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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.

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 – Notice of General Meeting

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that a circular convening the Company’s General Meeting to be held at the Royal Institute of British Architects, 66 Portland Place, London W1B 1AD at 10:00am on Tuesday, 23 January 2018, in relation to the transactions announced on 7 December 2017 has been posted to the shareholders of the Company.

Some of the details of the Conversion and the Placing, including the number of shares to be issued thereof, have changed marginally. The full terms of the Conversion and the Placing are set out in the Chairman’s Letter included in the Circular, the full text of which is set out at the end of this document.

Capitalised terms used in this announcement but not defined have the same meaning as in the Circular which has been posted to shareholders. 

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.

 

LETTER FROM THE CHAIRMAN

Advanced Oncotherapy plc

(Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 5564418)

Directors

Dr Michael Sinclair, Executive Chairman

Michael Bradfield, Non-executive Director

Hans von Celsing, Non-executive Director

Prof. Stephen Myers, Non-executive Director, Executive Chairman of ADAM

Prof. Chris Nutting, Non-executive Director

Sanjeev Pandya, EVP, Global Business Development

Dr Nicholas Plowman, Non-executive Director

Nicolas Sérandour, Chief Executive Officer

Dr Euan Thomson, Non-executive Director

Dr Enrico Vanni, Non-executive Director

22 December 2017

Dear Shareholder,

Proposed Authority to Allot Shares and Disapply Pre-emption Rights

Notice of General Meeting

1.       Background

The Company announced on 7 December 2017 that it had entered into an exclusive distribution agreement pursuant to which Yantai Cipu was appointed as AVO’s exclusive distributor to import, market and distribute proton therapy products manufactured by AVO and its affiliates, including the Company’s LIGHT systems , on an exclusive basis across China, Macau, Taiwan, Hong-Kong and South Korea.

Pursuant to the terms of the Distribution Agreement, Yantai Cipu has agreed to pay to the Company an initial licence fee of £16,500,000 on Admission.

Yantai Cipu has also agreed to invest £13,500,000 in the Company by subscribing for 45 million Ordinary Shares in AVO at a price of £0.30 per share.  The Subscription is subject to several conditions, including Resolution 1 being approved by Shareholders at the General Meeting and the receipt of Government Approval for the transfer of the Subscription Monies from China. Further details of the terms of the Subscription Agreement are set out in section 1 of Part II of this circular. 

As the Company announced on 7 December 2017, it has raised a further £3,260,635 by a conditional placing of 10,868,782 new Ordinary Shares at the Subscription Price, such Placing being conditional upon the passing of Resolution 1 and completion of the Subscription. Executive Directors Dr. Michael Sinclair, Prof. Stephen Myers, Nicolas Sérandour, and Non-Executive Directors Dr. Enrico Vanni and Dr. Nicholas Plowman have agreed to participate in the Placing by subscribing, in aggregate, for 4,279,050 Ordinary Shares at the Subscription Price, representing £1,283,715 of the total amount raised.

Finally, conditional upon completion of the Placing and the Subscription, the Lenders have agreed to accept 13,697,697 new Ordinary Shares in full settlement of the Loan.  Interest accruing on the principal amount of the Loan between 1 January 2018 and Admission will be settled by the Company in cash.

The purpose of this circular is to explain the background to the Transactions and why the Board believes them to be in the best interests of the Shareholders as a whole and recommends that you vote in favour of the Resolutions.

Following completion of the Transactions, the total number of Ordinary Shares in issue will be 150,501,673 (assuming no conversion by third parties of existing rights to acquire Ordinary Shares) and Yantai Cipu will hold 29.90% of the enlarged issued share capital of the Company.

Pursuant to the terms of the Distribution Agreement, the Company has also agreed to issue to Yantai Cipu 500,000 Warrants to subscribe for Ordinary Shares in respect of each binding purchase agreement for the sale of a LIGHT system in the Territories, up to a maximum of eleven purchase agreements.  The Warrants will be exercisable for five years after the date of issue at an exercise price equal to 130% of the one-month average share price prevailing on the date of final payment for each relevant LIGHT system.

In order to ensure the Company can carry on operations independently of Yantai Cipu and that transactions entered into between Yantai Cipu or its associates and the Company will be on arm’s length terms and on a normal commercial basis, the Company has entered into an agreement which will regulate the relationship between Yantai Cipu and the Company, if and for so long as Yantai Cipu exercises Control (the “Relationship Agreement”). 

