Last checked at 10 Mar 2017 07:00
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Posting of Circular, Notice of General Meeting and Update on Financing Options
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that a circular (the "Circular") containing a Notice of General Meeting has been posted to Shareholders.
The purpose of the Circular is to explain the background to the proposed Equity Financing Facility with Bracknor announced on 22 February 2017 and why the Board believes the Facility is in the best interests of the Shareholders taken as a whole and recommends that you vote in favour of the Resolutions.
The Circular and Notice of General Meeting is available here: www.avoplc.com/Investors/General-Meeting
The General Meeting is to be held at the Royal Institute of British Architects, 66 Portland Place, London W1B 1AD at 4:00 pm on 31 March 2017.
The Company also confirms that a number of financing options remain under consideration. These include, but are not limited to, non-dilutive financing, the facility with Metric Capital, in relation to which constructive discussions continue, and asset-based lending. The Company is in receipt of several term sheets for asset-based funding and, at this date, has not drawn down any funds under the Metric Capital facility.
The Board and Management of Advanced Oncotherapy own in excess of 20% of the Company's issued share capital and consider their interests to be aligned with those of other shareholders. The Company is aware of shareholder concerns relating to funding and dilution. It remains committed to ensure a secure financial position that can facilitate the commercialisation of the LIGHT system and crystallise the significant shareholder value associated with the provision of affordable proton therapy.
Commenting, John Sinik, Managing Partner and Chairman of the Investment Committee at Metric Capital said: "We do not see the investment by Bracknor as a deterrent to the investment by Metric Capital and continue working constructively with the company on finalising the investment in AVO."
For further information, please contact:
Advanced Oncotherapy plc | www.avoplc.com | ||||
Nicolas Serandour, Chief Executive Officer | Tel: +44 20 3617 8728 | ||||
Michael Sinclair, Executive Chairman | |||||
Stockdale Securities (Nomad & Joint Broker) | Tel: +44 20 7601 6100 | ||||
Antonio Bossi / David Coaten | |||||
Stifel Nicolaus Europe (Joint Broker) | Tel: +44 20 7710 7600 | ||||
| |||||
Walbrook PR (Financial PR & IR) | Tel: +44 20 7933 8780 or avo@walbrookpr.com | ||||
Paul McManus | Mob: +44 7980 541 893 | ||||
Anna Dunphy | 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.