LONDON (Alliance News) - Advanced Oncotherapy PLC said Wednesday that it has signed a deal to lease a London location to be its first 'Proton Therapy Centre' using its LIGHT system.
LIGHT stands for Linac for Image Guided Hadron Therapy. The system is based around technology Advanced Oncotherapy acquired in 2013 with ADAM, a spin-off company from the European Organization for Nuclear Research, known as CERN, in Geneva.
Advanced Oncotherapy said the centre, at 141 Harley Street, will be a hub for patients in London and the rest of the UK, as well as others further afield.
It signed a deal with Howard de Walden Estates Ltd for a 50 year lease for the around 8,000 square foot site. Howard de Walden will bear the cost of redevelopment, which is estimated to be between GBP6 to 7 million. Work on redevelopment will begin in July 2015, and the property will be handed over to Advanced Oncotherapy by the end of 2016.
Shares in Advanced Oncotherapy are trading up 2.2% at 3.96 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Advanced Oncotherapy (AVO)