The Indiana University Health Proton Therapy Center and IU Cyclotron in Bloomington will close by the end of the year, costing 120 employees their jobs, IU announced Friday morning.

The proton therapy center, a joint venture between IU Health and the IU Research and Technology Corp., became the nation's third proton therapy facility, and the only one in the Midwest, when it opened in 2004.

An increase in the number of centers built nationwide in the past 10 years, along with advances in cancer treatment, led to a decline in patients and revenue, IU said in a written release.

"The IU Health Proton Therapy Center has provided treatment to 2,000 patients since its inception, due to the considerable skill, dedication and passion of the IUHPTC and IU Cyclotron staff," said Dr. Jay Hess, vice president for university clinical affairs and dean of the IU School of Medicine, in a prepared statement. "Unfortunately, rapidly advancing technology and changes in the dynamics of cancer treatment have left us with a dwindling patient base and a facility that is many times more expensive to operate than most of our competitors in this field."

The IU center has 30 patients and will close once they finish receiving treatment.

IU said it will offer the affected employees job-placement assistance, and comprehensive severance packages will be given to those who don’t find comparable positions at IU, IU Health or another employer.