Charity Foundation Cartu, a charity organization in Georgia. The contract includes a clinical ProteusONE solution and an additional cyclotron that will be dedicated to scientific research. The proton therapy center will be installed at the campus of the new Kutaisi International University (KIU), located in Kutaisi, Ga., and the first patient treatment is scheduled for 2024.
The contract includes a long-term operation and maintenance agreement and the typical end-user price for a ProteusONE solution with a maintenance contract is between EUR 35 and 40 million. IBA has begun to recognize revenue for the contract in the 2019 financial year.
Including this order, IBA sold eight rooms in 2019, bringing its backlog to a record high of EUR 1.1 billion. The Company has also finalized the refinancing of its credit lines with a term loan facility and a revolving loan facility for a total of EUR 67 million, further strengthening its balance sheet and its capacity to continue investment in innovative research and development to drive future growth.
Olivier Legrain, chief executive officer of IBA, commented: “This collaboration with Cartu Foundation to bring proton therapy to Georgia further increases the reach of proton therapy around the world and demonstrates the appeal of IBA’s product offering. IBA’s Proteus®ONE solution is a unique and truly compact intensity modulated proton therapy (IMPT) system and, alongside its open gantry and track record of short installation time, is the solution of choice for an increasing number of hospitals globally. We look forward to working closely with the Cartu Foundation and the new Kutaisi International University to provide greater access to proton therapy for cancer patients in Georgia and the South Caucasus, and facilitate greater research into the modality such as FLASH irradiation and ARC Therapy in proton therapy.”
Alexander Tevzadze, rector of Kutaisi International University commented: “Proton therapy is considered as a superior form of radiotherapy and represents a better treatment choice for many forms of cancer. We are excited to partner with IBA to bring proton therapy to Georgia as part of the proton therapy center at the Kutaisi International University. The unique configuration of IBA’s equipment and the additional cyclotron will offer us a comprehensive range of applications and will allow us to be at the forefront of proton therapy development and research, which perfectly fits the mission of Kutaisi International University. Also, our patients will be able to stay closer to home to receive treatment that was previously unavailable in the region.”
For more information: www.iba-worldwide.com