IBA signs contract to install Georgia’s first proton therapy center

IBA signs contract to install Georgia’s first proton therapy center

ProteusONE contract worth over EUR 35 million to IBA
Backlog at record level of EUR 1.1 billion
Balance sheet strengthened with completion of debt refinancing

Louvain-La-Neuve, Belgium, 28 January 2020 - IBA (Ion Beam Applications S.A., EURONEXT), the world’s leading provider of proton therapy solutions for the treatment of cancer, today announces that it has signed a contract and received a major down payment for a ProteusONE solution financed by the International Charity Foundation Cartu, the largest charity organization in Georgia. The contract includes a clinical ProteusONE solution and an additional cyclotron that will be dedicated to scientifc research. The proton therapy center will be installed at the campus of the new Kutaisi International University (KIU), located in Kutaisi, Georgia 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 ProteusONE 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 modalities such as FLASH irradiation and ARC Therapy in proton therapy.”