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Advanced Oncotherapy #AVO – Final Results statement plus CEO and Chairmans report

Advanced Oncotherapy (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces audited results for the year ended 31 December 2017, another year of significant technological development and installation of the Company’s first LIGHT system.

Key highlights:

·     Successful integration of three of the four key LIGHT system structures significantly reducing technical risk

·     Technological development on-track to be capable of treating superficial tumours by the end of Q3 this year

·     Science and Technology Facilities Council agreement to establish a UK testing and assembly site

·     Harley Street site building work on schedule, first patient treatment expected by the second half of 2020

·     Commercial distribution agreement with Yantai CIPU for China and other parts of Asia

·     Stronger financial position since 31st December 2017 having secured £33.3m of financing post period end

·     Ongoing commercial discussions with sites in the USA, Europe, Asia and Middle East

 

Nicolas Serandour, CEO of Advanced Oncotherapy, said: The technological development of our LIGHT system remains on-track and we continue to proceed with a significantly reduced overall technology risk profile. Similarly work at Harley Street remains on schedule and with additional funding through our licence agreement with Yantai CIPU and the equity fundraise in which they and other investors participated we enter into the second half of 2018 from a stronger position. 

“In 2018 we expect to fire a proton beam through the first CCL module and ultimately produce a beam capable of treating superficial tumours by the end of Q3 2018. The Board remain confident that we can deliver to these timescales and that we will have the financial resources to do so. On behalf of the Board, we would like to thank all of our shareholders for their continued support and belief, and we look forward to further success ahead.” 

Posting of Annual Report & Notice of AGM

The annual report for the year ended 31 December 2017 will shortly be available from the Company’s website at www.advancedoncotherapy.com and will be posted to shareholders shortly together with a notice of Annual General Meeting to be held at 2.30pm on Wednesday, 25 July 2017 at The Royal Society of Medicine, 1 Wimpole Street, London W1G 0AE. 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO

Stockdale Securities (Nomad & Joint Broker)

Antonio Bossi / Ed Thomas

Tel: +44 20 7601 6100

Stifel Nicolaus Europe (Joint Broker)

Jonathan Senior / Ben Maddison

Tel: +44 20 7710 7600

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT’s compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as lower treatment-related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

CHAIRMAN & CHIEF EXECUTIVE OFFICER’S REPORT

INTRODUCTION

We are delighted to report another year of significant progress in the technological development and installation of our first LIGHT system, the next generation proton therapy system for treating cancer.

In March 2017 we updated shareholders on our expected timelines for achieving certain technical milestones in the development of the LIGHT system. We are pleased to say that we have made considerable advances which not only ensure that we remain on track to deliver according to this timetable, but also that we have significantly reduced the overall technical risk of this project through the successful integration of three of the four key structures.

As a result we have ended the year in a much stronger position through both the achievement of these technological milestones and the announcement in December of a £33.3 million investment, including £16.8 million of equity investments, alongside our commercial distribution agreement with Yantai CIPU Medical Technology Co. Ltd (“Yantai CIPU”) through their affiliated company Liquid Harmony Ltd to market and sell our LIGHT systems across China and certain neighbouring geographies in Asia.  The equity funding was completed in February 2018 and we received £16.5 million from Yantai CIPU in May 2018 in respect of the distribution agreement.  Some of the funds have been used to repay loans received during 2017 which were used to help fund working capital and LIGHT development costs during 2017.

The Board are therefore confident that we will deliver a proton therapy system that will be capable of treating superficial tumours by the end of Q3 2018, a critical milestone which we believe will mark a significant inflection point for shareholder value.

 

OUR TECHNOLOGY AND KEY DIFFERENTIATORS

At the core of our business model, we will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative proton therapy technology which offers better health outcomes for patients and lower treatment related side effects. Our LIGHT system (Linac Image Guided Hadron Technology) offers the following advantages: 

  • Superior proton beam: The LIGHT system uses an innovative linear accelerator rather than a cyclotron/ synchrotron. This means that particle collision with structures within the accelerator is reduced, thus creating less radioactive energy. The results are increased safety and lower shielding requirements, reducing overall installation time and cost;
  • Precision: LIGHT’s proton beam can be moved very rapidly, allowing for more accurate temporal and spatial targeting of moving tumours. Furthermore, spot scanning allows a more conformal dose that can be altered to meet individual needs, and beam energy can be adjusted at source, requiring no absorbers or energy reduction devices. This is a unique feature of linear accelerators such as LIGHT and cannot be achieved with commercially available systems;
  • Compact, modular and easy to install: While other systems come in one size, LIGHT can be customised due to its modularity. This offers clinics an opportunity to expand their offering to other rooms and / or to increase system strength step by step as clinical needs develop. The fact that new modules can be added to increase output energy at any point reduces the commitment by healthcare providers to high upfront costs for systems that may not be fully utilised;
  • Affordability: Due to the modular nature of the system and mass-production manufacturing, LIGHT is well positioned to compete with other proton therapy systems currently available. LIGHT is associated with lower capital, operational, and decommissioning costs;
  • City-centre focus: LIGHT’s unique properties allow for implementation in existing clinical sites and densely populated areas where space is scarce. This means making the technology more accessible to patients, ensuring that as many people as possible can benefit from it;
  • An integrated system: Full work-flow integration from patient intake, over treatment planning, through to beam delivery, ensures a seamless patient treatment experience.

