The new treatment is being developed by Accelerated Evolution Biotechnologies under the leadership of CEO Dr. Ilan Morad, according to the report.

"We believe we will offer in a year's time a complete cure for cancer," said Dan Aridor, chairman of the company's board. "Our cancer cure will be effective from day one, will last a duration of a few weeks and will have no or minimal side-effects at a much lower cost than most other treatments on the market."

The treatment, called MuTaTo, will use a combination of cancer-targeting peptides and a toxin that will specifically kill cancer cells.

The treatment will eventually be personalized and a specific cocktail of the drugs will be given to patients based on their type of cancer, Morad told the newspaper.