Advanced Oncotherapy Plc (LON:AVO), the developer of a next generation proton therapy system for cancer treatment, announced today its unaudited results for the six months ended 30 June 2017 and post-period events.
· Technological milestones reached with successful integration and testing of proton source, RFQ and SCDTL significantly de-risking development process
· Progress at the Harley Street site on-track with next stage of sub-structural work underway through Deconstruct
· Preparation of two production lines for LIGHT system commercial roll-out
· Additional financing from consortium led by longstanding shareholder AB Segulah, with long-term financing options under consideration
· Strengthening of scientific and operational expertise
· Shareholder funds of £32.01 million as at 30 June 2017, up from £22.63 million a year earlier; cash and cash equivalents of £235,437, with a post period end £3.90 million financing from AB Segulah consortium and corporation tax R&D refund of £3.05 million received
Nicolas Serandour, CEO of Advanced Oncotherapy Plc, said: “Technological development of our LIGHT system continues to be on track and, through the successful integration and testing of three of the four key structures of LIGHT’s accelerating system, we have significantly de-risked the development process and have overcome the greatest technical challenges that this system faces. We are now well positioned to accelerate the proton beam through additional SCDTL modules and, beyond that, to integrate the fourth key component, the CCLs. The Harley Street site also progresses well and our principal contractor Deconstruct remains on schedule.
“As our technological progress advances we find ourselves in a much stronger position as we assess financing options and we have been encouraged by positive feedback. We have been able to put financing agreements in place and we hope to provide an update to shareholders on longer-term financing options in due course.
“We will update shareholders regularly on our future progress and we remain on track to build a proton therapy system capable of treating superficial tumours by the end of Q3 2018.”