Nicolas Serandour, CEO of Advanced Oncotherapy LON:AVO, talks about final results: “We made significant progress in 2016 in the commercialisation of our next-generation technology in the treatment of cancer – LIGHT, and while the year was not without its challenges, we have overcome these obstacles and look forward to successfully executing on the timelines that we outlined in March 2017. We should see further considerable progress in the Company and are confident that we are in a position to deliver against our timetable for success.”
Advanced Oncotherapy (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announced audited results for the year ended 31 December 2016, another year of significant development of the Company’s LIGHT system.
Highlights:
— First successful acceleration of the proton beam through the proton source and Radio Frequency Quadrupole (RFQ)
-- Successful high power testing of the Side Coupled Drift Tube Linac -- Harley Street planning permission granted in October 2016
— Thales manufacturing agreement signed with the objective of seeing eight LIGHT systems produced each year
-- Further funds raised through Placing & Open Offer -- Ongoing discussions regarding additional commercial opportunities for LIGHT installations -- Shareholder funds of GBP34 million at 31 December 2016
Post Period End Events & Technical Milestones
-- Technical milestones reached and further progress made -- Management team strengthened further with key hires
— Deconstruct (UK) Ltd appointed as principal contractor at Harley Street; shell and core work well underway
— Financing agreements secured with Bracknor Investment Group and Blackfinch Investment Ltd with additional financing options under consideration
