21 Sep 2015 07:00
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
First milestone payment for China LIGHT system &
Completion of the first stage of installation of services to LIGHT
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, confirms that it has received its first milestone payment for a LIGHT Proton Therapy System. The payment was made by Sinophi Healthcare Limited ("Sinophi") in accordance with the purchase agreement for the Company's LIGHT proton therapy system announced for the oncology hospital project in Huai'an City, Jiangsu province in East China on 25 March 2015.
In addition to this commercial milestone, the Company has completed work at its Geneva testing facility on the installation of essential services required to complete the testing phase, including electrical supplies, installation of cooling systems and safety systems. This also includes the installation and site acceptance of the RF power units, the first accelerating structures, as well as associated sensors, meters and control systems.
Commenting, Sanjeev Pandya, CEO of Advanced Oncotherapy, said:
"We are making good progress in the development of our LIGHT system. We remain on track to complete the technical development of the first LIGHT system so that it is ready for patient treatment in 2017 in Harley Street. In addition this first milestone payment from Sinophi for a LIGHT system order from China is a good reminder of the huge potential that China and Southeast Asia offers. We are very encouraged by the commercial interest that Sinophi is generating for us in the region."
Advanced Oncotherapy Plc | www.avoplc.com |
Sanjeev Pandya, CEO | Tel: +44 20 3617 8728 |
Nicolas Serandour, CFO |
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Westhouse 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 Levinson / 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'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 is a provider of particle therapy with protons that harnesses the best in modern technology. As a result, 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.