LONDON (Alliance News) - Advanced Oncotherapy PLC said Monday it has terminated a purchase order and distribution agreement with China-based Sinophi Heathcare Ltd.
Proton therapy system developer Advanced Oncotherapy said it has repaid a USD250,000 deposit to Sinophi. Advanced Oncotherapy will retain full distribution rights for its LIGHT proton therapy system in China and Southeast Asia.
Shares in Advanced Oncotherapy were down 16% at 61.00 pence in early trading on Monday.
The company said it is focused on the "final stages" of the manufacture of its first LIGHT system and recognises the significance of the Chinese and South East Asian radiotherapy markets.
"Whilst it is disappointing that we have had to terminate our arrangements with Sinophi, I am pleased that we have reached an amicable agreement and as a management team we are able to focus our full attention on manufacturing our first LIGHT system," said Nicolas Serandour, chief executive of Advanced Oncotherapy.
By Adam Clark; adamclark@alliancenews.com
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