 

TECHNOLOGICAL DEVELOPMENT

2017 has seen considerable advancements in the technology development and manufacture of our first LIGHT system. During the year we successfully integrated and tested the first Side Coupled Drift Tube Linac (“SCDTL”) with the Radiofrequency Quadrupole (“RFQ”) and proton source, three of the four key components of the LIGHT system. These achievements have allowed us to significantly de-risk our technological development process. In addition lower power testing of the individual accelerating SCDTL units have met expectations whilst the design of the remaining Coupled Cavity Linacs (“CCLs”) high-speed accelerating structures is well proven and documented.  

One of our key milestones for 2017 was the further development of the Patient Positioning System (“PPS”) which is designed to prepare and position patients for the high accuracy and dose sparing proton treatments produced by the LIGHT system. As already confirmed in our latest technological update the Diagnostic Quality CT scanner has been manufactured, and integration testing completed. A real time X-ray verification system has been developed, the robotic treatment chair has been successfully tested, and the scanning magnet subsystem produced. Most importantly, the connectivity between the PPS and the accelerating units has been established and successfully evaluated with system function emulation tools.

During the year we also announced that the LIGHT system’s unique ionisation chamber was received from our partner Pyramid Technical Consultants and is part of our overall safety system, monitoring beam position, spot size and dosage. More recently, at the end of May, we announced successful Time-of-Flight testing showing good results for beam control and adjustment, a key aspect of our ability to offer a system with improved precision and easy adjustment at source to offer accurate and versatile treatments.

In early May we also announced an agreement with the UK Government’s Science and Technology Facilities Council (“STFC”) to establish a UK testing and assembly site for our first operational LIGHT system, within the STFC Daresbury Laboratory in Cheshire, home to the UK’s Accelerator Science and Technology Centre. Building work is now underway to prepare the site to receive the LIGHT system components. We will retain our testing facility at CERN, Geneva where we continue to advance our LIGHT system technological development.

Our main focus now remains on the further development of the LIGHT system and to fire the proton beam through the SCDTLs and the CCL producing a beam capable of treating superficial tumours by the end of Q3 this year.

During 2017, we spent £8.4 million (2016: £8.9 million) to achieve these milestones and other LIGHT development work and this is included in Intangible Assets.  

HARLEY STREET

We are very pleased with the progress at our 141/143 Harley Street site. The sub-structural work continues to progress well and we remain on-track to create central London’s first proton therapy centre. We remain confident that the site will be completed in H1 2019 with first patient treatment expected by the second half of 2020.

The freeholder of the site, the Howard de Walden Estate, continues to bear the costs of construction. 

A time-lapse video of the construction work on site is available on our website (www.advancedoncotherapy.com) and we are updating this video as work progresses.

FUTURE PLANS FOR COMMERCIALISATION

As we’ve said before the technical development of our first LIGHT system is the key focus of the Group, however we know that we must also be mindful of the commercial opportunities available once this is completed. We must prepare ourselves to respond to the huge worldwide medical need for access to an affordable proton therapy technology that can be easily installed and safely operated in areas of high patient population density.

Due to the nature of our game-changing technology and its key differentiators (as outlined above) we continue to receive substantial interest in the LIGHT system. In the UK we are continuing discussions for a second site in Birmingham, and we remain in ongoing discussions regarding a number of sites in the USA and others across in Europe, Asia and the Middle East.

We have long recognised that China represents a significant opportunity for our technology given the potential need for a significant number of proton therapy centres. Yantai CIPU have already identified 11 potential installation sites for the LIGHT system. We remain confident that there will be a high demand for our LIGHT system given that precision medicine has been listed as one of the strategic industries to receive support in the People’s Republic of China’s 13th Five-Year Plan for economic and social development (2016-20).

In addition, we expect to work with Yantai CIPU to explore opportunities to manufacture parts of the LIGHT system in selected geographic areas and the Board believes the Group will benefit greatly from the knowledge and contacts of the Han family, who ultimately owns Yantai CIPU. 

From our current commercial engagements and in discussion with key partners, such as Yantai CIPU, we have observed that the commercial focus of potential customers is on a technology partner that is able to provide an entire solution and not just a standalone medical equipment device isolated from other considerations such as building or financing. Customers are looking for a seamless integration of accelerator and treatment equipment; they are keen to speak to one team who will mobilise the relevant resources from a marketing, service, maintenance, technical and medical expertise; and the solution needs to consider their financial constraints. We are looking to establish additional partnerships like that with Yantai CIPU which allows us to respond to these customer needs. We are also assessing various opportunities for providing vendor financing to our prospective customers to ensure that we not only compete in terms of technology and costs, but also on our ability to provide a whole fully integrated solution.

