Accuray Hosts Korean Embassy’s Minister for Economic Affairs at Event to Support the U.S.-Korea Free Trade Agreement
SUNNYVALE, Calif., June 24, 2011 /PRNewswire/ – Accuray Incorporated (Nasdaq: ARAY), a global leader in the field of radiation oncology, today hosted a roundtable discussion on the U.S.-Korea Free Trade Agreement (KORUS FTA), which is currently pending Congressional ratification. Offering the potential to create and protect business opportunities for U.S. exporters nationwide, the agreement, if ratified, promises important benefits to San Francisco Bay Area (Bay Area) healthcare manufacturers at a time when medical innovation is an important driver of job creation and a key to a healthy local economy. Korea is one of the world’s largest and fastest growing markets for medical technology, with expected growth over the next several years of 10 – 15 percent, according to the U.S. Department of Commerce.
While at Accuray, Jong-hyun Choi, Minister for Economic Affairs from the Embassy of South Korea, met with local industry leaders and government representatives. Area innovators discussed the need for open markets and government policies to promote a strong and healthy medical ecosystem in Korea.
“We believe the FTA, if ratified, will facilitate a competitive, transparent and open exchange between U.S. companies and the South Korean government,” said Euan S. Thomson, Ph.D., president and chief executive officer of Accuray. “Most importantly, we expect it will enable Accuray and other U.S. medical technology companies to bring effective treatments and therapies to patients living in South Korea.”
Sunnyvale Mayor Melinda Hamilton joined the business group in welcoming Minister Choi to Sunnyvale supporting the KORUS FTA. She spoke in favor of policies that support Sunnyvale biotech and medical technology companies in bringing their technologies to patients in Korea and noted the accomplishments of area manufacturers in the life sciences sector.
Mr. Mark Deem, partner of the medical technology incubator, The Foundry and Mr. Tom Loarie, executive chairman of Mercator MedSystems shared their experiences bringing biotech innovations to market and highlighted the need for open markets and fair regulatory and payment schemes worldwide to support development of technologies that can improve the lives of patients. Mr. Fred Kinder, a former CyberKnife patient, spoke of the need for access to medical technologies for all patients. Other organizations representing the local biotech and business community included the California Healthcare Institute, the U.S. Department of Commerce’s Silicon Valley Export Assistance Center, and the San Jose and Western regional offices of the U.S. Chamber of Commerce.
“We came to Accuray today to hear from Bay Area business leaders about their experiences in the Korean market and to discuss the important benefits that the KORUS FTA can offer businesses and consumers in both our countries,” said Jong-hyun Choi, minister for economic affairs at Korean Embassy. “Korea and the United States share common objectives on trade and investment, and together seek local support for the ratification of the KORUS FTA. With the EU-Korea FTA going into effect in less than one week, the time to act on KORUS is now.”
Accuray has a long history of working with South Korean hospitals to provide patient access to life-saving cancer treatments. To date, over 14,000 patients have been treated in South Korea with the company’s technologies, the CyberKnifeÃ‚® Robotic Radiosurgery System and TomoTherapyÃ‚® Radiation Therapy System.
Following the discussion, Accuray hosted a demonstration of the CyberKnife System for the Minister, to highlight how the technology is used to treat tumors in patients with cancer. The CyberKnife System offers patients a non-invasive alternative to surgery and doesn’t involve a hospital stay. Treatments with CyberKnife radiosurgery are typically completed in a week or less, allowing patients to return immediately to normal activity at work and with their families.
Accuray Incorporated (Nasdaq: ARAY), based in Sunnyvale, Calif., is the premier radiation oncology company. Accuray develops, manufactures and sells personalized, best-in-class treatment solutions that revolve around the patient. Accuray’s game-changing technologies – the CyberKnife System and TomoTherapy Systems – set the standard of care with the aim of helping patients live longer, better lives. To date, more than 200,000 patients worldwide have been treated using the company’s technologies and more than 550 systems have been installed in leading hospitals around the world. For more information, please visit www.accuray.com.
Safe Harbor Statement
The foregoing may contain certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with the medical device industry. Except for the historical information contained herein, the matters set forth in this press release, including statements relating to the impact of the adoption of the KORUS FTA, market acceptance and clinical results, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date the statements are made and are based on information available at the time those statements are made and/or managements’ good faith belief as of that time with respect to future events. You should not put undue reliance on any forward-looking statements. Important factors that could cause actual performance and results to differ materially from the forward-looking statements we make include: the risk that the KORUS FTA will not be ratified in its current form or at all; market conditions; uncertainties associated with the medical device industry; changes in the regulatory environment; market acceptance of products; the impact of competition; general industry and economic conditions; and other factors beyond the company’s control and the risk factors and other cautionary statements described in Accuray’s and TomoTherapy’s filings with the SEC. Please refer to the Risk Factors section of Accuray’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2011, the Risk Factors set forth in TomoTherapy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as amended, and as updated in TomoTherapy’s Form 10-Q for the fiscal quarter ended March 31, 2011, and the Risk Factors set forth in Accuray’s Registration Statement on Form S-4, filed with the SEC on April 7, 2011 and as amended on May 5, 2011 and May 9, 2011, for a further list and description of additional business risks, uncertainties, and other factors that may affect these statements. Accuray does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.
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Euan Thomson, Ph.D.
SOURCE Accuray Incorporated