SAN FRANCISCO--(BUSINESS WIRE)-- AMERICAN SHARED HOSPITAL SERVICES (AMEX:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, announced today that it has entered into a 50/50 joint venture with NBBJ, a leading global architecture and design firm, to commercialize a variety of patented and patent pending technologies owned by the partners that are designed to increase efficiency and improve patient outcomes in the operating room.
"OR21 is a new way of thinking about how surgical environments can improve patient safety and surgical team efficiency and enhance payback for healthcare institutions. In developing our technologies, we asked surgeons, nurses and radiologists what they need to be successful, and spent hundreds of hours observing ORs in action. Our joint venture signals our commitment to sparking a revolution in operating rooms by introducing advanced technologies that address the needs of clinicians and improve patient outcomes," said Richard Dallam, Partner-in-Charge, NBBJ Healthcare.
AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "The global challenges of access, cost and quality of healthcare delivery are creating a new focus on the performance and accountability of operating rooms. This venture will demonstrate what is possible when leading companies with complementary capabilities work together to meet a common goal. From new operating room lighting concepts to innovative operating table design, we have seeded OR21 with a portfolio of patented and patent pending technologies with significant revenue potential. We already have entered into discussions with a third party regarding licensing agreements for the manufacture and distribution of products based on these proprietary technologies, and expect the initial product launch late in 2013."
NBBJ is committed to improving health around the world through facility innovation. The firm has designed state-of-the-art facilities for leading healthcare institutions including ten of the top 17 US News and World Report Honor Roll hospitals, as well as headquarters for top corporations such as Reebok, Microsoft and Starbucks. The firm operates from Seattle with U.S. offices in Boston, Columbus, Los Angeles, New York, and San Francisco and overseas in London, Beijing, Shanghai, Moscow and Pune, India.
American Shared Hospital Services provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. AMS is the world leader in providing Gamma Knife radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia (facial pain). The Company also offers the latest IGRT and IMRT systems, as well as its proprietary Operating Room for the 21st Century® concept. AMS also owns a preferred stock investment in Mevion Medical Systems, Inc., formerly Still River Systems, developer of the MEVION S250 proton beam radiation therapy (PBRT) system, which has not yet been approved by the FDA.
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services, which involve risks and uncertainties including, but not limited to, the risks of the Gamma Knife and radiation therapy businesses, the risks of developing The Operating Room for the 21st Century program, and the risks of investing in a development-stage company, Mevion Medical Systems, Inc., without a proven product. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2011, and the definitive Proxy Statement for the Annual Meeting of Shareholders to be held on June 7, 2012.
American Shared Hospital Services
Ernest A. Bates, M.D., (415) 788-5300
Chairman and Chief Executive Officer
Neil Berkman, (310) 477-3118
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Surgery Health Hospitals Radiology Architecture Construction & Property