FINANCING

In July 2017, we announced that a consortium led by one of our longstanding investors, AB Segulah, provided additional financing to the Group through a £3.9 million loan facility. At the same time we agreed with Bracknor to waive the requirement for the Group to drawdown the minimum of 10 convertible loan note tranches and declared that the Group would not intend to use the Bracknor facility in the future. Shares were issued in February 2018 to settle the loans. It was announced in May 2018 that all outstanding loan notes previously drawn down by the Company, as well as the conversion and commitment fees, were satisfied by the issue of new shares simultaneously placed to a Singaporean family office. 

The support shown by our Swedish investors during the year allowed us to approach long-term financing options from a stronger position, and so in December we also announced that Yantai CIPU, in addition to providing local knowledge and contacts, would make a significant equity investment in the Group.

Alongside Yantai CIPU’s subscription other investors agreed to subscribe for shares and we raised a total of £16.8 million before expenses. As part of this process we reached an agreement with the consortium to accept repayment of their loan in return for the issue of conversion shares.

Our Board wanted to ensure that dilution of existing shareholders was limited and with this in mind the agreement with Yantai CIPU was structured in such a way that we will benefit from the additional non-dilutive source of funding through the £16.5 million licence fee.

We are also greatly encouraged to see the extent of support from our Board as part of the Subscription and Placing and the degree to which they continued to purchase shares in the Group throughout last year and also the support of a new long-term shareholder M3T PTE Ltd with whom the remaining shares due to Bracknor were placed at the end of last month.

The conclusion of these investments has provided the funding foundations necessary for us to focus on making our proton therapy technology available to patients around the world and to progress towards the production and installation of our first LIGHT system in Harley Street, London.

FINANCIALS

The Group recorded a comprehensive loss of £14.7 million in the year ended 31 December 2017 (2016: £8.7 million), with shareholder funds as at 31 December of £28.7 million (2016: £34.0 million).

Cash and cash equivalents at the year-end were £56,479 (2016: £1,448,524), although these year-end figures do not take into account the post period financing agreements referred to above which have improved the liquidity of the Company.

In February 2018, the Group raised additional equity of £20.9 million through subscriptions, placings and the conversion of debt.  As detailed in a circular dated 22 December 2017, included in this was a subscription for £13.5 million by Yantai CIPU.    

In addition to this, the Group entered into an exclusive distribution agreement with Yantai CIPU to market and sell Advanced Oncotherapy’s LIGHT system across China, Macau, Taiwan, Hong-Kong and South Korea. Under the agreement, Yantai CIPU made a payment of £16.5 million to the Group, of which the final £10 million have been received in May 2018, completing the total £30 million investment from Yantai Cipu.                

Finally, the Group announced in May 2018 that it repaid all the loan made to the Company by Henslow Trading Limited. As a result, all the assets of the Group are now free of any security arrangement. 

SCIENTIFIC AND OPERATIONAL EXPERTISE

We have worked hard this year to ensure that we had the best scientific and operational expertise at a Board level to aid us in our dual focus of completing the technological development of the LIGHT system and developing channels for future commercial roll-out of our technology.

During the year we appointed three Non-Executive Directors who bring considerable experience and expertise to our Board: Professor Steve Myers’ who is also Executive Chairman of our fully owned subsidiary, ADAM S.A., held previous roles as Director of Accelerators and Technology at CERN; Hans von Celsing, who has considerable experience in the business development of both radiation and proton therapy companies; and Dr. Nick Plowman a key opinion leader in radiation oncology technology and clinical oncologist at St Bartholomew’s Hospital and Great Ormond Street Hospital. 

In addition, the senior management team was reinforced by Ed Lee, who joined as Chief Operating Officer. Ed joined from Optivus Proton Therapy at Loma Linda University, site of the world’s first and longest running commercial proton therapy centre. Dr. Jonathan Farr also joined us from the St Jude Children’s Research Hospital, a world-renowned institution in paediatric oncology, as Director of Medical Physics. 

OUTLOOK

We know that there are millions of patients worldwide who could potentially benefit from, and deserve to have, access to the very best affordable, precision adaptive proton therapy technology. We believe strongly that it is unacceptable that they should have to settle for less than that.

We believe we are ideally placed to address this need given the LIGHT system’s modularity and linear design which lends itself naturally to mass production, shorter manufacturing lead times, easier installation/commissioning and a technology that not just offers significant cost advantages, but clinical advantages too.

The technological development of our LIGHT system remains on-track and we continue to proceed with a significantly reduced overall technology risk profile. Similarly work at Harley Street remains on schedule and with additional funding through our licence agreement with Yantai CIPU and the equity fundraise in which they and other investors participated we enter into the new financial year from a strong position.

In 2018 we expect to produce a beam capable of treating superficial tumours by the end of Q3 2018. The Board remain confident that we can deliver to these timescales. On behalf of the Board, we would like to thank all of our shareholders for their continued support and belief, and we look forward to further success ahead.

