Home » Advanced Oncotherapy (AVO) » Advanced Oncotherapy announces the disposal of Oncotherapy Resources Ltd

Advanced Oncotherapy announces the disposal of Oncotherapy Resources Ltd

AVO1Advanced Oncotherapy announces that it has disposed of its subsidiary, Oncotherapy Resources Ltd (“ORL”), for a total cash consideration of £100,000. An initial cash payment of £75,000 has been received with the remainder to be paid on the first anniversary of the disposal.

ORL focuses on supplying a fully mobile managed service delivering electronic brachytherapy throughout the UK and Ireland for a range of clinical conditions, but most notably breast cancer and colorectal cancer. The business has been purchased by Xstrahl, a designer and manufacturer of X-Ray therapy systems for use in the treatment of cancer and dermatological disorders, as well as a pioneer in the development of X-Ray systems for pre-clinical radiation biology research.

In 2014 Advanced Oncotherapy announced that it would re-focus resources solely on the development of its Proton Therapy technology, beginning a review of strategic options for this subsidiary. For the year ended 31 December 2014 ORL recorded revenues of £106,378 and a loss on ordinary activities before taxation of £599,883.

Sanjeev Pandya, CEO of Advanced Oncotherapy, commented: “Last year, we made a decision to reorganise the business around our proton therapy system. The disposal of ORL is an important part of this refocussing and the disposal of the Folkestone property will mark the final stage of this process. “We have made considerable progress in the development of the LIGHT system since this decision was made: we have secured substantial financial support from our investors, made additional commercial sales, signed an operational agreement for our Harley Street site and made the extensive technical advances needed to ensure the successful deployment of our first LIGHT system. I am very pleased with the progress of the business and look forward to providing further updates.”

For further information:

Advanced Oncotherapy Plc


Sanjeev Pandya, CEO

Tel: +44 20 3617 8728

Nicolas Serandour, CFO

Westhouse Securities (Nomad & Joint Broker)

Antonio Bossi / David Coaten

Tel: +44 20 7601 6100

Beaufort Securities (Joint Broker)

Jon Levinson / Elliot Hance

Tel: +44 20 7382 8300

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


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