Advanced Oncotherapy (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces audited results for the year ended 31 December 2016, another year of significant development of the Company’s LIGHT system.
· First successful acceleration of the proton beam through the proton source and Radio Frequency Quadrupole (RFQ)
· Successful high power testing of the Side Coupled Drift Tube Linac
· Harley Street planning permission granted in October 2016
· Thales manufacturing agreement signed with the objective of seeing eight LIGHT systems produced each year
· Further funds raised through Placing & Open Offer
· Ongoing discussions regarding additional commercial opportunities for LIGHT installations
· Shareholder funds of £34 million at 31 December 2016
Post Period End Events & Technical Milestones
· Technical milestones reached and further progress made
· Management team strengthened further with key hires
· Deconstruct (UK) Ltd appointed as principal contractor at Harley Street; shell and core work well underway
· Financing agreements secured with Bracknor Investment Group and Blackfinch Investment Ltd with additional financing options under consideration
Nicolas Serandour, CEO of Advanced Oncotherapy, said:
“We made significant progress in 2016 in the commercialisation of our next-generation technology in the treatment of cancer – LIGHT, and while the year was not without its challenges, we have overcome these obstacles and look forward to successfully executing on the timelines that we outlined in March 2017. We should see further considerable progress in the Company and are confident that we are in a position to deliver against our timetable for success.”
Posting of Annual Report & Notice of AGM
The annual report for the year ended 31 December 2016 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 2pm on Wednesday, 19 July 2017 at the Royal Institute of British Architects, 66 Portland Place, London W1B 1AD
About Advanced Oncotherapy Plc
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 accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This 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 better health outcomes and 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.
Full financial set of results for year ended 31 December 2016 can be read here.
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