PHILADELPHIA, Dec. 10 /PRNewswire/ -- ONCURA, a global leader in the minimally invasive management of prostate cancer, confirmed that it will not be renewing a TheraSeed(R) US Distribution Agreement with Theragenics. The Distribution Agreement allows each party the right to give notice of non-renewal at the end of December 2004, to be effective December 31, 2005. Although ONCURA will not be renewing this Distribution Agreement there are a number of other Palladium-103 suppliers and ONCURA will maintain its commitment to all Palladium-103 customers after December 2005.
"ONCURA's long-term commitment to prostate brachytherapy has been evident during the term of this agreement, which still has a year to run," said James McGlone, CEO and President of ONCURA. He added, "This commitment will be maintained and ONCURA will remain firmly focused on supporting the physicians who offer minimally invasive management options to prostate cancer patients."
ONCURA's strategic approach is to facilitate partnerships in the medical management of prostate cancer, bringing the Radiation Oncology and Urology communities together for an effective dialogue on the best option for each patient. It's clearly recognized that one medical product or brand does not address the medical and psychological needs of all prostate cancer patients, and with ONCURA's strategic approach their customers have access to clinically proven options rather than a single product.
Prostate brachytherapy remains the principal focus of ONCURA's business, both in the US and elsewhere in the world, with RAPID Strand(TM), its innovative product continuing to be used in more and more patients. In addition, RAPID Strand is the subject of a number of recent peer-reviewed publications demonstrating its clinical utility and widespread use.
James McGlone further commented that, "The prostate brachytherapy market has matured over the term of this Distribution Agreement; with the earlier introduction of RAPID Strand eventually leading to a change in the way seeds are provided and the philosophy of how they are implanted. ONCURA is proud of both its place in the history and its plans for the future of prostate brachytherapy." He added, "We have an aggressive strategy to invest in prostate brachytherapy, but the terms of the Distribution Agreement were limiting our ability to re-invest, consequently its natural end will provide a timely opportunity to further enhance our position as a leader in prostate brachytherapy."
ONCURA was created through the merger of Amersham plc's brachytherapy business and Galil Medical Ltd.'s urology business. Galil is a subsidiary of Elron (ELRN). Headquartered in the United States, ONCURA operates as an independent business, with a major presence in the treatment of prostate cancer. ONCURA's International business is operated from its UK subsidiary. On April 8, 2004, General Electric (GE) completed its previously announced acquisition of Amersham.