 

Dr Michael Sinclair

Nicolas Serandour

Executive Chairman

Chief Executive Officer

Consolidated statement of profit or loss and other comprehensive income

Group

Group

For the year ended 31 December 2017 – Financials in £

2017

2016

Revenue

                          –  

                               –  

Cost of sales

                          –  

                               –  

Gross profit

                          –  

                               –  

Administrative expenses

(14,492,595)

(13,087,307)

Operating loss

(14,492,595)

(13,087,307)

Finance income

                               –  

9,045

Finance costs

(1,994,891)

(106,338)

Loss on ordinary activities before taxation

(16,487,486)

(13,184,600)

Taxation

2,827,115

2,818,050

Loss after taxation from continuing operations

(13,660,371)

(10,366,550)

Profit/(Loss) for the year from discontinued operations

                          –  

22,100

Loss after discontinued operations

(13,660,371)

(10,344,450)

Loss for the period

Equity of shareholders of the parent company

(13,660,371)

(10,346,660)

Non-controlling interests

                          –  

2,210

(13,660,371)

(10,344,450)

Other comprehensive income

Items that will not be subsequently reclassified to profit or loss:

Exchange differences on translation of foreign operations

(1,065,130)

1,608,705

Total comprehensive loss for the year net of tax

(14,725,501)

(8,735,745)

Total comprehensive loss attributable to:

Equity of shareholders of the parent company

(14,725,501)

(8,737,955)

Non-controlling interests

                         –  

2,210

(14,725,501)

(8,735,745)

Loss per ordinary share

Basic and diluted

Continuing operations

(17.55)p

(17.05)p

Discontinued operations

0.00p

0.04p

(17.55)p

(17.01)p

Weighted average number of shares (000’s)

77,832

60,799

Consolidated statement of financial position

Group

Group

As at 31 December 2017- Financials in £

2017

2016

Non-current assets

Intangible assets

30,569,979

23,355,065

Property, plant and equipment

1,180,937

1,464,264

Investment property

310,000

310,000

Trade and other receivables

838,887

                     –  

32,899,803

25,129,329

Current Assets

Trade and other receivables

1,964,792

506,963

Corporation tax R&D refund

2,850,000

3,148,006

Cash and cash equivalents

56,479

1,448,524

Inventories

7,629,292

7,437,508

12,500,563

12,541,001

Total assets

45,400,366

37,670,330

Current liabilities

Trade and other payables

(7,491,290)

(3,134,314)

Borrowings

(9,247,218)

(543,250)

(16,738,508)

(3,677,564)

Non-current liabilities

Borrowings

                     –  

                     –  

Deferred tax

                     –  

                     –  

                     –  

                     –  

Total liabilities

(16,738,508)

(3,677,564)

Net assets

28,661,858

33,992,766

Equity

Share capital

20,233,799

18,116,946

Share premium reserve

43,259,389

43,117,741

Share option reserve

5,743,609

4,258,148

Reverse acquisition reserve

11,038,204

11,038,204

Loan note conversion reserve

5,650,631

                     –  

Exchange movements reserve

460,410

1,525,539

Accumulated losses

(57,724,185)

(44,063,813)

Equity attributable to shareholders of the Parent Company

28,661,858

33,992,766

Non-controlling interests

                     –  

                     –  

Total equity funds

28,661,858

33,992,766

Compact, modular and easy to install: While other systems come in one size, LIGHT can be customised due to its modularity. This offers clinics an opportunity to expand their offering to other rooms and / or to increase system strength step by step as clinical needs develop. The fact that new modules can be added to increase output energy at any point reduces the commitment by healthcare providers to high upfront costs for systems that may not be fully utilised;

Precision: LIGHT’s proton beam can be moved very rapidly, allowing for more accurate temporal and spatial targeting of moving tumours. Furthermore, spot scanning allows a more conformal dose that can be altered to meet individual needs, and beam energy can be adjusted at source, requiring no absorbers or energy reduction devices. This is a unique feature of linear accelerators such as LIGHT and cannot be achieved with commercially available systems;

 

Consolidated statement of cash flows

For the year ended 31 December 2017 – Financials in £

2017

2016

Continued

Discontinued

Group

Continued

Discontinued

Group

Cash flow from operating activities

Loss after taxation

(13,660,371)

                    –  

(13,660,371)

(10,366,550)

22,100

(10,344,450)

Adjustments:

Taxation

(2,827,115)

                    –  

(2,827,115)

(2,818,050)

                    –  

(2,818,050)

Finance costs

1,994,891

                    –  

1,994,891

106,338

                    –  

106,338

Finance income

                     –  

                    –  

                   –  

(9,045)

                    –  

(9,045)

Depreciation

365,470

                    –  

365,470

345,371

                    –  

345,371

Share based payments

1,543,961

                    –  

1,543,961

1,909,871

                    –  

1,909,871

Cash flows from operations before  changes in working capital

(12,583,163)

                    –  

(12,583,163)

(10,832,065)

22,100

(10,809,965)

Changes in inventories

(191,784)

                    –  

(191,784)

(3,019,219)

                    –  

(3,019,219)