Pursuant to the terms of the Relationship Agreement, for so long as Yantai Cipu is entitled to exercise, or control the exercise of, more than 20% of the voting rights attaching to the Ordinary Shares in issue from time to time, Yantai Cipu will be entitled to appoint to the Board such number of non-executive directors as equals the same percentage of all Directors as its percentage ownership of Ordinary Shares, rounded down to the nearest whole number.  Accordingly, if the Subscription becomes unconditional, Yantai Cipu shall be entitled to appoint two non-executive directors to the Board from Admission.  Subject to completion of the requisite due diligence procedures for the appointment of directors to the board of an AIM company and to the approval of the Company’s Nominated Adviser (which is a requirement of any such appointment), it is expected that Mrs. Zhang RenHua and Mr. Chunlin Han will join the Board of AVO.  A further announcement regarding these appointments will be made in due course.

Shareholders should be aware that the funds committed by Yantai Cipu are not currently in the United Kingdom and the receipt of these funds is subject to approval from the Government of the People’s Republic of China for the transfer of the Subscription Monies to the United Kingdom. If such approval is not obtained by the Long Stop Date (subject to extension only as the result of a Force Majeure Event, as further described in section 1 of Part II of this circular), then the Transactions will not proceed.

A summary of the key terms of the Subscription Agreement, the Distribution Agreement and the Relationship Agreement is set out in Part II of this circular. 

2.       Rationale and Use of Proceeds

As part of its strategy to deliver an affordable proton therapy system that addresses the needs of patients, operators and payors, AVO has long recognised that the People’s Republic of China represents a significant opportunity for the Company with its potential need for a significant number of proton therapy centres.  Accordingly, the Board determined that finding a cornerstone investor with relevant local experience would be an important step for the Company.  The Company is therefore delighted to be partnering with Yantai Cipu as the exclusive distributor of the LIGHT system in the Territories. The Subscription is consistent with AVO’s strategy of focussing its resources on the technological development of the first LIGHT system and seeking to establish partnerships with businesses that have good market access and relevant expertise in their own geographies. Together, the Company and Yantai Cipu intend to explore opportunities to manufacture parts of the LIGHT system in the Territories and the Board believes the Company will benefit greatly from the knowledge and contacts of the Han family, who ultimately owns Yantai Cipu.

In due course, the Board is confident that there will be high demand for the Company’s products in the Territories, particularly as high-performance medical equipment has been listed as one of the areas to receive support in the People’s Republic of China’s 13th Five-Year Plan for Economic and Social Development (2016-20).

In addition to providing local knowledge and contacts, Yantai Cipu is making a significant equity investment in the Company.  In association with Yantai Cipu’s Subscription, other investors have agreed to subscribe for 10,868,782 million Ordinary Shares at the Subscription Price to raise a total from the Subscription and the Placing of £16,760,635, before expenses.  Conditional upon completion of the Subscription and the Placing, the Lenders have agreed to accept repayment of the Loan in return for the issue to them of the Conversion Shares, thereby reducing the Company’s debt.

It was important to the Board that the dilution of existing shareholders was limited and for this reason the agreement with Yantai Cipu was structured in such a way that the Company will benefit from an additional non-dilutive source of funding in the form of the £16,500,000 Initial Licence Fee.

The participations by Yantai Cipu and other investors (including certain Directors) in the Subscription and the Placing, and their resulting holdings in the enlarged share capital of the Company on Admission, will be as follows:

 

Investment

Number of Ordinary

Shares for which subscribing at the Subscription Price

Number of Ordinary

Shares held on Admission

 Percentage of enlarged share capital held after completion of the Transactions

Yantai Cipu

£ 13,500,000

45,000,000

45,000,000

29.9%

Dr Michael Sinclair, Executive Chairman

£ 500,000

1,666,667

6,594,896

4.4%

Mr Nicolas Serandour, CEO

£ 500,000

1,666,667

1,760,467

1.2%

Prof Stephen Myers, Executive Chairman of ADAM

£ 100,000

333,333

783,902

0.5%

Dr. Enrico Vanni, NED

£ 137,500

458,333

1,682,279

1.1%

Dr. Nicholas Plowman, NED

£ 46,215

154,050

3,624,182

2.4%

Other investors

£ 1,976,920

6,589,732

7,215,107

4.8%

Total

£ 16,760,635

55,868,782

66,660,833

44.3%

 

Following Conversion of the Loan, the Lenders will hold, in aggregate, 19,129,291 Ordinary Shares, representing 12.7% of the enlarged share capital of the Company on Admission, and 15,600,000 warrants to subscribe for Ordinary Shares.

