SUNNYVALE, Calif., July 23, 2019 /PRNewswire/ -- Accuray
Incorporated (NASDAQ: ARAY) today provided an update on the
operational progress of its China
joint venture, CNNC Accuray (Tianjin) Medical Technology Co., Ltd (CNNC
Accuray). CNNC Accuray has received the Radiation Safety License
from the China Ministry of Environmental Protection. This license,
along with the Business license received in March and the Medical
Device Operating Permit received in June, enables CNNC Accuray to
sell and install Accuray's radiation therapy devices in
China, the world's fastest growing
radiation therapy market.
In addition, CNNC Accuray broke ground earlier this week on its
manufacturing facility and education center based in Tianjin, China. Once completed, the
facility is expected to be the new home for CNNC Accuray
headquarters, sales organization, and service operations.
Manufacturing of CNNC Accuray-branded radiation therapy devices for
the China market is expected to
begin at the facility within approximately two years.
Following the official groundbreaking ceremony, CNNC Accuray
received orders with private hospitals for two radiation therapy
devices.
"The development of CNNC Accuray is progressing as planned. With
completion of the initial regulatory application process, the joint
venture has begun selling Accuray's radiation therapy devices in
China and has signed two orders.
We expect these orders will contribute to Accuray's backlog during
our first quarter of fiscal 2020. In addition, we expect the CNNC
Accuray team to continue building its selling and service
organization as our fiscal year progresses," said Joshua H. Levine, president and chief executive
officer of Accuray.
About CNNC Accuray (Tianjin)
Medical Technology Co., Ltd
CNNC Accuray (Tianjin) Medical
Technology Co., Ltd was created in January
2019 as a joint venture between CNNC High Energy Equipment
(Tianjin) Co., Ltd, a subsidiary
of China Isotope and Radiation Corporation (CIRC) (HKSE:
01763), and Accuray Asia Limited, a subsidiary of Accuray
Incorporated (NASDAQ: ARAY).
About Accuray
Accuray Incorporated (Nasdaq: ARAY) develops, manufactures and
sells radiotherapy systems that are intended to make cancer
treatments shorter, safer, personalized and more effective,
ultimately enabling patients to live longer, better lives. Our
radiation treatment delivery systems in combination with
fully-integrated software solutions set the industry standard for
precision and cover the full range of radiation therapy and
radiosurgery procedures. For more information, please visit
www.accuray.com or follow us on Facebook, LinkedIn, Twitter and
YouTube.
Safe Harbor Statement
Statements made in this press release that are not statements of
historical fact are forward-looking statements and are subject to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements in this press
release relate, but are not limited, to expectations regarding the
radiation therapy market in China;
expectations regarding the timing of when the manufacture of CNNC
Accuray-branded radiation therapy devices will begin; expectations
regarding when the orders taken by CNNC Accuray will contribute to
Accuray's backlog; and expectations regarding the progress of CNNC
Accuray over the course of the fiscal year. These forward-looking
statements involve risks and uncertainties. If any of these risks
or uncertainties materialize, or if any of the company's
assumptions prove incorrect, actual results could differ materially
from the results expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not
limited to, the company's ability to effectively integrate and
execute the joint venture; the company's ability to realize the
expected benefits of the joint venture; the ability of customers in
China to obtain one of the limited
number of Class A or Class B user licenses available to purchase
radiation therapy devices; risks inherent in international
operations and such other risks identified under the heading "Risk
Factors" in the company's quarterly report on Form 10-Q, filed with
the Securities and Exchange Commission (the "SEC") on May 9, 2019 and as updated periodically with the
company's other filings with the SEC.
Forward-looking statements speak only as of the date the
statements are made and are based on information available to the
company at the time those statements are made and/or management's
good faith belief as of that time with respect to future events.
The company assumes no obligation to update forward-looking
statements to reflect actual performance or results, changes in
assumptions or changes in other factors affecting forward-looking
information, except to the extent required by applicable securities
laws. Accordingly, investors should not put undue reliance on any
forward-looking statements.
About CIRC
CIRC is 73.83% owned by China National Nuclear Corporation (CNNC),
the leading nuclear technology conglomerate in China. CIRC was established in 1983 and is
based in Beijing. The Stock trades
on Hong Kong stock exchange
(July 2018 IPO).
CIRC is the leader in the field of isotopes and irradiation
technology applications in China
and the largest manufacturer of imaging diagnostic and therapeutic
radiopharmaceuticals, UBT kits and analyzers and radioactive source
products in China (as of 2017). As
of December 31, 2017, sales network
covered more than 10,000 hospitals and other medical institutions
across more than 30 provinces.
For further information, please contact:
Media:
Beth Kaplan
Public Relations Director, Accuray
+1 (408) 789-4426
bkaplan@accuray.com
Investor Relations:
EVC Group LLC
Michael Polyviou / Sarah Scouten, PhD
(732) 933-2754 / (716) 352-7379
cellect@evcgroup.com / sscouten@evcgroup.com
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SOURCE Accuray Incorporated