(Alliance News) - Advanced Oncotherapy PLC on Friday said its loss widened in 2018 as a consequence of cost of sales and higher administrative expenses.
The proton therapy company incurred a GBP21.9 million loss in 2018, compared to GBP16.5 million the year before.
Primarily, this was caused by a 38% rise in administrative expenses to GBP20.0 million from GBP14.5 million. Adding to this was GBP1.9 million cost of sales, compared to no cost of sales in 2017.
The firm aims to treat its first patient with its LIGHT proton accelerator - used in cancer treatment - by the end of 2020.
"I am very pleased with the progress that we are making to develop a more affordable proton-based radiotherapy system which will ultimately facilitate the wider use of radiation with protons for treating radio-sensitive tumours," said Advanced Oncotherapy Chief Executive Nicolas Serandour.
"Whilst we appreciate that we still have challenges ahead, the achievements we have made further strengthen our dedication and commitment to deliver our game-changing technology to a substantial international market," Serandour added.
Shares in Advanced Oncotherapy were down 2.7% at 43.80 pence on Friday morning.
Advanced Oncotherapy (AVO)