American Shared Hospital Services Announces Froedtert Memorial Lutheran Hospital Gamma Knife Center Opening

Business Wire, Dec 21, 1999

Business Editors & Health/Medical Writers

SAN FRANCISCO--(BW HealthWire)--Dec. 21, 1999

American Shared Hospital Services (AMEX:AMX)(PCX:AMS), the world leader in providing Gamma Knife radiosurgery services, Tuesday said that its new unit at Froedtert Memorial Lutheran Hospital, an affiliate of the Medical College of Wisconsin in Milwaukee began patient treatments last week.

American Shared also said that one of its earlier Gamma Knife units was sold to the customer at the end of the contract's five year term, for $1.2 million in cash. That contract was the Company's only remaining five year customer agreement. American Shared's remaining customer contracts are for terms of 10 to 15 years each.

American Shared now has eight operating Gamma Knife units along with signed contracts for four additional units which are scheduled to open in the coming months. They include a unit in Edison, N.J. that is scheduled to open during first quarter 2000, and three more units in Las Vegas; Rio de Janeiro, Brazil; and Lima, Peru, which are under development.

The Gamma Knife is a stereotactic radiosurgical device manufactured by Elekta AB of Sweden (Stockholm Stock Exchange: "ETKA"). The Gamma Knife treats certain vascular malformations and brain tumors without invasive surgery. It uses three dimensional computer modeling to target a high dose of radiation at abnormal tissue. More than 100,000 patients worldwide already have been treated with Gamma Knife units.

American Shared Hospital Services is a medical services company, with interests in radiosurgery services (through its 81% interest in GK Financing LLC) and its program for The Operating Room for the 21st Century(SM).

Headquarters are in San Francisco.