8 Feb 2016 07:01
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Directorate Change
Advanced Oncotherapy plc (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that following the continued successful development of the Company's first LIGHT system and the recent industrialisation agreement with Thales, the Board has decided to realign the roles and responsibilities of the Executive team to add additional focus to both operational functions and ongoing sales and business development.
As a result, and with immediate effect, Michael Sinclair, currently Executive Chairman, will become Chief Executive Officer and Executive Chairman; Sanjeev Pandya, currently Chief Executive Officer, will become Executive Vice President for Global Business Development and will remain on the Board of the Company. Nicolas Serandour, currently Chief Financial Officer, will become Chief Operating and Financial Officer.
Commenting, Sanjeev Pandya, said: "The agreement with Thales marked a shift in the business from just focussing on the development of our first LIGHT system, to the ongoing commercial roll-out of our game-changing technology. The future commercial development of the business will be critical to the long-term success and value creation within the Company and I am delighted to be focussing my skills on global sales for the LIGHT system and general business development."
Dr. Michael Sinclair, Chairman and Chief Executive, commented: "We have agreed as a Board that we are now at a stage where we need to apply renewed focus on the development of an ongoing sales pipeline for our LIGHT system outside of our agreement with Sinophi. Sanjeev's skills in this area will be deployed very effectively and I am pleased he has decided to take on this new challenge. Nicolas' additional operational responsibility reflects what has already become a growing part of his role and I am delighted that he will be able to combine this with his careful management of the business's finances. As shareholders know, I have always performed an active executive role as Chairman and I now look forward to continue working with the team as Chief Executive."
Advanced Oncotherapy Plc | www.avoplc.com | |
Dr. Michael Sinclair, Chairman & CEO | Tel: +44 20 3617 8728 | |
Sanjeev Pandya, EVP for Global Business Development |
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Nicolas Serandour, COO & CFO |
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Stockdale Securities (Nomad & Joint Broker) |
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Antonio Bossi / David Coaten | Tel: +44 20 7601 6100 | |
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Beaufort Securities (Joint Broker) |
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Jon Belliss / Elliot Hance | Tel: +44 20 7382 8300 | |
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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 a 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.
The Company has signed a purchase agreement with Sinophi Healthcare Limited for one LIGHT proton therapy system to be installed in a hospital in China and has further Letters of Intent from other healthcare providers.
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.