Proton International, Boca Radiation Oncology Associates and The Urology Group of Florida Close Financing For the Delray Radiation Oncology Treatment Center
Advanced Radiation Services to be Available in Palm Beach County on the Campus of The Delray Medical Center
Delray Beach, Florida – May 8, 2017 –Proton International is pleased to announce the successful financing of a new state of the art radiation therapy center and a pioneering approach to proton center financing provided and coordinated by Loop Capital.
Together the partners have taken a significant step forward to assure the residents of South Florida will have access to improved radiation therapy capabilities. The Delray Radiation facility on the campus of Delray Medical Center, will offer the most advanced forms of external beam therapy including spot-scanning, intensity modulated proton therapy along with traditional radiation technologies. With the financing complete, construction will soon begin. The 40 thousand square foot facility will also include physician offices, a minor procedure room, advanced treatment planning, anesthesia for pediatric patients, and clinical examination rooms. The facility will be open for photon patients in 2018 and proton patients in 2019. “After working diligently for over ten years to bring proton therapy to the Palm Beach County area, Proton International, Varian Medical Systems, Loop Capital, and Delray Medical Center proved to be the ideal team who finally brought the dedication, commitment, and vision necessary to complete the project” said Dr. Tim Williams. Dr. Williams is one of the most experienced oncologists in South Florida, a Past-President of the American Society for Radiation Oncology, and he will serve as the Medical Director of the center. He added “The Varian intensity modulated proton therapy with its spot scanning capabilities, advanced targeting system, and sophisticated treatment planning computers will bring absolutely the latest, best, and most advanced technology to the patients in the South Florida area.”
“This is a forward-thinking, patient-centric approach to creating a radiation treatment center,” said Chris Chandler, CEO, who founded Proton International after developing, opening and overseeing the operation of some of the first proton centers in the U.S. and Europe. “Patients throughout South Florida will benefit from not only the comprehensive approach the Delray Facility is taking but the commitment being made by the physicians to advancing this field of medicine.” As the proton industry continues to expand, this facility will be one of the few to establish a unique one-room proton therapy approach integrated on site with traditional radiation. “We are focused on offering clinically relevant and appropriate services in a financially responsible manner” said Mr. Chandler.
The Delray Center also offers a unique complement of additional physicians who desire access to the most advanced radiation modalities for the benefit of their patients.
The Urology Group of Florida is comprised of twelve urologists with offices throughout Palm Beach County, spanning Boca Raton to Jupiter. “We are pleased to be able to offer state of the art radiation therapy to our patients in Palm Beach County,” Dr. Lawrence Yore, President of The Urology Group of Florida, said. “When completed, the Radiation Center at Delray will enable patients to receive the therapy they need without having to travel out of town. They will also have access to cutting edge clinical trials. This is a major leap forward for the people who live in our community.”
The Center will also have participating neurosurgeons. "The Varian proton beam is the latest and most advanced technology", said Dr. David Sachs, a neurosurgeon who has practiced in South Palm Beach County for more than 25 years. "The high precision of pencil beam spot scanning proton therapy offers the opportunity for better outcomes in patients with spine and brain tumors. I look forward to working with Varian Medical Systems, Proton International and Loop Capital to bring this important technology to our patients."
Proton therapy is the newest radiation treatment being used by radiation oncologists and is available at only 25 locations in the United States. It is conservatively estimated that some 250,000 cancer patients in the U.S. alone could benefit from the therapy, which uses highly precise proton beams instead of traditional X-rays to attack tumors. Protons are mainly being used to treat tumors of the brain and central nervous system, spine, head and neck, lung, prostate, liver, gastrointestinal tract and colon, and some breast tumors.
Protons are widely used to treat children, who are particularly sensitive to the effects of radiation therapy. Because of its precision in targeting tumors, proton therapy greatly reduces damage to nearby healthy tissue, which is the cause of most short- and long-term side effects, including cancer recurrence later in life.
The facility will be located on the campus of Delray Medical Center assuring all patients have access to one of the best comprehensive hospitals in the region. This program will be carefully integrated with the programs and services of the Hospital.
The Delray Radiation Facility will participate in national clinical radiation trials to add to the body of knowledge in this discipline. All proton therapy patients will have access to a National Registry Trial that will track outcomes and allow retrospective research and analysis.
The Center will employ Varian Medical Systems technology. The Varian ProBeam Compact system is the only single room system capable of fully rotational intensity modulated proton therapy (IMPT). Treatments can be delivered with an unmatched combination of speed, flexibility and cost efficiency. The full-featured ProBeam Compact includes a cyclotron, Varian's unique Dynamic Peak™ scanning technology for IMPT, a fully rotational gantry, robotic patient positioning tools, and a comprehensive suite of motion management tools.
