PITTSBURGH, May 6, 2007 (PRIME NEWSWIRE) -- Oncology Med, Inc. (Pink Sheets:ONCO) announced today that it has completed the acquisition of Comprehensive Physics & Rehabilitation Services ("CPRS"), a Nevada corporation. Oncology Med, Inc. which was formerly known as Vianet Technology Group has changed it name and will now go trade under the symbol "ONCO".
Oncology Med's mission is to be a pioneer in the advancement of the treatment of cancers. The Company plans on growing its business through acquisitions in addition to the organic growth of its first acquisition Comprehensive Physics & Regulatory Services, which will now conduct business under the trade name of Oncology Med.
CPRS is a 12-year-old firm that provides specialized internet-based treatment plans and medical physics consulting services for radiation centers. Oncology Med's acquisition of CPRS will provide the foundation for the entity to achieve significant revenue growth. Management believes that the acquisition/merger will provide CPRS with greater access to capital with which it intends to commence enhanced sales and marketing efforts which it believes will lead to greater revenues and profits.
As part of the reorganization, Dr. William Walker, President of CPRS, has become chairman of Oncology Med, Inc. Dr. Walker stated, "I am very excited that we are a publicly traded company and are able to take advantage of the capital markets to fuel our exciting growth. We believe that with the future hiring of sales personnel our revenue opportunities will increase. Additionally we feel we are going to be able to accomplish potential acquisitions while becoming a vertically integrated oncology company."
Currently, there are over 2,000 radiation centers in the country providing radiation services to cancer patients. Depending on the type of cancer and condition of a patient, on average, receives approximately 26 treatments during the course of radiation therapy. During the course of treatment, patient records and actual care have to be closely monitored and generally require approximately 5 patient reviews made by a qualified medical physicist. These patient or chart reviews assure proper patient care. In many radiation centers, lack of a full time available physicist can result in less than optimal patient reviews.
CPRS addresses these needs by providing a full range of patient specific radiation service treatment plans in addition to online treatment plans. This solves two key barriers of entry for radiation centers seeking to offer new technology by making available the most advanced treatment methodology to smaller radiation centers without substantial investment for equipment and staff. The Company, therefore, offers the possibility to enable radiation centers to increase revenues and profits while lowering expenses and improving quality.
CPRS operates its remote treatment planning services out of its facility located in Pittsburgh, Pennsylvania. The center houses computer stations with treatment planning software and equipment that receives and sends required patient data and images in accordance with healthcare data security standards. The center is staffed and currently equipped to service substantial additional business volume. Medical Physics services and specialty consulting are also provided at client sites.
THE MARKET -- The radiation oncology market is growing worldwide. Internationally the market is in its infancy. In the U.S. over 5,000,000 Americans have cancer. There are 850,000 new cancer cases diagnosed annually with 60% of all cancer patients being treated by radiation therapy. Radiation centers treat an average of 650 patients annually and smaller radiation centers generate revenues of up to $ 5,000,000 or more.
Dr. Walker is a professional medical physicist with 35 years of experience in clinical practice, research and program management. He holds a B.S. in Civil Engineering from the Virginia Military Institute, an M.S. in Radiation Biophysics from the University of Kansas and a Ph.D. from the University of Florida in Environmental Engineering (Medical Physics). He is certified by the American Board of Health Physics, licensed by the State of Florida as a Therapeutic Radiological Physicist and is a registered Professional Engineer. Dr. Walker headed the U.S. Nuclear Regulatory Commission's medical and academic licensing program and later was the Radiation Safety Officer and Radiation Safety Program Director for the National Institute of Health. He is the author of numerous papers on medical and health physics and currently serves as an officer and member of the Board of Directors of Advanced Oncology Network, Inc. He is also a member of the Board of Directors of Abundant Blessings (Jamaica) Cancer Treatment Centre, Ltd. and Universal Healthcare Management Systems.
About Oncology Med, Inc.
Oncology Med is a public company engaged in the fulfillment of services related to the treatment of various cancers. It currently provides analysis and design of radiation treatment plans in order for radiation oncologists to administer radiation plans to cancer patients. Current services facilitate radiation treatment programs ranging from external beam radiation to more advanced radiation treatment technologies.
More information about Oncology Med, Inc. can be found at www.oncologymed.com.
NOTE: This press release may contain "forward-looking statements." In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. Changes in the circumstances upon which we base our predictions and/or forward-looking statements could materially affect our actual results.