A total of 150,501,673 Ordinary Shares will be issued pursuant to the Transactions.  In addition, pursuant to the terms of the Distribution Agreement, Yantai Cipu will be potentially entitled to receive Warrants to subscribe for up to 5,500,000 Ordinary Shares on the terms summarised in section 3 of Part II of this circular.

The Directors believe that the Transactions provide the funding foundations necessary to allow the Company to focus on making its proton therapy technology available to patients around the world. These funds will allow the Company to progress towards production and installation of its first LIGHT system in Harley Street, London, and will also be allocated for general working capital purposes. 

3.       General Meeting and Resolutions

The Board is seeking shareholder authority for the issue of equity securities in relation to the Transactions and additional authority for general use.

At the end of this document is a notice convening the General Meeting to be held at the Royal Institute of British Architects, 66 Portland Place, London W1B 1AD on Tuesday, 23 January 2018 at 10.00 a.m. at which the Resolutions will be proposed.

Resolution 1 provides authority to the Board, pursuant to sections 551 and 570 of the Companies Act 2006, to allot the Subscription Shares, the Placing Shares, the Conversion Shares and the Warrants. In the event that Resolution 1 is not passed, the Transactions will not proceed.

Resolutions 2 and 3 provide additional authority to the Board, pursuant to sections 551 and 570 of the Companies Act 2006, to allot Ordinary Shares and grant rights to subscribe for such shares.

Resolution 2 will permit the issue of Ordinary Shares pro rata to existing Shareholders and the issue of Ordinary Shares otherwise than to existing Shareholders for non-cash consideration.  The number of Ordinary Shares that may be issued pursuant to the authority in Resolution 2(b) will be limited to such number of Ordinary Shares as has an aggregate nominal value of £7,525,083.50, which equates to approximately 20% of the Company’s enlarged issued share capital on Admission. This authority will expire at the conclusion of the Annual General Meeting of the Company to be held in 2018, unless previously renewed, varied or revoked by the Company in general meeting.

Resolution 3 disapplies pre-emption rights in relation to the issue of Ordinary Shares under the authority granted by Resolution 2(b) such that such shares can be offered other than pro rata to existing Shareholders. The number of Ordinary Shares that may be issued pursuant to this authority will be limited to such number of Ordinary Shares as has an aggregate nominal value of £5,643.812.50, which equates to approximately 15% of the Company’s enlarged issued share capital on Admission. The authority granted under Resolution 3 will also expire at the conclusion of the Annual General Meeting of the Company to be held in 2018, unless previously renewed, varied or revoked by the Company in general meeting. 

The authorities sought at the General Meeting will replace the general authorities granted by resolutions 2 and 3 passed at the general meeting of the Company held on 31 March 2017.  They will not, however, replace the authority granted in resolution 1 passed at that meeting, which approved the Bracknor facility announced by the Company on 22 February 2017.  As previously announced, however, the Company does not intend to draw down further funds under the Bracknor facility.  The new authorities are being sought specifically to allow the Company to complete the Transactions and to enable the Board to take advantage of future business opportunities as they arise. 

Application for Admission will only be made following the passing of Resolution 1 at the General Meeting and receipt of Government Approval for the transfer of the Subscription Monies. 

4.       Action to be taken by Shareholders

A Form of Proxy for use by Shareholders in connection with the General Meeting is enclosed. Shareholders are requested to complete and return the Form of Proxy in accordance with the instructions printed on to the Company’s Registrars, Link Asset Services, PXS, 34 Beckenham Road, Beckenham, Kent, BR3 4TU as soon as possible, but in any event no later than 10.00 a.m. on Sunday, 21 January 2018. 

CREST members may appoint proxies by using the CREST electronic proxy appointment service and transmitting a CREST Proxy Instruction in accordance with the procedures set out in the CREST Manual so that it is received by Link Asset Services (under CREST ID: RA10) by no later than 10.00 a.m. on Sunday, 21 January 2018. The time of receipt will be taken to be the time from which Link Asset Services is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. 

Completion and return of a Form of Proxy or transmitting a CREST Proxy Instruction will not prevent a Shareholder from attending the General Meeting and voting in person should he or she wish to do so. 

