PITTSBURGH, PA--(Marketwire - May 04, 2010) - Oncology Med, Inc. (PINKSHEETS: ONCO), provider of various cancer treatments, announced today that it has executed an exclusive multiple year contract with the University of Pittsburgh Medical Center (UPMC) to provide mobile prostate cancer brachytherapy services. This contract includes 11 medical hospitals and 38 affiliate cancer centers in Ohio and Pennsylvania. Oncology Med expects this contractual relationship to provide as much as 25% same market growth in its Pennsylvania and eastern Ohio prostate cancer brachytherapy market for provisions of equipment, staff, technology, and the sale of disposable radionucliede implantable seeds.
"We are extremely pleased to complete the lengthy negotiations with UPMC and come to a very beneficial contractual relationship between this very large medical treatment network and our company," stated William Walker, PhD, CEO of Oncology Med, Inc. "This is a major accomplishment in view of one of our corporate strategic goals of expansion of same market growth in each of our geographical territories," he continued.
"We will be able to absorb this increase in patient volume and purchased services with our current in-house resources of staff and equipment," Walker added. "Therefore, we expect a very appreciable expansion of our overall net bottom line this year with very minimal expenses to be borne by servicing this new contract," he concluded.
Oncology Med derives revenue from mobile prostate cancer brachytherapy contracts from 'per use' user fees associated with ultrasound imaging, medical physics treatment planning, and provision of equipment and staff utilized in medical procedures in advance of the actual treatment and day of treatment, as well as the sale and management of the disposable radionucliede implantable seeds. In addition, equipment, staff, and all resources are mobile allowing for usage at multiple facilities without additional capital outlay.
Oncology Med is considered to be one of the cancer industry's leading experts on provision of equipment, staff, treatment planning, technology, and other resources for the treatment of prostate cancer. It is the leader in provision of mobile low dose radiation (LDR) brachytherapy prostate cancer services and support with current contracts and services being provided in at least 9 states.
In addition to the mobile (LDR) brachytherapy services, Oncology Med has set up and implemented several high dose radiation (HDR) systems for treatment of various localized cancers, including prostate and breast, which requires fixed site equipment, staff, and support services.
Additional Oncology Med service contracts include staffing numerous cancer centers with medical physicist, dosimetrists, and if need be, radiation therapists, acceptance and commissioning of new cancer treatment equipment and software, periodic audit services, consulting services, initial completion of radiation license and/or subsequent amendments to a license, and assistance with design and build out of radiation treatment vaults to meet federal, state, and local regulations and codes.
Oncology Med provides a full range of services to the cancer industry to include full build out, staffing, and management of a cancer center.
About Oncology Med, Inc.
Oncology Med is a public company engaged in the fulfillment of a wide range of professional medical services related to the treatment of various cancers. These are provided through provision of professional medical physics staff, analysis and design of radiation treatment plans in order for radiation oncologists to administer radiation treatments to cancer patients, the per use supply of medical equipment, commissioning of new technologies and other radiation oncology related services. More information about Oncology Med, Inc. can be found at www.oncologymed.com.
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