Accuray Provides Update on China Joint Venture Operational Progress

Date : 07/23/2019 @ 11:30AM
Source : PR Newswire (US)
Stock : Accuray Incorporated (ARAY)
Quote : 2.69  -0.08 (-2.89%) @ 10:14PM
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Accuray Provides Update on China Joint Venture Operational Progress

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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.

Accuray Incorporated (PRNewsFoto/Accuray Incorporated) (PRNewsFoto/Accuray Incorporated)

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

Copyright 2019 PR Newswire

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