Acquisition of Accelyon Limited with Management

Elysian is delighted to announce the acquisition, alongside the incumbent management team, of Accelyon Limited (www.accelyon.com), a growing company specialising in brachytherapy, an important treatment option for early stage prostate cancer. Brachytherapy sales are dependent on strong customer relationships with public and private hospitals, a professional delivery mechanism and experienced customer service support. Led by a highly experienced management team in the brachytherapy industry, it is expected that the Company will quickly attain a leading market position in the delivery of Brachytherapy, initially focussed on the UK and Ireland, Australia and New Zealand.

Brachytherapy is a well-established procedure, supported by over 15 years of positive clinical data and has achieved a c.14% market share of early stage prostate cancer treatments within countries in the mature economies of the world. Accelyon will provide services and distribute patient specific brachytherapy formulations to its customers. The market opportunity in the brachytherapy industry is an area we have been interested in for several years. Edward Brett, Partner at Elysian stated that “We are delighted to be able to work with Malcolm Hughes (Chairman) and Saheed Rashid (Managing Director) and the Accelyon team on this exciting opportunity. Brachytherapy has long been under-valued as an effective and cost efficient treatment for prostate cancer and we hope to raise that profile and help the team create a really world class business”

Malcolm Hughes, Chairman of Accelyon said “We are delighted to have Elysian’s support and backing for what is a very exciting and worthwhile venture. Accelyon’s people bring a wealth of experience in the European and Australasian brachytherapy markets. We understand what is important to our customers and are committed to delivering the highest standards of quality and reliability”.

Our investment thesis is based upon only Phase 1 of Management’s plan, which is focused solely on taking brachytherapy market share in the UK, Ireland, Australia and New Zealand, from which the business has the potential to deliver highly attractive returns well within the investment period. Subsequent phases will be rolled out internationally as the business establishes its reputation.

The market drivers for brachytherapy as a treatment modality are positive, in that the clinical and health economic case for brachytherapy as the ‘best’ early stage treatment for localised prostate cancer continues to build. This is not only in terms of efficacy against early stage cancer but as importantly, in terms of the lower risk of adverse side effects and damage from the alternative treatments such as surgery. A medium term opportunity also exists to increase the coverage of brachytherapy as a treatment option through new product development, marketing and promotion at meetings of key treatment decision makers, such as urologists and radiation oncologists and to widen its applicability to other oncology applications such as lung and breast cancer.

The investment in Accelyon Limited represents Elysian’s seventh investment in Elysian Capital I LP and the second completed in this year following the acquisition of AXIS Well Technology Ltd in May 2013.