Michael Sinclair, CEO of Advanced Oncotherapy LON:AVO, said: “2015 has been a year of significant progress for the Company. We have delivered on all of the milestones that were promised throughout the year within the timeframe set out in 2014 and continue to work towards delivering a cost effective proton therapy unit. We have realigned our management team to reflect the changes in responsibility as the business has shifted from working on the development of the first LIGHT system to the ongoing commercial roll-out of the technology.We are well positioned to have the first operational proton beam therapy centre in London and look forward to creating more commercial deals and agreements to further enhance our position.”
Advanced Oncotherapy (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces audited results for the year ended 31 December 2015, a year of good progress in the development of the Company’s LIGHT system.
Highlights:
· Oversubscribed placing to raise £20 million (net) to develop and install first LIGHT system
· Sale of two LIGHT systems in China and four additional framework agreements signed
· Harley Street lease agreement for the UK’s first proton therapy centre using the LIGHT System
· Operator agreement with CircleHealth for the Harley Street site
· Progress in the technical developments apace with the original timetable
· Cash and cash equivalents of £9.0 million at 31 December 2015
· Loss from continuing operations per ordinary share of 0.46p (2014: loss of 0.67p)
Post Period End Events & Key Milestones
· Industrialisation agreement with Thales
· Continued team expansion through senior management appointments
· £24m financing secured for the provision of vendor financing for the Harley Street project
