Advanced Oncotherapy PLC – HALF-YEAR REPORT

Advanced Oncotherapy PLC – HALF-YEAR REPORT

Advanced Oncotherapy (AIM: AVO), the developer of a next generation proton therapy system for cancer treatment, announces its unaudited results for the six months ended 30 June 2018 and post-period events. 

Highlights:

  • LIGHT system now generating proton beams with energies sufficient to treat superficial tumours
  • Improved financial position thanks to the completion of c. £40m financing since January 2018 and the elimination of financial pledges over the Company’s assets
  • Science and Technology Facilities Council agreement to establish a UK testing and assembly site at the Accelerator Science and Technology Centre in Daresbury, home of the Cockcroft Institute
  • Harley Street site building work on schedule, first patient treatment expected by the second half of 2020
  • Completion of commercial distribution agreement with Liquid Harmony for China and other parts of Asia
  • Ongoing commercial discussions with sites in the USA, Europe, Asia and Middle East
  • Non-Executive Director appointments to the Board

Nicolas Serandour, CEO of Advanced Oncotherapy, said: “We are delighted with the progress we have made over the first six months of 2018, especially in terms of the significant advances in the beam testing and our reinforced financial position following the further funding received. We have strengthened the Board with some key changes and we have total confidence in our ability as a team to deliver on our milestones. The sub-structural work at the Harley Street facility remains on schedule and we are pleased with the progress at the site. We have exciting plans for the future commercialisation of the LIGHT system once completely developed, and our discussions with potential partners around the world are ongoing. 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.”

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