We would love to hear your thoughts about our site and services, please take our survey here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAdvanced Oncotherapy Regulatory News (AVO)

  • This share is currently suspended. It was suspended at a price of 1.925

Share Price Information for Advanced Oncotherapy (AVO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 1.925
Bid: 0.00
Ask: 0.00
Change: 0.00 (0.00%)
Spread: 0.00 (0.00%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 1.925
AVO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Additional financing agreement and new appointment

13 Jun 2017 07:00

RNS Number : 8764H
Advanced Oncotherapy PLC
13 June 2017
 

 

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

 

Additional financing agreement and new appointment

 

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces it has made further progress in attracting personnel at the forefront of their field and additional financing.

 

Additional Financing

Advanced Oncotherapy announces, that on 12 June 2017, it has entered into a further loan agreement with Blackfinch Investment Ltd ("Blackfinch"), through its subsidiary Henslow Trading Limited and has drawn down an additional £1.5 million. This brings the total financing from Blackfinch to £6.5 million and follows two prior agreements, announced on 27 March 2017 and 25 April 2017 ("Prior Agreements"). Unlike the Prior Agreements, this loan is secured against anticipated cash receivables.

 

Terms of the Loan Agreement

· 1 year maximum loan term, with term commencing on 24 March 2017

· Principal of £1.5m

· The £1.5m has been secured on known cash receivables and will be repaid upon receipt of these monies

· Annual interest rate of 12%

· 500,000 warrants with 100p exercise price, exercisable for five years

· This agreement does not change the loan security outlined in the announcements of the Prior Agreements on the first £5 million drawn down from Blackfinch

 

New appointment

The Company announces the appointment of Ed Lee as Chief Operating Officer with immediate effect. 

 

Ed joined the Company on 13 February 2017 and will be responsible for spearheading the operations and project management of the LIGHT system and, critically, for bringing the LIGHT system to market. Ed will not be taking a position on the Board.

 

A mechanical engineer by background, Ed has gained progressive responsibilities in manufacturing and operations over the last 23 years and brings a wealth of knowledge to Advanced Oncotherapy. His experience lies in new product development, supply chain management, project management, cost reduction, operational management and value engineering; such as launching new products on time and on budget and improving the robustness of the production process.

 

He is skilled in leading and working closely with multiple teams to realize stakeholder interests: technical/R&D, quality, regulatory, procurement, sales and finance.

 

Previously, Ed was the Director of Production & Field Service at Optivus Proton Therapy Inc, where he was responsible for all on-going and new product development aspects of production and on-going servicing of the company's customers' proton therapy technology. His manufacturing and operational experiences span several industries and sectors, including automotive, aerospace & defence, nuclear and medical devices. Aside from Proton Treatment Systems, he has led teams that have successfully launched new products where regulatory requirements are extremely stringent such as on military jets, military ships, space satellites, submarines, and nuclear power plants.

 

Commenting on the appointment, Nicolas Serandour, CEO of Advanced Oncotherapy said: "Ed's background gives him excellent insight into every step of the production and clinical-user processes for our LIGHT system. He will be responsible for leading and driving the team to develop and produce the LIGHT system in an efficient and timely manner as demonstrated consistently in his previous roles. He is already a great asset to the team."

 

Commenting on his appointment, Ed Lee, COO of Advanced Oncotherapy said: "One of my key objectives at Advanced Oncotherapy is to help ensure the considerable value of intellectual property associated with LIGHT is translated into profitable operations. It's one I am relishing and am confident of achieving as a team. What the Company is trying to achieve - making proton therapy more affordable and clinically better, thereby saving lives - is my foremost incentive."

 

 

 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO

Stockdale Securities (Nomad & Joint Broker)

Antonio Bossi / David Coaten

Tel: +44 20 7601 6100

Stifel Nicolaus Europe (Joint Broker)

Jonathan Senior / Ben Maddison

Tel: +44 20 7710 7600

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

 

 

About Advanced Oncotherapy plc www.avoplc.com

 

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM", based in Geneva, focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.

 

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.

