The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Just to be trading again @2p by Christmas would be a start!!
First step-resumption of trading…
Then anything is a bonus.
Gla KITDH(kept in the dark holders).
I'm confident... what's the feeling?
True, but there are very few new AIM tech companies that have revolutionary and disruptive technology that have met early time lines to launch. There were a number of technical challenges that were perhaps not envisaged, then unfortunately the events following compounded an already delayed launch.
At the end of the day if the company can conclude it’s re financing to enable first patient treatment and certification in 2024 what ever the share price is on concluding this transaction they will IMO soar. 🤞
I think that blaming Covid or the war in Ukraine for AVO's financial troubles, is a complete cop out.
AVO were promising a working machine many years before Covid, let alone the war in Ukraine It is the failure to deliver a working machine that is the cause of their problems.
Final Result 3rd June 2015
"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."
I take a slightly different view, there were some major hurdles the company like may others encountered not least with Covid, supply issues, lock down, Ukraine etc which ultimately delayed this project with significant impacts on cash flow and a large burn rate. Further AIM listed stocks have suffered far more than anything else such as Nasdaq listed companies. It is very easy to look back and in hindsight the company could have taken a different financing course of action, for example when they announced achieving 230 Mev the stock in a risk on market would have soared. However I remain optimistic and have done so ever since share was suspended as ALL the executive and major shareholders have significant stakes in the business. The technology is proven and I just can not see all the major holders letting this go at the 11th hour before treating patients. The good news is no news....this is a complicated financial structure that requires many elements of regulatory procedures and process. The fact we have heard nothing means the deal is still being consumated with both sides incurring significant legal expense and the longer this goes on in my mind the better. As shareholders know the technology is going to be innovative and disruptive in a world desperate for LIGHT. I will be sorry if the company does not succeed not least because I have a very large holding but more loosing this tech and the many lives and especially children this could help. If the company goes bust the IP IMO opinion is almost worthless as the current executives and ADAM are integral to the success and all experts in this field and I doubt any would return if their equity and shareholdings are wiped out. I believe the company has until 30th December before de-listing but even then I understand they could apply for an extension...I am hopeful however that this month we will hear one way or the other. At present I am hoping no news is good news
The Bod have consistently demonstrated a capacity for gross ineptness that makes it unlikely they will succeed in what is an extremely complex attempt to rescue the company. They are too incompetent to have any hope of getting us through this. I'd gambled on LIGHT, on its own, being the factor that would outweigh their incompetence.
I was mistaken
May be wrong but I think they have to come up with something by the year end or delisting is on the cards, so hopefully news soon.
Al
Anyone heard of anything happening or is this a write off? K
Noticed Hitachi are taking over Thales for 1.6billion euros a company we once linked with.
"Is that light we can see at the end of tunnel. Excuse the pun" Patients, Rodney, Patients!
If the plan works and LIGHT starts selling, I'd have thought that any dilution caused by the rescue package could be rendered insignificant by the increases in the sp over time.
Is that light we can see at the end of tunnel. Excuse the pun
1.25% per month over 4 months is 6%.
A commitment of sorts to $80m - positive.
The term sheet being with a single investor - positive.
The fact that the $80m would be part debt - positive.
The fact that the investor involved in the bridging loan (? unclear) has loaned a little bit immediately - positive.
But dear God AVO, get it done. These discussions are not new, they’ve been going on for many many months.
And it’s clear other radiotherapy companies are still in discussions only to pick clean the carcass if it goes into administration.
£200,000 at 1.25% interest per month from new investor. They must be confident of the Phoenix rising
Yes,at long last some news but basically nothing much change as regards to a legal binding agreement.....from experience this kind of life saving deal takes good time so aspects can be clear and agreed and it's obviously no different here......
As such we can only still have hopes to salvage our investment here albeit not in the near term ,
HOPEFULLY.
On reviewing again the news, interesting this is announced in dollars with the investor providing up to $80 million. Any ideas who this could be?
At last some news, clearly the company must be at an advanced stage of negotiations. One can only assume that the Nerano article published earlier in October is one part of converting their substantial loan to equity.
These transactions are clearly complicated and have to be concluded in sequence.
I am more hopeful we should hear more progress and a General Meeting being called. Sufficient financing to get to first patient treatment in 2024 and completion of licensing will be a huge milestone and as such with substantially reduced debt the shares whilst diluted could do very well. GLA
Update
I hope the lack of news at the moment isn’t related to the Israeli-Palestine conflict. I can imagine that might give a lender reason to pause for a moment in case there are significant impacts on financial markets. That’d be typical AVO - ready to go and then the rug is pulled at the last moment. I hope not.
Max19.
I share your hope but I sometimes despair of the Bod. I wonder what planet they're on
Hey meldrew,
Your latest post could be copy and paste so many times before many times in last few years....seems like some things never change,here for sure unfortunately.....:)
All we got is hopes.
The BoD are once more behind schedule in one of their many promised deadlines they've failed to meet over the years. They promised us a report in early October. Where is it? I would try to contact them to ask but that would be a waste of my time. They are in the habit of never answering awkward questions.
AVO have a brilliant product that could and should give them a wonderful future but is held back by the consistently woeful performance of the BoD. They may be excellent scientists but they're terrible business managers.
“Seamus Mulligan’s Nerano Pharma is poised to take a sizeable stake in AIM-listed Advanced Oncotherapy as part of a complex financial restructuring plan.
Trading in Advanced Oncotherapy shares has been suspended since July.
Nerano is a long-term backer of the company, which is developing a proton-based therapy for cancer cells. The Irish company has advanced loans of £23.8 million (€27.5 million) to Advanced. With rolled-up interest, the total sum due to Nerano is £27.8 million (€32.1 million), most of which is overdue.
Under the restructuring plan, Mulligan’s company and other lenders will agree to a debt for equity swap. Mulligan, through Nerano and Barrymore Investments, already controls 5.6 per cent of the equity in Advanced.
According to a company statement, the debt conversion may result in Mulligan’s company controlling over 30 per cent of Advanced, a level that would trigger a mandatory offer for the company under the takeover code. In such a scenario, Advanced is likely to seek a waiver from the takeover panel from the mandatory bid requirement.
Mulligan, a former Elan executive, is one of the country’s most successful entrepreneurs. He made over $500 million when he sold Adapt Pharma, a maker of opioid overdose treatment Narcan to Emergent BioSolutions in 2018.
Advanced Oncotherapy use protons rather than x-rays to maximise the destructive effect of radiation on tumours while minimising damage to the patient’s healthy tissues. Its technologies are based on research conducted at the Cern laboratory in Switzerland. The company was targeting in-patient treatments this year.
However, the company said in July that it urgently required funds. Aside from the debt to equity swap, the company plans to raise £61 million in fresh equity.
It is negotiating bridging loan finance with a number of investors, which it hopes to conclude shortly.
Separately, Nerano recently led a $5.3 million for Avectas, a Maynooth-based cell therapy company.”
No worries Kenj, at least it got us revved up a bit. Think we are all in need of some news on this one.