Property deposits made

(838,887)

                    –  

(838,887)

                   –  

                    –  

                     –  

Change in trade and other receivables

(2,139,752)

                    –  

(2,139,752)

14,770

                    –  

14,770

Change in trade and other payables

4,341,687

(8,530)

4,333,157

662,213

14,912

677,125

Cash (used) / generated from operations

(11,411,899)

(8,530)

(11,420,429)

(13,174,302)

37,012

(13,137,290)

Interest paid

(568,667)

                    –  

(568,667)

(246,550)

                    –  

(246,550)

Convertible loan costs paid

(721,327)

                    –  

(721,327)

                   –  

                    –  

                     –  

Corporation Tax Receipt

3,125,121

                    –  

3,125,121

2,454,268

                    –  

2,454,268

Cash flows from operating activities

(9,576,772)

(8,530)

(9,585,302)

(10,966,583)

37,012

(10,929,571)

Capital expenditure on intangible assets

(8,437,115)

                    –  

(8,437,115)

(8,908,411)

                    –  

(8,908,411)

Purchase of buildings plant and equipment

(123,597)

                    –  

(123,597)

(770,339)

                    –  

(770,339)

Interest received

                     –  

                    –  

                   –  

16,713

                    –   

16,713

Cash flows from investment activities

(8,560,712)

                    –  

(8,560,712)

(9,662,037)

                    –  

(9,662,037)

Cash flows from financing activities:

Equity share capital raised

250,000

                    –  

250,000

13,538,747

                    –  

13,538,747

Convertible loans

7,800,000

                    –  

7,800,000

                   –  

                    –  

                     –  

Other short term loans

8,703,968

                    –  

8,703,968

(456,750)

                    –  

(456,750)

Intra Group Cash Transfers

(9,163)

9,163

                   –  

19,991

(19,991)

                     –  

Cash flows from financing activities

16,744,805

9,163

16,753,968

13,101,988

(19,991)

13,081,997

Increase/(decrease) in cash and cash equivalents

(1,392,679)

633

(1,392,045)

(7,526,633)

17,021

(7,509,612)

Cash and cash equivalents at  01 January 2017

1,431,502

17,021

1,448,524

8,958,135

                    –  

8,958,135

Cash and cash equivalents at  31 December 2017

38,824

17,654

56,479

1,431,502

17,021

1,448,524

 

The annual report for the year ended 31 December 2017 will be available from the Company’s website at www.advancedoncotherapy.com and will shortly be posted to shareholders together with a notice of Annual General Meeting to be held at 2:30pm on Wednesday, 25 July 2017 at the Royal Society of Medicine, 1 Wimpole Street, London W1G 0AE.

Radiation for Mesothelioma: Could Proton Therapy Be the Answer? – Advanced Oncotherapy #AVO

Researchers at the Maryland Proton Therapy Treatment Center say that a highly-targeted version of proton beam radiation could be the future of radiotherapy for malignant plural mesothelioma.

Advanced Oncotherapy #AVO, is developing a unique, fully integrated, proton therapy system. The LIGHT System is expected to be the first commercially available linear proton accelerator for medical treatment of cancer patients.

Link to the full Directors Talk article at the link below.

Advanced Oncotherapy #AVO – Update on Financing

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that the Company has received £10 million from Yantai Cipu, through its affiliated entity Liquid Harmony, in relation to the balance of payments due under the Distribution Agreement announced on 7 December 2017. This completes the £30 million investment from Yantai Cipu.

In addition, the Company announces that further to previous announcements regarding the Bracknor funding facility, all outstanding Convertible Loan Notes (“CLN”) owned by Bracknor are being converted into new ordinary shares of 25p issued (“Ordinary Shares”) at a price of 46p. As part of this transaction, 5,127,560 Ordinary Shares are being issued as a result of the conversion and the satisfaction of the payment of conversion fee and commitment fees (the “Conversion”). The new Ordinary Shares will be immediately transferred to a third party investor called M3T PTE Ltd. M3T PTE Ltd is a Special Purpose Vehicle created by a Singaporean Family Office to hold these Ordinary Shares. As a result, Bracknor no longer holds CLN relating to the Company.

Application will be made for admission to trading on AIM (“Admission”) of the 5,127,560 new Ordinary Shares deriving from the Conversion and it is expected that Admission will occur on or around 5 June 2018.

 

Total voting rights

Following Admission, the Company’s enlarged issued share capital will comprise 155,629,233 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 155,629,233. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: “Today’s announcement is a further important step forward in strengthening our balance sheet position. With the completion of our financing arrangement with Yantai Cipu and the placing of the remaining shares due to Bracknor in the hand of a long-term shareholder, we are progressing steadily with our plans of setting our business onto a sustainable path for profitable growth. I want to thank Bracknor for their support since last summer and welcome M3T PTE Ltd as a new shareholder of the Company.

