Last checked at 30 May 2017 07:00
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Harley Street construction update
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that excavation work at its flagship Harley Street site is progressing well and on time.
Work has been completed on multiple stages of site work and demolition activity, with groundworks and piling, the longest stage in the excavation and build process for the core and shell, to follow shortly.
The Company and The Howard de Walden Estate, the latter of which is funding the demolition and reconstruction work, remain confident that the principal contractor for this project, Deconstruct (UK), is on schedule to deliver to the timetable provided on 6 March 2017.
Deconstruct (UK) is highly experienced in strategic demolition; that is, preserving the integrity and appearance of a Grade 2 listed building, such as 141/143 Harley Street. The listed status of the buildings and their location add a complexity to the build that would preclude the installation of traditional proton beam therapy technology on such a site. LIGHT's unique feature of modularity enables it to go into Harley Street and will, just as importantly from a commercial perspective, facilitate the installation of additional LIGHT systems in existing and new radiotherapy departments globally.
This feature is most clearly demonstrated by the ability to deliver LIGHT's compact accelerating modules on site via the front door of 141/143 Harley Street, thereby removing the requirement for open-roof access and use of a crane.
As previously outlined to shareholders, the Company's first LIGHT system is due to be capable of clinical operation by Q3 2018 and installation in the Harley Street facility is expected to take place during H2 2019. Further updates on technical milestones will be provided through 2017 and 2018.
Advanced Oncotherapy Plc | www.avoplc.com |
Dr. Michael Sinclair, Executive Chairman | Tel: +44 20 3617 8728 |
Nicolas Serandour, CEO |
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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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Stifel Nicolaus Europe (Joint Broker) |
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Jonathan Senior / Ben Maddison | Tel: +44 20 7710 7600 |
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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 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.