Last checked at 25 Mar 2014 07:00
25 March 2014
Advanced Oncotherapy PLC
("Advanced Oncotherapy" or the Company)
Conversion of loan
Advanced Oncotherapy (AIM: AVO), the developer of innovative medical technology for cancer treatment, announces that Bank of Ireland (UK) plc (the "Bank of Ireland") has agreed to receive 20 million ordinary shares (the "New Ordinary Shares") in lieu of £1.3 million of mortgaged debt on the Company's Women's Cancer Centre in Folkstone, Kent.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that trading will commence on or about 31 March 2014. On Admission, the Bank of Ireland will hold approximately 3.11% of the Company's issued ordinary share capital.
It is proposed that the building in Folkstone is developed into a centre of excellence for women's cancer care and that the Bank of Ireland will provide additional banking services for the planned manufacturing and assembly facility for the Company's Linac Image Guided Hadron Technology ("LIGHT") proton beam therapy system. This Belfast based facility will be the hub to supply clients in Europe and the Middle East. Comparable plans are well underway to establish a similar plant for assembly and manufacturing in Syracuse, New York, for this facility to become the hub for LIGHT clients across the Americas and Asia.
Total voting rights
The New Ordinary Shares will rank pari passu with all existing ordinary shares of the Company.
Following Admission the Company's issued share capital will comprise 642,926,350 ordinary shares. The Company does not hold any ordinary shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Michael Sinclair, CEO of Advanced Oncotherapy commented: "Our relationship with Bank of Ireland is very strong and their confidence in us has been shown by this swap of debt for equity and we are looking forward to using the Bank of Ireland for additional banking services going forward."
For further information contact:
Advanced Oncotherapy Plc | www.avoplc.com |
Michael Sinclair, CEO | Tel: +44 20 3617 8739 |
Westhouse Securities (Nomad & Joint Broker) | Tel: +44 20 7601 6100 |
Antonio Bossi / David Coaten | |
Peterhouse Corporate Finance (Joint Broker) | Tel: +44 20 7469 0930 |
Jon Levinson / Lucy Williams | |
Walbrook PR | |
Anna Dunphy/Mike Wort (Financial PR & IR) | Tel: +44 20 7933 8780 or avo@walbrookpr.com |
About Advanced Oncotherapy
Vision:
To advance patients' clinical treatments and improve their everyday lives by harnessing innovative science and focusing it to develop the most effective and affordable cancer treatments.
Mission:
To facilitate the wider use of radiation with protons for treating all forms of cancerous tumours by commercialising novel technologies inspired by CERN and the Large Hadron Collider
Key corporate messages:
1. AVO's team based at CERN near Geneva focuses on the development of a proprietary proton system called Linac Image Guided Hadron Technology (LIGHT). This LIGHT system accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and a quarter of the cost. This compact configuration delivers proton beams faster thereby facilitating greater precision and electronic control which is not achievable with older technologies.
2. AVO is a provider of proton radiotherapy that harnesses the best in modern technology. As a result, the Company will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology which is proven to bring better health outcomes and lower treatment related side effects. There are signed letters of intent in place to provide 8 LIGHT units around the world.
3. AVO continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with these providers. Through these relationships the Company will remain the prime provider of innovative and cost-effective equipment for proton radiation. This will allow healthcare suppliers to access more cost effective and more efficient ways to treat the increasing number of cancer patients who expect lower short term and long term side effects of their cancer care.
4. AVO's subsidiary company, Oncotherapy Resources Ltd, offers an exclusive mobile service for intraoperative radiotherapy (SD-IORT). This form of radiotherapy is used in a variety of cancers, notably breast cancer, and offers a convenient, safe and effective alternative for the patient. It is currently available in the UK from Spire Healthcare and BMI Healthcare Hospitals.
5. Through its shareholding and collaboration with Advanced Proton Solutions (APS), AVO can offer a complete turnkey solution to the design installation and operation of its LIGHT proton system for healthcare providers. This is attractive to potential purchasers and has led to its involvement in the development of the first comprehensive proton beam therapy centre in London to treat both NHS and private patients.
For more information, please visit http://www.avoplc.com