RENO, Nev., May 26, 2016 /PRNewswire/ -- HIL Applied Medical Ltd, an Israeli Medical technology firm, has just announced the acquisition of Nanolabz, Inc, a Reno, Nevada startup company born out of University of Nevada, Reno research and focused on developing laser-based cancer therapy components. HIL Applied Medical is developing a new class of ultra-compact, high-performance cancer Proton Therapy systems.
University President Dr. Marc Johnson stated he is pleased to see this milestone which highlights the institution's role as an internationally respected, high-impact research university, fully engaged with Nevada's citizens, communities, and industry to improve economic and social progress.
Dr. Ellen Purpus, the University's associate vice president for enterprise & innovation, who helped craft the corresponding license agreement, shared that this acquisition is helping support and validate world-class research, innovation and commercialization at the University.
"Today's announcement is an important step towards the developing of our advanced cancer therapy systems," Mr. Sagi Brink-Danan, Chief Executive Officer of HIL, said, adding that "still this is only one step in a long process, and we look forward to expanding the collaboration with the University of Nevada, Reno and the Nanolabz team." Nanolabz co-founder Mr. Steven Malekos shared, "The long hours are paying off. I'm excited to be a part of this growing partnership."
Here in the Reno/Tahoe area, this is also quite a comeback for Mr. Grant Korgan, co-founder and president of Nanolabz. "I'm thrilled to see us reach this milestone. It is a testament to hard work, positivity, and the power of the indomitable spirit within each of us." Mr. Korgan suffered a major setback in his entrepreneurial career, when in 2010 he burst fractured his L1 vertebrae and has since become a local and global inspiration and sought after public speaker due in large part to the power of positivity and his astounding recovery and post-injury accomplishments.
What is Proton Therapy:
A proton beam is a form of focused radiation used to treat solid tumors. It is superior to traditional radiation therapy (X-Ray, or Photons) in that it reduces damage to surrounding healthy tissue by 2X-6X, thereby reducing toxicities and improving patient survival and quality of life. Proton therapy is used routinely for treating many types of cancer; it is FDA-cleared (510k) and reimbursed by both Federal and private insurers.
Proton Therapy's Unmet Need:
Proton beam therapy can help an estimated 300,000 cancer patients every year in the US – yet last year only 10,000 received it (that's less than 4%). Protons are arguably the most advanced form of radiation therapy – yet there are only 19 active proton-therapy centers in the US today; compare with over 2,700 traditional (X-Ray) radiation therapy centers. The main barrier to widespread adoption is the large size (football stadium) and high cost ($150-250M) of building and operating a proton therapy center. Single-room solutions are slowly being introduced by some vendors for $30-50M. The key to making protons available to every patient in every midsize hospital is a scalable, add-on, single-room solution for half the current price tag or less. HIL's technological breakthrough promises to bring about this revolution.
About HIL Applied Medical [ http://hilappliedmedical.com ]:
HIL Applied Medical is developing a new class of ultra-compact, high-performance proton therapy systems.
We apply a patented approach to particle acceleration and beam delivery, combining nano-technology with ultra-high-intensity lasers and ultra-fast magnets. These technological breakthroughs enable meaningful reduction in the size, complexity and cost of proton therapy systems, without compromising clinical utility.
Thus HIL aims to enable, for the first time, a single-room add-on proton therapy solution that is truly cost-effective.
About Nanolabz [ www.nanolabz.com ]:
Nanolabz, co-founded by Steven Malekos, Grant Korgan and Jesse Adams, develops and sells laser physics targets for the short-pulse laser R&D sector. The company has created IP and developed laser physics targets and alignment system technology with the aim to help create a next-generation, compact, high-performance and reduced-cost proton source for research and cancer therapy.
About Grant Korgan [ www.choosepositivitynow.com ]:
After sustaining a spinal cord injury that left him paralyzed from the waist down, world-class adventurer, nanoscientist, and professional athlete, Grant Korgan – who had never shied away from a challenge – refused to balk at his new reality because he still had a mission in store. Ten years prior, when his best friend and climbing partner passed away in an avalanche, his parents entrusted Korgan with their son's equipment, entreating him to continue climbing on life's skinny branches. Spurred by his commitment to a friend, an overwhelming sense of self-belief, and armed with the unconditional love and support of his soul mate and wife Shawna, Korgan decided right from the start he would overcome. By doing the hard work and tirelessly visualizing his progression, he found the strength to rise and reclaim his active lifestyle by becoming the first spinal cord-injured athlete in history to ski 80 miles to Antarctica's South Pole. Today, he is the emerging face of spinal cord recovery and heralds his message of choosing positivity through adversity so that we may all climb a mountain for someone we love.
About the University of Nevada, Reno [www.unr.edu]:
Nevada's land-grant university founded in 1874, the University of Nevada, Reno ranks in the top tier of best national universities by U.S. News and World Report and is steadily growing in enrollment, excellence and reputation. The University serves nearly 21,000 students. Part of the Nevada System of Higher Education, the University is home to the University of Nevada School of Medicine, University of Nevada Cooperative Extension and Wolf Pack Athletics. Through a commitment to world-improving research, student success and outreach benefiting the communities and businesses of Nevada, the University has impact across the state and around the world. For more information, visit www.unr.edu.