Advanced Oncotherapy Plc (LON:AVO), the developer of next generation proton therapy systems for cancer treatment, announced today its audited results for the year ended 31 December 2017, another year of significant technological development and installation of the Company’s first LIGHT system.
· 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.