Advanced Oncotherapy PLC (LON:AVO) shares jumped higher on Tuesday as the group announced the appointment of Moataz Karmalawy as its chief commercial officer and president of its US division with immediate effect.
The AIM-listed developer of a next-generation proton therapy system for cancer treatment noted that Karmalawy has served as general manager of the Worldwide Particle Therapy Business for Varian Medical Systems Inc., the world's largest manufacturer of radiotherapy equipment for 12 years
The group pointed out that, whilst at Varian Medical, Karmalawy integrated the acquired proton therapy business into the division, before growing the order book to in excess of US$1bn and achieving a 50% market share of the global particle therapy products market.
Before joining Varian Medical, Karmalawy worked at Philips Medical Systems Inc. for 10 years where he served in several senior executive roles, it added.
Commenting on his appointment, 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."
Advanced Oncotherapy pointed out that his appointment is a non-board appointment.
In afternoon trading, shares in Advanced Oncotherapy were 10% higher at 43.50p.
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