American Shared Hospital Services (ASHS) has acquired a 60% stake in two Rhode Island-based cancer treatment companies and certain payor contracts from GenesisCare USA’s Chapter 11 Bankruptcy Estate.

The $2.85m purchase includes interests in the Southern New England Regional Cancer Center and Roger Williams Radiation Therapy, both Rhode Island limited liability corporations.

The acquired interests are for facilities located on or near the Care New England and Roger Williams Medical Center, Rhode Island’s second and third largest health systems, which are also equity members of these centres.

The centres include the Southern New England Regional Cancer Center in Woonsocket, Southern New England Radiation Therapy in Warwick, and Roger Williams Radiation Therapy in Providence.

These acquired radiation therapy cancer centres are equipped with advanced technology, including linear accelerators and CT simulators.

ASHS executive chairman Ray Stachowiak said: “This is a strong milestone for our company that expands our footprint of owned and operated radiation oncology centres into the US.

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“The acquisition adds new revenue streams from each of the three facilities that are accretive to our base and is an excellent use of our capital as we continue to build momentum and execute our growth strategy.

“A key to this acquisition is that our ownership preserves the offering of radiation therapy services at the strategically convenient Woonsocket, Providence and Warwick demographic locations. In addition, this ensures patients continued access to community-based high-quality radiation therapy today and in the future.”

The centres form part of the Chapter 11 bankruptcy process of the seller and its affiliates.