“We are excited by this opportunity to expand the availability of this technology for cancer patients in the United States,” said Dr. Moataz Karmalawy, general manager of Varian’s Particle Therapy division.
The project was able to benefit from a very unique and efficient financing solution engineered by Loop Capital. Previous projects in the industry have suffered due to inefficient and short term financing programs. Proton International has relied upon Loop Capital to work with them to refine and improve proton center financing options. There will be more announcements in the coming year with Loop and Proton International project funding.
“It was important for Loop Capital to develop a financial structure that not only helped deliver necessary healthcare services to the South Florida market, but also ensured that the financing did not place unwarranted stress on the long-term economic viability of the Center.” Said Prakash Ramani, head of Healthcare Investment Banking at Loop Capital.
About Delray Medical Center
For more than 30 years, Delray Medical Center, a 493-bed acute care hospital, has served the communities of South Palm Beach County. As both a community hospital and state-designated Level I Trauma Center located on a 42-acre medical plaza, Delray Medical Center has the ability to offer several specialized services including cardiac care, orthopaedics, rehabilitation, neurosciences, emergency care and more.
For the past eight years, Delray Medical Center has been named one of America’s 50 Best Hospitals by Healthgrades®, a leading independent healthcare ratings organization. The hospital is a recipient of the Healthgrades®Distinguished Hospital Award – Clinical Excellence for 12 years in a row and is one of just 13 hospitals in South Florida, and just one of five in Palm Beach County that received recognition for its clinical performance. Delray Medical Center is one of only 269 hospitals ranked in the top 5 percent in the nation for patient outcomes according to a study by Healthgrades®. The hospital has been acknowledged as a Blue Distinction Center for spine surgery, hip and knee replacement and cardiac care by Blue Cross and Blue Shield.
Delray Medical Center is a state-designated Comprehensive Stroke Center and Primary Stroke Center by The Joint Commission. In addition, the hospital earned the Get With the Guidelines - Heart Failure and Stroke Gold Plus Quality Achievement Awards from the American Heart Association/American Stroke Association. Delray Medical Center was also named one of the nation’s top 100 hospitals with great heart programs by Becker’s Hospital Review. Pinecrest Rehabilitation and Outpatient Hospital at Delray Medical Center is designated by the State of Florida Brain and Spinal Cord Injury Center for Adults and has received 3-year accreditation status as a Comprehensive Integrated Inpatient Rehabilitation Program from CARF International. Furthermore, Delray Medical Center was named one of the nation’s Top Performers on Key Quality Measures by The Joint Commission for the third year in a row and earned an “A” Hospital Safety Score from the Leapfrog Group. Delray Medical Center is actively involved in community outreach, sponsoring several events, community lectures and fundraisers. The hospital is also a smoke-free campus. For more information or for a free physician referral, please call 1-800-897-9789 or visit the website at delraymedicalctr.com.
About Proton International
Proton International (PI) www.protonintl.com has an experienced team dedicated to bringing proton therapy to patients. The company works with hospitals and physician groups to develop one- and two-room proton therapy facilities, as well as larger facilities, on a turnkey basis. The PI team has developed and operated large centers and as well as the smaller alternatives. PI has centers under construction with Beaumont Hospital, Royal Oak, Mich., and the University Medical Center in Groningen, The Netherlands; as well as an upcoming project with Delray Medical Center, Delray Beach, Fla. PI’s business model ensures that projects are completed on time, on budget, and within the scope and needs of the Institution. Services include business planning, organizational structure, financing, building design and construction, installation and commissioning, equipment, staff training and more.
About Loop Capital
Founded in 1997, Loop Capital is an investment bank, brokerage and advisory firm that provides creative capital markets solutions for corporate, governmental and institutional entities across the globe. Loop Capital Markets and its affiliates serve clients in corporate and public finance, financial advisory services, taxable, tax-exempt and global equity securities sales and trading, transition management and analytical services.
Loop Capital’s healthcare finance team provides financial services to nearly every type of healthcare entity in the provider spectrum including physician practices, assisted living facilities, continuing care retirement communities, nursing homes, hospitals and health systems. The firm has served as senior manager, placement agent, co-senior manager or co-manager on over $21.7 billion in financings for healthcare entities throughout the country since 2001, including the financing for the Delray Beach Radiation Therapy Center.