5.       Recommendation

Your Directors believe completion of the Transactions and approval of the Resolutions to be proposed at the General Meeting are in the best interests of the Company and its Shareholders as a whole. Accordingly, the Board recommends that you vote in favour of the Resolutions as the Directors who hold shares in the Company intend to do in respect of their own beneficial shareholdings amounting, in aggregate, to 17,523,348 existing Ordinary Shares, representing approximately 21.70% of the issued share capital of the Company at the date of this circular.

Yours faithfully 

Dr Michael Sinclair

Executive Chairman

Nicolas Serandour, CEO of Advanced Oncotherapy #AVO discusses Yantai deal & £37m equity investment with BRR Media

Nicolas Serandour, CEO of Advanced Oncotherapy, the developer of next-generation proton therapy systems for cancer treatment, announces that they have signed an exclusive distribution agreement with Yantai CIPU Medical Technology to market and sell Advanced Oncotherapy’s LIGHT system across China, Macau, Taiwan, Hong-Kong and South Korea. At the same time, the Company has secured £20.9 million of equity investments to fund the continuing technical development of its first LIGHT system and its installation at the Harley Street Proton Therapy Centre. Click on the BRR logo to listen.

Advanced Oncotherapy #AVO – Exclusive distribution agreement for China and other geographies & new equity investments for a total consideration of £37m

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that it has signed an exclusive distribution agreement with Yantai CIPU Medical Technology Co. Ltd. to market and sell Advanced Oncotherapy’s LIGHT system across China, Macau, Taiwan, Hong-Kong and South Korea. Under the agreement, Yantai CIPU will make a payment of £16.5 million to Advanced Oncotherapy.

At the same time, the Company has secured £20.9 million of equity investments to fund the continuing technical development of its first LIGHT system and its installation at the Harley Street Proton Therapy Centre.

Key highlights

  • Advanced Oncotherapy to raise a total £37.4 million of financing, of which £30.0 million from Yantai CIPU and £7.4 million from other investors;
  • Yantai CIPU to pay Advanced Oncotherapy £16.5 million to market and sell Advanced Oncotherapy’s LIGHT systems across China, Macau, Taiwan, Hong-Kong and South Korea;
  • Yantai CIPU to subscribe for 45 million shares at 30p, raising £13.5 million equity finance;
  • Other investors to subscribe for 24.6 millionshares at 30p, raising £7.4 million. These other investors include members of the Board, as well as the members of the consortium formed by AB Segulah who are converting the loan made to the Company in July 2017 and interests of a total of £4.1 million;
  • The subscription price of 30p per share represents a premium of 2% to the volume-weighted average share price of one month prior to 1 December 2017.

Distribution Agreement with Yantai CIPU

Yantai CIPU and the Company have entered into a distribution agreement whereby Yantai CIPU has been appointed as the exclusive distributor in the People’s Republic of China, Hong Kong, Macau, Taiwan and South Korea of the LIGHT system, the Company’s proprietary proton accelerator. As part of the distribution agreement, Yantai CIPU has agreed to pay Advanced Oncotherapy £16.5 million. The receipt of funds is subject to approval from the Government of the People’s Republic of China for the transfer of monies to the United Kingdom.

Having already identified eleven potential installation sites for the LIGHT system, Yantai CIPU and the Company have committed to a target of three installations over the first four years and the financing of ten further systems following the regulatory approval of the LIGHT system in China. Going forward, the Board remains confident that there will be a high demand for the product, particularly as 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).

As part of the distribution agreement, Advanced Oncotherapy will issue to Yantai CIPU 500,000 warrants to subscribe for Ordinary Shares pursuant to the terms of a warrant deed to be executed by the Company at the time of admission of the new Ordinary Shares as detailed below in respect of each binding purchase agreement for the sale of a LIGHT system up to a maximum of 11 purchase agreements. The Warrants are exercisable for five years after issuance at an exercise price equal to 130% of the one-month average share price prevailing on the date of the delivery of a LIGHT System.

About Yantai CIPU

Based in Yantai, China, Yantai CIPU invests in the health industry, including the field of high-end medical equipment companies, both in China and internationally. Yantai CIPU is ultimately owned by the Han family.

Equity Investment from Yantai CIPU

In addition, Advanced Oncotherapy has signed a subscription agreement with Yantai CIPU, whereby Yantai CIPU will subscribe for 45,000,000 ordinary shares of £0.25 each in the capital of Advanced Oncotherapy (“Ordinary Shares”) at a price of 30p per Ordinary Share (the “Subscription Shares”), providing gross funds of £13,500,000. Shareholders should be aware that these funds are not currently in the UK and the receipt of these funds and of the funds under the Distribution Agreement is subject to approval from the Government of the People’s Republic of China for the transfer of monies to the United Kingdom.

