Proton Partners International


Proton Partners International, a UK-based business, is the country’s first high energy proton beam therapy provider.

The company is developing oncology centres across the UK, known as the Rutherford Cancer Centres. Its Newport centre is now fully operational for proton beam therapy as well as radiotherapy, chemotherapy, imaging and wellbeing services, while its other three (in Reading, Northumberland and Liverpool) are under construction. In addition, the company is developing its first international proton centre in Abu Dhabi, as part of the Gulf International Cancer Center (GICC).

In February 2019, the company listed on London’s NEX stock exchange.

Investment case summary

The core of the investment case is built around the potential benefits that proton beam therapy (PBT) has over conventional radiotherapy used to treat cancer patients. More accurate targeting of cancer cells reduces collateral damage to healthy tissue and in turn side effects.

While the historic cost of treatment has restricted its use, the recent development of compact PBT equipment has improved this cost / benefit significantly. The technology is proven, with centres already operating in other countries, while the NHS has committed to two centres.

Proton Parters is, however, the UK’s first high-energy proton beam therapy provider. The company’s goal is to have a network of its unique Rutherford Cancer Centres within 90 minutes of 75% of the UK’s population by 2023. It opened the doors to the UK’s first proton beam therapy centre in Newport, South Wales in April 2018 and is treating both privately-insured patients and those referred through NHS Wales. The company is set to start treating patients with proton beam therapy at its Northumberland and Reading centres later this year. The company has the potential to create substantial long-term shareholder value through the commercial provision of this new cancer service for UK patients.

Ask a question about our investment in Proton Partners International

Fund exposure
Equity Income Fund 1.46%
Patient Capital Trust 6.31%

As at 30 April 2019

Geography United Kingdom
Industry Health Care

Source: Woodford


Stock market listing

Proton Partners International has today announced its listing on the NEX Exchange Growth Market, the London-based stock market for early-stage entrepreneurial companies.

We are delighted with this move, which is central to the company’s long-term growth strategy – Proton Partners views NEX as the ideal stepping stone, taking it from a burgeoning private enterprise into a more structured public market environment.

Saku Saha
28 February 2019

Second cancer centre opened

Today Proton Partners announced the successful opening of a new cancer centre in Northumberland – this is the second Rutherford Cancer Centre that the company officially opens, following the one in Newport. Initially, the Northumberland centre will offer radiotherapy, chemotherapy, immunotherapy, imaging and diagnostics. Proton Beam Therapy is expected to become available in early 2019. In our view, this is positive news as it highlights that the company is making good progress in implementing its initial five centres model. The next Rutherford Cancer Centre is anticipated to be opened in Reading (Thames Valley) early next year.

Saku Saha
23 August 2018

WPCT 2017 annual report case study

A new way to beat cancer

Proton Partners is the UK’s first high-energy proton beam therapy provider. Unlike conventional cancer treatments, proton beam therapy uses protons to target and kill cancer cells with little or no damage to the surrounding tissue. This potentially ground-breaking treatment had not been available in the UK until Proton Partners opened the doors to the UK’s first proton beam therapy centre in Newport, South Wales in April 2018 – several months ahead of schedule.

Although the company only launched just over three years ago, it is on track to fulfil its goal of having a network of its unique cancer centres within 90 minutes of 75 per cent of the UK’s population by 2023. Construction is already underway at three further centres across the UK, which will be available to medically-insured and self-pay patients, as well as those referred by the NHS.

24 April 2018

Read the full report

First patient treated

When Proton Partners launched, it set a goal of having a network of its unique cancer centres within 90 minutes of 75% of the UK’s population by 2023. The announcement that it has started to treat its first patient with proton beam therapy in its Newport Centre just over three years later is a hugely significant milestone and step towards reaching that goal – and is a testament to its management team and staff.

Saku Saha
11 April 2018

Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 745433). Incorporated in England and Wales, company number 10118169. Registered address 9400 Garsington Road, Oxford OX4 2HN.

Woodford Patient Capital Trust plc is incorporated in England and Wales, company number 09405653. Registered as an investment company under section 833 of the Companies Act 2006. Registered address Beaufort House, 51 New North Road, Exeter, EX4 4EP.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

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