Last checked at 12 Mar 2015 07:00
12 March 2015
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Loan agreement
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that it has agreed to accept an unsecured loan of £2 million (the "Loan") provided by Michael Bradfield, a director of the Company, through his investment vehicle, Fairford Capital Limited ("Fairford Capital"). The Loan has a term of at least five months with an interest rate payable of 1.25% per month for the initial five month period. The Loan will enable the Company to maintain the pace of production of its first LIGHT machine as part of the longer-term financing strategy for the developing pipeline of potential opportunities.
Commenting on the news, Nicolas Serandour said: "We are very pleased to have secured this loan from Fairford Capital. Michael has recently purchased shares and, through this transaction, he is providing additional support to the Company as we continue to work towards delivering our key milestones on time."
Related party Transaction
Fairford Capital, a company controlled by Michael Bradfield, is classified as a Related Party under the AIM Rules and the entering into the Loan agreement with Fairford Capital is therefore a related party transaction for the purposes of the AIM Rules. In accordance, therefore, with the AIM Rules, the directors of the Company, having consulted with the Company's nominated adviser, Westhouse Securities Limited, consider that the terms of the Loan agreement are fair and reasonable insofar as the Company's shareholders are concerned.
Advanced Oncotherapy Plc | www.avoplc.com |
Sanjeev Pandya, CEO | Tel: +44 20 3617 8728 |
Nicolas Serandour, CFO | |
Westhouse Securities (Nomad & Joint Broker) | |
Antonio Bossi / David Coaten | Tel: +44 20 7601 6100 |
Beaufort Securities (Joint Broker) | |
Saif Janjua / Jon Levinson | Tel: +44 20 7382 8300 |
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 based at CERN 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.
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.