In addition, the Equity Investment by Yantai CIPU is subject to the approval of the Advanced Oncotherapy shareholders as set out below and to completion of customary due diligence in relation to a new substantial shareholder in an AIM quoted company.

It is expected that Mrs. Zhang RenHua and Mr. Chunlin Han, will join the Board of Advanced Oncotherapy following completion of the subscription by Yantai CIPU and completion of the requisite due diligence procedures for the appointment of directors to the board of an AIM quoted company. A further announcement regarding their appointment will be made in due course. The Board expects that the Company’s strategy for the LIGHT system’s commercial roll-out in Asia will benefit greatly from the Han family’s extensive knowledge and experience in this area. Together, the Company and Yantai CIPU intend to explore opportunities to manufacture parts of the LIGHT system in the region.

Additional Subscriptions

Conditional upon completion of the subscription by Yantai CIPU, certain existing or new shareholders in the Company have also agreed to subscribe for, and/or convert outstanding loans into, new Ordinary Shares.

This includes the consortium formed by AB Segulah, a significant shareholder of the Company, AFMS Radgivning Och Invest AB, Peter Gyllenhammar AB, Mijesi AB and Emendum AB, who are converting the loan made to the Company in July 2017 and interests of a total of £4.1 million into 13,555,617 Ordinary Shares (the “Conversion”).

Executive Directors Dr. Michael Sinclair, Pr. Stephen Myers, Nicolas Serandour, and Non-Executive Directors Henri Vanni, and Dr Nick Plowman have agreed to subscribe in total for 4,279,050 Ordinary Shares at a price of £0.30 per Ordinary Share, providing additional funds of £1,283,715.

The subscription by Yantai CIPU, the directors and other investors and the Conversion will be subject to shareholder approval for the authority to issue the relevant Ordinary Shares as set out in a Circular to be sent to shareholders shortly. Following completion of these transactions, the total number of shares in Advanced Oncotherapy will amount to 150,501,672. Yantai CIPU will hold 29.9% of the enlarged issued share capital of the Company.

The participations by Yantai CIPU, AB Segulah, other investors and certain directors in the transactions set out above and their resulting holdings in the enlarged share capital of the Company will be as follows:

Investment Number of newly subscribed shares Percentage of enlarged share capital held after completion of the transactions
Yantai CIPU £ 13,500,000 45,000,000 29.9%
Consortium led by AB Segulah (Loan Conversion) £ 4,066,685 13,555,617 12.6%
Dr Michael Sinclair, Executive Chairman £ 500,000 1,666,667 4.4%
Nicolas Serandour, CEO £ 500,000 1,666,667 1.2%
Prof Stephen Myers, Executive Chairman of ADAM £ 100,000 333,333 0.5%
Henri Vanni, NED £ 137,500 458,333 1.1%
Dr. Nick Plowman, NED £ 46,215 154,050 2.4%
Other investors £ 2,019,543 6,731,812 4.9%
Total £ 20,869,943 69,566,479  

Lancea LLP advised the Company on the Subscription and Distribution agreements made by Yantai CIPU.

Status of loan facility by Metric Capital Partners

Advanced Oncotherapy and Metric Capital Partners have confirmed their intention to continue to work towards the provision of a £24 million loan facility. Terms and conditions are being updated to reflect the developments since the initial announcement of the agreement with Metric Capital Partners in May 2016.

Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: “I am delighted that we have been able to conclude deals to provide shareholders not only with the security of longer-term financing, but which also introduce a new experienced strategic investor with strong distribution capacity and already established commercial interest in Asia, particularly in one of our key target markets, China.

“It is a little over a year now since I took on the role of Chief Executive Officer and I am pleased to note that as the calendar year draws to a close we have successfully integrated and tested the proton source, RFQ and SCDTL significantly de-risking the development process. We are also pleased with the progress of the Harley Street site with the next stage of sub-structural work well underway.

“This deal is consistent with our strategy to focus our resources on the technological development of the first LIGHT system and to establish partnerships with those businesses that have a strong track record of market access and a unique expertise in their own geographies. With our long-term financing arrangements now well engaged we can continue to focus on making our unique proton therapy technology available to patients around the world.”

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
Lancea LLP (Advisors)
Pascal Isbell / Samuel Ogunsalu Tel +44 20 3301 8015 / +44 20 3301 8005

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.

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