 

For further information, please contact:

 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO

Stockdale Securities (Nomad & Joint Broker)

Antonio Bossi / Ed Thomas

Tel: +44 20 7601 6100

Stifel Nicolaus Europe (Joint Broker)

Jonathan Senior

Tel: +44 20 7710 7600

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT’s compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as lower treatment-related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

Advanced Oncotherapy #AVO – Successful testing supports the superior clinical outcomes of LIGHT

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, provides the following technological update.

The LIGHT system has been designed to electronically control the fast delivery of protons to the tumour site. This unique ability provides the opportunity to alter the exact amount of radiation that is given to every part of the tumour in a few micro-seconds. This feature is invaluable for accurate tumour targeting and side-effect minimisation, particularly in the case of moving targets. As part of its testing and regulatory plan, the Company has developed a Time-of-Flight measurement system which measures the speed of the beam; this allows the system to measure the energy of each proton pulse, which is a very important clinical parameter.

TOF testing of beam energy control and adjustment has proved to be successful with real-time results demonstrating remarkably good agreement with computer simulations. The accurate evaluation of the beam energy requires measurement of time differences to picosecond precision (a picosecond being the time it takes light to travel one third of a millimetre).

In the meantime, the Company continues to make significant progress with power testing of the Side Coupled Drift Tube Linac integrated with the Radiofrequency Quadrupole and proton source. With much of the technological development now de-risked, the Company is on target to have a system capable of treating superficial tumours by the end of Q3 2018. 

Jonathan Farr, Director of Medical Physics at Advanced Oncotherapy, said: “Proton therapy is a high precision patient treatment. In proton therapy, the beam energy determines the depth of dose deposition in the patient. Because of the protons stopping in the patient’s body during treatment, we would like to know the proton beam energy at the instant it is delivered. The new Advanced Oncotherapy Time-of-Flight on-line energy measurement feature gives us the ability to do just that. I consider it to be a real advancement from previous and existing systems on the market and a key building block in offering more versatile treatments with the potential for significantly improved clinical outcomes.”

For further information, please contact: 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO

Stockdale Securities (Nomad & Joint Broker)

Antonio Bossi / Ed Thomas

Tel: +44 20 7601 6100

Stifel Nicolaus Europe (Joint Broker)

Jonathan Senior / Ben Maddison

Tel: +44 20 7710 7600

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

 

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT’s compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as lower treatment related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

Beams of Life: Mega in conversation with Professor Stephen Myers OBE

Proton therapy is a new way of beating cancer, with fewer side effects than conventional radiation treatments, explains Stephen Myers, a pioneering nuclear medicine scientist.

Professor Stephen Myers OBE – Physicist, proton therapy specialist at ADAM

Find the original article here

Advanced Oncotherapy #AVO receives first part of Yantai distribution agreement payment

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that further to the Company’s announcement of 3 April 2018, the Company has received from Yantai Cipu, through its affiliated entity Liquid Harmony, £6.5 million as the first payment relating to the Distribution Agreement announced on 7 December 2017. The Company has been advised by Liquid Harmony that the balance of £10.0 million will be received in the coming weeks.

The proceeds from the above payment will be used towards the repayment of the loan made to the Company by Blackfinch Investment Ltd through its subsidiary Henslow Trading Limited, for a total aggregate nominal value, including interest, of £6.7 million.

In addition, the Company and Blackfinch have agreed to set at 70p the exercise price of the batch of 1,000,000 warrants issued by the Company to Blackfinch on 24 March 2017 in relation to the Loan.

After repayment of the Loan by the Company, Blackfinch has agreed to release the security it held on the Company’s lease for 141-143, Harley Street and on certain other equipment of the Company. All the assets of the Company are now free of any security arrangement.

Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: “We appreciate the flexibility demonstrated by Blackfinch who extended the maturity of the Loan on the same terms. We have been impressed by their seriousness in understanding our technology.”

For further information, please contact: 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO

Stockdale Securities (Nomad & Joint Broker)

Antonio Bossi / Ed Thomas

Tel: +44 20 7601 6100

Stifel Nicolaus Europe (Joint Broker)

Jonathan Senior

Tel: +44 20 7710 7600

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT’s compact configuration delivers proton beams in a way that facilitates greater precision and electronic control. 

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as lower treatment-related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

Maintaining positive attitude helps Jupiter’s Gavin Snowhite beat cancer – TCPalm

Article by TCPalm.

Click here for video

Gavin Snowhite is currently undergoing five rounds of chemotherapy, which will be followed by proton radiation therapy at Miami Cancer Institute.

“Before cancer I didn’t know what I wanted to be when I grew up. Now I think something in the field of oncology would be a cool option because I have so much experience with it.”  

 Gavin Snowhite, 13 years old, Stage 4 Hodgkins Lymphoma.

Gavin wasn’t feeling well and didn’t want to get out of bed

In November 2017, Gavin Snowhite of Jupiter just wasn’t feeling well and didn’t want to get out of bed, which was completely uncharacteristic for the active teenager who enjoys horseback riding, fishing, paddleboarding, biking, and lacrosse.

Physicians initially diagnosed him with anemia and later that month changed his diagnosis to Epstein Barr.

