Commenting, Michael Sinclair, CEO of Advanced Oncotherapy LON:AVO, said: “I am pleased with the progress that we have made in the first half of the year including the installation of key critical components of the LIGHT system in our testing facility. As a result of our successful technical progress we have brought forward our plans to move to volume production with our manufacturing partners Thales, particularly in light of our increasing order book which include purchase orders representing $150m and exclusivity agreements that cover between $200m and $400m of potential sales.
Advanced Oncotherapy (LON:AVO), the developer of a next generation proton therapy system for cancer treatment, this morning announced its unaudited results for the six months ended 30 June 2016.
The Company continues progressing the technology development of its LIGHT proton therapy system to be used in Harley Street, the first Proton therapy centre expected in London. As a result, the Company has brought forward its financing plans to support the move to volume manufacturing with key partner Thales.
The LIGHT system accelerates protons to the energy levels achieved in first-generation proton therapy machines but in a system that is a quarter of the size, requires less shielding and is manufactured at a fraction of the cost. It also delivers proton beams with greater control and precision than older technologies.
Highlights:
· Positive update on technical development milestones, including the first beam of protons fired at the exit of the proton source and the low energy beam transport
· Industrialisation agreement with Thales
(i) Optimisation studies well advanced and good progress towards a full-scale manufacturing base, including the planned building of a manufacturing unit at Thales in its site in Thonon, France, which is capable of producing up to 8 LIGHT systems per year
· Signing of a £24 million convertible loan facility with Metric Capital
· Improved terms agreed with Metric, with the condition to raise £25 million to be waived following:
(i) a £10 million equity placing expected to be announced later this morning
(ii) the implementation of a financing plan supported by banks and strategic partners, which is non-dilutive to equity investors
· Senior management strengthened with the appointment of Michel Baelen and Gerardo d’Auria as Head of Regulatory Affairs and Technical Director respectively
