May 4, 2009
Contact: Gordon Hickey
Phone: (804) 225-4260
Cell Phone: (804) 291-8977
Internet: www.governor.virginia.gov
~ Bonds will help finance construction of new facility, upgrade campus infrastructure ~
Governor Timothy M. Kaine today announced his authorization of $150 million in bonds to support the Hampton University Proton Therapy Institute. The proceeds from the bonds will be used to help the Institute and Hampton University finance the cost of constructing and equipping the new proton beam treatment, research, and educational facility. Proceeds will also be used to construct or upgrade facilities on the campus of Hampton University to meet the needs of the Institute. When completed, the Institute will offer potentially lifesaving treatment and groundbreaking research, and will have a significant economic impact on the region.
“The Hampton University Proton Therapy Institute will be a tremendous asset for the Commonwealth, and I am very pleased we found a way to support its important work,” Governor Kaine said. “The research and treatments at the Institute will offer life-saving therapy to cancer patients, and keep the Commonwealth on the cutting-edge of biological and medical research.”
The $150 million in bonds will be issued through the Virginia Small Business Financing Authority (VSBFA) with the approval of Governor Kaine. The VSBFA previously issued $70 million in bonds in December 2008. Today’s announcement brings the total bonds authorized for the Institute to $220 million, the amount approved by the Board of Directors of VSBFA in April 2008.
Construction of the 98,000 square foot Institute began in July 2007 and is expected to be completed in 2010. It will be the largest free standing proton beam therapy facility in the world, the seventh such facility in the United States, and the only one in Virginia. Proton beam therapy offers the promise of more targeted and precise radiation treatments than traditional x-ray therapy, reducing damage to surrounding healthy tissue. By employing more accurate beams of radiation, doctors can increase the intensity, and therefore effectiveness of the treatment while also reducing unwanted side effects.
The Institute is expected to treat more than 2,000 patients per year, with a special emphasis on prostate cancer. Because Hampton Roads traditionally has elevated rates of prostate cancer deaths, the Institute will dedicate 65% of its treatments to prostate cancer, with the other 35% treating breast, lung, pediatric, and other cancers. It will also dedicate one proton beam specifically to research.
Because of its location in the Mid Atlantic region, and proximity to an international airport, the Institute will draw patients from across the region and the world. The facility is expected to employ about 120 people and bring in significant research dollars, in addition to the expected impact of patients coming to the region for treatment.
