21st January 2021

Revenue And Patient Number Growth Forecast AT Rutherford Health

Cancer care specialist Rutherford Health has said it expects a significant increase in revenue and patient numbers and is continuing to explore potential sources of funding to support its rapid growth.

In addition to a framework agreement with NHS England which it announced earlier this month, the group has also recently signed a contract with the Welsh NHS Trust, Velindre, which is based in Cardiff and is responsible for radiotherapy treatments in South Wales.

The expected impact of the Velindre contract is that the capacity for radiotherapy in the South Wales Centre could be fully utilised for 2021.

In addition to the NHS England Framework and the Velindre contract Rutherford Health said it is in advanced discussions with a number of other NHS trusts in England for the provision of diagnostic, radiotherapy and chemotherapy services outside the NHS England Framework.

As a result of Covid-19, there are growing waiting lists for cancer biopsies, diagnostics and surgery and the company expects a significant increase in revenue and patient numbers over the coming months following the contracts awarded by the NHS and a strong pipeline for recruitment of oncologists trained in proton beam therapy.

Sources of funding being examined includedebt refinancing, sale and leaseback agreements and an equity fundraise potentially in conjunction with an admission to AIM.

Founded in 2015 by Mike Moran and UK and international cancer experts, including Professor Edward Karol Sikora, Rutherford Health is building a network of oncology centres known as the Rutherford Cancer Centres. The centres have been named to reflect the renowned scientist Ernest Rutherford’s contribution to the identification and naming of the proton in 1920.

Initial investors in the business included the Wales Life Sciences Investment Fund managed by Professor Sir Chris Evans, the life sciences entrepreneur, and the Woodford Patient Capital Trust.