LONDON (Alliance News) - Advanced Oncotherapy PLC said on Friday its interim loss widened on higher costs as it made "significant advances" in its beam testing.
The company's pretax loss in the six months to June 30 expanded to GBP11.5 million from GBP7.9 million a year ago. Advanced Oncotherapy did not generate revenue in either period.
The main driver of the wider loss were administrative expenses, which rose to GBP11.3 million from GBP7.3 million.
"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," said Chief Executive Nicolas Serandour.
The first system under development at the company's testing facility at CERN, Geneva is now generating a proton beam with sufficient energy required for treating some superficial tumours, the company said.
Advanced Oncotherapy said it remains committed to the pace of its development and manufacture activities in order to treat its first patients in the second half of 2020.
This will involve further funding for the cost of software development and the testing assembly centre at STFC, two key activities required for successful commercial deployment.
Shares in the proton therapy developer were up 1.9% at 42.80 pence on Friday.