Advanced Oncotherapy (AIM: AVO), the developer of a next-generation proton therapy system for cancer treatment, announces the appointment of Moataz Karmalawy as Chief Commercial Officer and President of the US division with immediate effect. This appointment is a non-board appointment.
Previously Mr Karmalawy served as General Manager of the Worldwide Particle Therapy Business for Varian Medical Systems, Inc. (“Varian Medical”), the world’s largest manufacturer of radiotherapy equipment for 12 years. At Varian Medical he was responsible for running the P&L, and for all aspects of leading the proton therapy business unit. Whilst at Varian Medical, Mr Karmalawy integrated the acquired proton therapy business into the division, before growing the order book to in excess of $1 billion and achieving a 50% market share of the global particle therapy products market.
Before joining Varian Medical, Mr Karmalawy worked at Philips Medical Systems, Inc for 10 years where he served in several senior executive roles. He also led the organisation to winning the Malcolm Baldrige National Quality Award (a US award which carries a formal recognition of performance excellence) as well as capturing 65% of the global nuclear medicine market share which gave them a ranking of number one for quality & customer satisfaction industry wide.
Commenting, Moataz Karmalawy, said: “Advanced Oncotherapy stands out as an incredibly exciting opportunity within the proton therapy market. The global capacity to treat patients with proton therapy has been disappointingly low due to the high cost of traditional proton therapy technologies. As a result, only 1% of patients eligible for radiotherapy are being treated with proton therapy. Advanced Oncotherapy’s technology will make this treatment more affordable and accessible to cancer patients worldwide and the LIGHT system has a number of technical advantages to existing technology that will deliver better patient outcomes and offer an accuracy and adjustability beyond legacy technologies.
“Having spent the last 12 years developing the market dominance of the largest supplier of proton therapy products, I have first-hand experience of the considerable clinical demand for a more readily available and affordable technology. It is therefore easy to see how the huge potential for the LIGHT system can address that demand. I look forward to realising that potential in my new role at an exciting time for the Company now that the technology has been validated.”
Nicolas Sérandour, Chief Executive Officer of Advanced Oncotherapy, said: “Bringing someone of Mr Karmalawy’s calibre and experience on board is a testament to the advantages of our next-generation proton beam technology and to the opportunity that presents itself as we move towards commercialisation of the LIGHT system. With the global capacity to treat patients with proton therapy of only 50,000 patients a year, and roughly 350,000 patients diagnosed with cancer each year in the UK alone, it is clear that there is a desperate need for the roll-out of a technology that can bring the benefits of proton beam therapy to millions of patients worldwide.”