AMERICAN SHARED HOSPITAL SERVICES (NYSE AMEX:AMS), a leading provider of turnkey technology solutions for advanced radiosurgical and radiation therapy services, today provided an update on its previously Board authorized 1,000,000 share repurchase program.
AMS Chairman and Chief Executive Officer Ernest A. Bates, M.D., said, "In view of the exciting recent news regarding FDA 510(k) clearance for the MEVION S250 proton therapy device, which we believe has not been properly reflected in our share price, we have decided to re-activate our share repurchase program. We are prepared to commence buying back our shares, if the price remains near the current market price." The Company has repurchased approximately 919,000 shares of AMS common stock under the stock repurchase authorization, and currently has approximately 4,600,000 common shares outstanding.
On June 11, 2012, Mevion Medical Systems, Inc., in which AMS owns approximately a 1% equity interest, announced the receipt of FDA 510(k) clearance for its MEVION S250 Proton Therapy System. "The MEVION S250 significantly reduces the cost, size and complexity of proton technology, and promises to bring accessibility, affordability and practicality to this innovative therapy. With FDA 510(k) clearance for the MEVION S250 now in hand, we expect AMS' proton therapy business to accelerate, both the projects we have already announced as well as additional projects that have awaited the FDA's positive decision," Dr. Bates said. AMS is developing proton therapy centers in Orlando, Boston and Long Beach, California which are expected to employ the MEVION S250 proton therapy device, as well as a multi-treatment room proton therapy center in Dayton, Ohio.
American Shared Hospital Services (www.ashs.com) provides turnkey technology solutions for advanced radiosurgical and radiation therapy services. Since 1991, AMS' creative financing solutions have enabled its clinical partners to make the latest advances in radiation oncology available to patients at an affordable price. AMS is the world leader in providing Gamma Knife® Radiosurgery equipment, a non-invasive treatment for malignant and benign brain tumors, vascular malformations and trigeminal neuralgia (facial pain). The Company also offers the latest IGRT and IMRT systems, as well as its proprietary Operating Room for the 21st Century® concept. AMS also is a leader in proton beam radiation therapy (PBRT), the next great growth opportunity in radiation oncology. AMS currently is developing PBRT centers in Dayton, Ohio, Boston, Orlando and Long Beach, California, and is negotiating additional projects. AMS owns a preferred stock investment in Mevion Medical Systems, developer of the compact MEVION S250 PBRT system.
Safe Harbor Statement
This press release may be deemed to contain certain forward-looking statements with respect to the financial condition, results of operations and future plans of American Shared Hospital Services, which involve risks and uncertainties including, but not limited to, the risks of the Gamma Knife and radiation therapy businesses, the risks of developing The Operating Room for the 21st Century and proton beam radiation therapy programs, and the risks of investing in a development-stage company, Mevion Medical Systems, Inc. Further information on potential factors that could affect the financial condition, results of operations and future plans of American Shared Hospital Services is included in the filings of the Company with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2011, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, and the definitive Proxy Statement for the Annual Meeting of Shareholders held on June 7, 2012.