 

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
UPDFTMBTMBBBTMR
Date   Source Headline
2nd Apr 20243:50 pmRNSFurther update on financing discussions
29th Feb 20245:19 pmRNSFurther update on financing discussions
1st Feb 20247:00 amRNSFurther update on financing discussions
9th Jan 20249:00 amRNSUpdate on Financing Discussions
23rd Oct 20237:00 amRNSUpdate on Financing and Current Financial Position
17th Jul 20237:00 amRNSRecapitalisation and funding plan, update on FSP
30th Jun 20235:00 pmRNSTotal Voting Rights
30th Jun 20237:30 amRNSSuspension - Advanced Oncotherapy PLC
30th Jun 20237:15 amRNSUpdate on financing, suspension of trading on AIM
29th Jun 20231:35 pmRNSHolding(s) in Company
29th Jun 20239:59 amRNSForm 8.3 - Advanced Oncotherapy PLC
28th Jun 202310:25 amRNSForm 8.3 - Advanced Oncotherapy PLC
27th Jun 202310:29 amRNSForm 8.3 - Advanced Oncotherapy
27th Jun 202310:25 amRNSForm 8.3 - Advanced Oncotherapy
26th Jun 20234:26 pmRNSForm 8.3 - Advanced Oncotherapy
26th Jun 202310:57 amRNSPartial conversion of Convertible Notes
23rd Jun 202311:05 amRNSHolding(s) in Company
23rd Jun 20239:30 amRNSForm 8.3 - Advanced Oncotherapy PLC
20th Jun 20235:28 pmRNSHolding(s) in Company
19th Jun 20235:56 pmRNSPartial conversion of Convertible Notes
19th Jun 20231:48 pmRNSForm 8.3 - Advanced Oncotherapy PLC
16th Jun 20236:23 pmRNSIssue of warrants
13th Jun 202311:46 amRNSForm 8.3 - Advanced Oncotherapy PLC
31st May 20235:57 pmRNSUpdate on financing and convertible notes
30th May 202310:42 amRNSForm 8.3 - Advanced Oncotherapy Plc
24th May 20235:54 pmRNSForm 8 (OPD) Advanced Oncotherapy plc
24th May 20235:29 pmRNSForm 8.3 - Advanced Oncotherapy - Cosylab d.d.
22nd May 20232:59 pmRNSForm 8.3 - Advanced Oncotherapy plc
19th May 202312:09 pmRNSForm 8.3 - Advanced Oncotherapy PLC
17th May 20232:58 pmRNSForm 8.3 - Advanced Oncotherapy plc
15th May 202311:36 amRNSUpdate on Convertible Note & Loan Extension
15th May 20239:19 amRNSForm 8.3 - Advanced Oncotherapy Plc
12th May 202312:53 pmRNSForm 8.3 - Advanced Oncotherapy - Minmetco Limited
11th May 20235:14 pmRNSForm 8.3 - Advanced Oncotherapy - eQ Blue Planet
11th May 202311:17 amRNSForm 8.3 - Advanced Oncotherapy - Atlantic Cedar
10th May 202311:34 amRNSForm 8.3 - Advanced Oncotherapy plc
9th May 20234:40 pmRNSForm 8.3 - Advanced Oncotherapy - Baltisches Haus
9th May 20234:37 pmRNSForm 8.3 - Advanced Oncotherapy plc
9th May 20234:36 pmRNSForm 8.3 - Advanced Oncotherapy plc
5th May 20238:56 amRNSFORM 8.3 - Advanced Oncotherapy
5th May 20237:00 amRNSAdditional funding from Secured Convertible Note
4th May 20235:01 pmRNSForm 8.3 - Advanced Oncotherapy Plc
4th May 20233:55 pmRNSChange of Registered Office
3rd May 20236:19 pmRNSRule 2.9 Announcement
3rd May 20234:28 pmRNSForm 8.3 - Advanced Oncotherapy PLC
2nd May 20236:19 pmRNSForm 8 (OPD) Advanced Oncotherapy plc
18th Apr 20237:00 amRNSStrategic review and formal sale process
31st Mar 20236:05 pmRNSHolding(s) in Company
20th Mar 202312:36 pmRNSUpdate on Secured Convertible Note Facility
1st Mar 20232:54 pmRNSSecured Convertible Note Facility & other matters

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.