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Ion Beam Applications S.A. (IBA). (4/26/12). "Press Release: Information about a Partial Decision in the Process of Arbitration between STRIBA and WPE (Westdeutsches Protonentherapiezentrum Essen GmbH)".

Region Region Essen
  Country Germany
Organisations Organisation Ion Beam Applications S.A. (IBA)
  Group IBA (BE) (Ion Beam Applications) (Group)
  Organisation 2 Westdeutsches Protonentherapiezentrum Essen gGmbH (WPE)
  Group University of Duisburg-Essen
Products Product medical device
  Product 2 oncology
     


STRIBA Protonentherapiezentrum GmbH, the 50/50 joint venture between IBA S.A and STRABAG (Strabag Projecktentwicklung Gmbh), received recently a copy of the preliminary, yet uncompleted decision issued by the arbitrators, in the ongoing process of arbitration initiated between STRIBA and WPE ((Westdeutsches Protonentherapiezentrum Essen GmbH).

In November 2009, STRIBA Protonentherapiezentrum GmbH initiated arbitration against WPE in order to determine, in the context of the public-private partnership, the exact extent of STRIBA's contractual obligations to supply a proton therapy facility to Essen, Germany, under turnkey contract. The arbitration mainly covers a divergence of interpretation in the contract about the - to be delivered specifications of the equipment and the building. The detailed content of the ongoing arbitration is available in the official publications on the IBA internet site www.iba-worldwide.com

This partial decision, a 180 pages thick document, is now in the process of being translated and analyzed, but it appears that the result of the arbitration is disappointing for STRIBA. The majority of the claims from STRIBA have been rejected by the arbitrators. The majority of the counterclaims from WPE have been accepted by the arbitration. Among other points, the arbitrators have taken the assumption that the clinical commissioning would have to take place before the formal acceptance of the center by WPE. Besides that, the center would have to " answer the functional needs of WPE, even if those are not defined precisely ".

On the other side, some important claims from WPE like the compensation for delay and some other counterclaims have not yet been decided upon.

STRIBA and its shareholders, IBA and STRABAG, are analyzing the recourses available against this partial award as well as the possible consequences of these, unexpectedly surprising, decisions on the respective obligations of STRIBA for the equipment and STRABAG for the building.

Beside the arbitration, IBA has obtained in August 2011 an external audit which has confirmed that his equipment was of an equal or higher quality as of its other systems, and was ready to hand over to WPE.

In parallel with the arbitration, STRIBA, WPE and all parties involved in the PPP have been also negotiating since several months in a very constructive way, with the firm objective to start treating cancer patients as soon as possible.

Important progresses have been achieved by WPE with respect to the clinical commissioning of the center during the first quarter of 2012. Those progresses should enable WPE to start treating patients in a very near future.

As of today, IBA considers that the hypotheses taken into account as a basis for defining its annual financial results are valid and should not be modified.

As a reminder, the net assets related to this project recognized in the financial statements as of 31st December 2011 amount to approximately EUR 25 millions.

IBA will continue to keep all its partners and stakeholders informed about the further evolution of the arbitration procedure.


ABOUT IBA

IBA develops and markets leading-edge technologies, pharmaceuticals and tailor-made solutions for healthcare with a focus on cancer diagnosis and therapy. Leveraging on its scientific expertise, IBA is also active in the field of industrial sterilization and ionization.

Listed on the pan-European stock exchange EURONEXT, IBA is included in the BelMid Index. (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB). Website: www.iba-worldwide.com

Contact

IBA
Jean-Marc Bothy
Chief Financial officer
Tél : +32 10 47 58 90
Investorrelations@iba-group.com

   
Record changed: 2017-04-02

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