Advanced Oncotherapy (AVO), the developer of next generation proton therapy systems for cancer treatment, announces audited results for the year ended 31 December 2014, a year of significant progress in the development of the Company’s LIGHT system.
A number of key milestones in the development of the LIGHT system have also been completed following the close of the financial year in line with expectations. The Company remains on track to install its first unit in Harley Street by the end of 2016 with first patient treatment expected in 2017.
Highlights:
- Reorganisation of business focused on the development of the LIGHT system
- Completed the formation of a management team to deliver LIGHT through to commercial launch and operation
- Key supply chain partners appointed: ScandiNova (RF Power), Toshiba (Klystron), VDL (CCL module), Pyramid (beam focusing nozzle) and ICT (software)
- Exclusivity agreement with SUNY Upstate Medical University Hospital in New York State
- Over £12 million raised during the period to fund development and debt significantly reduced
- Revenue for the year of c.£0.106 million (2013: £0.068 million)
- Loss per share from continuing operations for the year of (0.75)p (2013: (0.86)p)
Post Period End Events & Key Milestones:
- Oversubscribed placing to raise £20 million (net) to develop and install first LIGHT system
- First commercial sale of the LIGHT system in China to Sinophi Healthcare
- Harley Street lease agreement for the UK’s first Proton Therapy Centre using the LIGHT System
- Manufacture of first CCL module complete and delivered
- Successful RF Power tests of the first CCL module
- Sale of Southampton property for £290k
Sanjeev Pandya, CEO of Advanced Oncotherapy, said: “The outlook for the Company is very positive. Already in 2015 we have successfully completed delivery and testing of some key components and we have reached a number of key milestones as planned. There is a broad and growing market opportunity that Advanced Oncotherapy, with our unique combination of technology and strengths, is ideally placed to take advantage of. I believe the opportunity is substantial − this is good news for our people, our patients and our shareholders.”
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)
Saif Janjua / Jon Levinson
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