The Centers for Disease Control and Prevention explain Epstein Barr Virus (EBV), also known as human herpesvirus 4, is a member of the herpes virus family.

“It is one of the most common human viruses. EBV is found all over the world. Most people get infected with EBV at some point in their lives. EBV spreads most commonly through bodily fluids, primarily saliva. EBV can cause infectious mononucleosis, also called mono, and other illnesses.”

Ultrasound came back abnormal

Symptoms of Epstein Barr Virus include fatigue, fever, inflamed throat, swollen lymph nodes in the neck, enlarged spleen, swollen liver and rash, many of which Gavin was experiencing.

At his last doctors visit, “both physicians said his spleen was enlarged and they weren’t really concerned which gave us some comfort,”  according to Gavin’s mother Melanie Snowhite,

“They pulled out the Physicians Desk Reference and said an enlarged spleen was totally normal with mono.  Thankfully they did err on the side of caution and ordered an ultrasound which came back abnormal.  We consulted with Dr. Nayf Edrees, a pediatric oncologist, who upon seeing Gavin’s results immediately sent us to St. Mary’s Emergency Room.”

Gavin was subsequently admitted for 10 days prior to receiving a diagnosis of Stage 4 Hodgkins Lymphoma.

Mom thought her life was over

Melanie recalls thinking her life was over upon hearing her son’s diagnosis.

Due to the staging and severity of Gavin’s case, physicians suggested entering him into a research medication study where he would have a 50/50 chance of getting either the randomized trial medication or traditional chemotherapy.

Gavin is currently undergoing five rounds of chemotherapy, which will be followed by proton radiation therapy at Miami Cancer Institute.

This type of radiation therapy, according to Gavins father, Jake Snowhite, is state of the art and less invasive than traditional radiation therapy, but there are considerable possible long term side effects.

“All of the doctors have asserted the radiation treatment is necessary to beat this cancer.”  The proton radiation treatments will run Monday through Friday for four weeks and the family will need to establish a temporary home base closer to the treatment hospital.

A positive attitude

Maintaining a positive attitude is helping Gavin get through his cancer treatments and the drastic lifestyle changes he is enduring.

In Gavin’s words:

When you heard the diagnosis of cancer instead of mono, what was your first reaction?

“I had mixed emotions.

“I was definitely surprised but I knew I would get through it.  The doctors explained that they have newer treatments to target the Hodgkins cells that work better than traditional chemotherapy.”

How is cancer affecting your life?

“Chemo is not fun at all but I’ll get by.  The worst part is the nausea and I get really sick from it.  In May, I’ll start radiation and right now I can’t do as much as I used to but it’ll be back to normal in a month or two I’m sure.  My friends are giving me space and they care and check on me. Right now, I’m immune compromised so I can’t be around people as much, but my doctors and nurses are really super nice.”

“I can’t do anything outdoors like I love to. I have a horse named Ranger who is basically a big dog and super lovable. I miss riding him but I also have a fluffy rabbit that is almost therapeutic.  And there is a loggerhead turtle that was named after me.  They heard about me and named him Gavin.

“He was caught in a fisherman’s lines and is now getting rehabilitated at Loggerhead Marinelife Center. I went to see him and he was in a small pool and wasn’t feeling well but would stick his head out of the water every time he came around and looked at me. He is now in a bigger tank and scheduled to be released in a few months.  It’s pretty cool.”

What about school?

“I hated leaving school and going to virtual school. I really miss my friends. Virtual school took some adapting but it’s just not the same. There are no teachers there to interact with. I miss school a lot. All of my teachers were so super nice to me and I was in the gifted program.

“I’m hoping next year to get into the medical program at Jupiter High School but my application was withdrawn when I had to leave school, so I need to re-enroll.  I hope this doesn’t mess that up for me.”

Responding well ….

Gavin is responding really well to the treatment and, according to Melanie, his last PET scan showed there was no cancer left “which is amazing,” she said.

“Even the program directors and doctors are impressed at the success of his treatment so far.  His lymph nodes are still enlarged, as is his spleen and liver.  Hopefully  the last two rounds of chemo will continue to shrink his lymph nodes, spleen, liver and other masses.

“We continue to stay positive and support Gavin and his journey any way we can, and we thank everyone for their continued support and prayers.”

Article taken from TCPalm.

Brand Comms CEO Alan Green talks Salt Lake Potash #SO4 Advanced Oncotherapy #AVO & Volex #VLX

Alan Green CEO of Brand Communications talks about: Salt Lake Potash #SO4 Advanced Oncotherapy #AVO & Volex #VLX

(Interview starts at 26 minutes 46 seconds)

https://www.voxmarkets.co.uk/

Advanced Oncotherapy #AVO – UK Assembly and Testing Site Agreement

ADVANCED ONCOTHERAPY PLC

 UK assembly and testing site agreement

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that is has signed a lease with the UK Government’s Science and Technology Facilities Council (“STFC”) to establish a UK testing and assembly site for its next generation proton accelerator, “LIGHT”, at the STFC Daresbury Laboratory in Cheshire, home to the UK’s Accelerator Science and Technology Centre.

The STFC facility will become the testing and assembly site of the Company’s first fully operational LIGHT system. Building work will now begin to prepare the site to receive the LIGHT system components from June 2018 onwards. This site will then be used to assemble the first LIGHT system capable of accelerating protons to the full 230 MeV required for effective proton therapy treatment of deep seated tumours. The site will be used to complete the verification and validation of the LIGHT system ahead of its submission for regulatory approval, before it is relocated and installed at the first commercial site in Harley Street. As outlined to investors in March 2017, the Company is targeting first patient treatment at Harley Street for H2 2020.

The Company will maintain its testing facility at CERN, Geneva where it continues to advance its LIGHT system technological development.

Advantages of the STFC Daresbury facility

The agreement with STFC provides access to an established and certified facility supported by a strong reputation for the research, development and operation of future particle accelerators. The use of an existing high-tech site will provide advantages in both cost and timescale, but also provides additional risk diversification with an additional production facility option. 

STFC was an active partner in the initial installation of the Large Hadron Collider at CERN in Geneva, and further upgrades thereof. The Daresbury Laboratory is home to the Accelerator Science and Technology Centre (ASTeC) and Cockcroft Institute of Accelerator Science and Technology. It houses teams of scientists from STFC and the Universities of Lancaster, Liverpool, Manchester and Strathclyde carrying out research in accelerator science with applications across a range of disciplines.

Production manufacturing options

The Company is aiming at further streamlining the LIGHT system production process. AVO and Thales are in discussion to assess their options for a future collaboration on the industrialization of the machine and supply chain strategy. Also, the opportunity exists to scale up the manufacturing infrastructure through the set-up of additional production sites.

Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: “Our agreement with the Science and Technology Facilities Council is an important step towards the construction of our first fully operational LIGHT system, to be constructed within the UK’s accelerator research and innovation hub. Having a facility with established infrastructure, a certified site and a huge wealth of shared knowledge in the area of accelerators allows us to quickly move forward the construction of the first commercial LIGHT system in a cost-effective way.

“Our Geneva testing facility will see the acceleration of protons to energies capable of treating superficial tumours by the end of Q3 this year and, using the detailed results from that process, we will construct our first fully operational system at the STFC Daresbury Laboratory. I am particularly pleased that a technology that will be available first in the very heart of London’s renowned Harley Street medical district will be constructed in the heart of the UK’s foremost centre for advanced particle acceleration innovation.”

Professor Susan Smith, Head of STFC’s Daresbury Laboratory, said: “Working with Advanced Oncotherapy in the construction of their first fully operational proton therapy test centre for the UK here at STFC is fantastically exciting, and a true recognition of our world-leading skills and experience in this area.  At STFC we are committed to developing accelerator technology and expertise to address the world’s key challenges, as well as to helping businesses innovate to the benefit of our society and our economy.  The opportunity to work with Advanced Oncotherapy is a shining example of how the public sector can work with industry towards game-changing technologies that will have a huge impact on people’s lives.  It also demonstrates the potential and value to the UK industry of the UK’s membership into major international research facilities, including CERN.” 

For further information, please contact:

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO

Stockdale Securities (Nomad & Joint Broker)

Antonio Bossi / Ed Thomas

Tel: +44 20 7601 6100

Stifel Nicolaus Europe (Joint Broker)

Jonathan Senior

Tel: +44 20 7710 7600

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

 

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (“LIGHT”). LIGHT’s compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.

 

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as lower treatment related side effects.

 

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

 

This information is provided by RNS
The company news service from the London Stock Exchange

Dad of two claims pioneering treatment in Prague saved his life – Irish Mirror

By the Irish Mirror

The 64-year-old, from Kinsale, Co Cork has ‘never looked back’

An engineer who was diagnosed with prostate cancer claims pioneering treatment abroad saved his life.

Eamon Jackson flew 1,000 miles to Prague for proton beam therapy and is now free of the disease.

Dad-of-two Eamon monitored his PSA levels – a test which measures the amount of prostate specific antigen in the blood. A normal PSA reading for a man of his age is around three and Eamon’s was 27.

He said: “I had no other symptoms apart from my high PSA level, so the diagnosis did come as a shock.

“There was nothing else to suggest I had cancer at all.”

Eamon went against the advice of specialists here and opted to visit the Czech Republic’s Proton Therapy Center.

The treatment targets cancerous cells while sparing surrounding organs and tissue. But the treatment is not available here.

He said: “My doctor in Ireland advised me not to go for it. His attitude was to see what happened. I told him I was going to have it done.”

Eamon is among 3,500 Irish men diagnosed with prostate cancer every year.

Prague’s Proton Centre has seen the number of from Ireland and the UK patients double in a year thanks to the “Aysha King” effect.

The schoolboy made headlines around the world in 2014 after he was treated there for a rare brain tumour
and has made a remarkable recovery.

Dr Jiri Kubes, medical director of the Proton Therapy Center in Prague, said: “We are seeing a growing number of patients from Ireland who determined to seek other options for treatment.”

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