20 Jul 2015 15:10
Advanced Oncotherapy plc
("AVO" or the "Company")
Correction: Director Dealing and Award of Options
The following amendments have been made to the Award of Options announcement (RNS Number: 4477T) released at 07.00am on 20 July 2015 by the Company.
The Company further announces that it has today agreed to award the following share options at an exercise price of 8 pence per share:-
| Share Options | Expiry Date |
Enrico Vanni, NED | 5,000,000 | 31 July 2020 |
All other details remain unchanged. The full amended text is shown below:
Advanced Oncotherapy plc
("AVO" or the "Company")
Director Dealing and Award of Options
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that Dr Enrico Vanni, a Non-Executive Director of the Company, had on 14th July purchased 1,000,000 ordinary shares of 1 penny each in the Company ("Ordinary Shares") at 7.9 pence per Ordinary Share.
Following this transaction, Dr Vanni now holds 14,050,000 Ordinary Shares representing 1.02% of the issued share capital of the Company.
The Company further announces that it has today agreed to award the following share options at an exercise price of 8 pence per share:-
| Share Options | Expiry Date |
Sanjeev Pandya, CEO | 10,000,000 | 31 July 2020 |
Nicolas Serandour, CFO | 10,000,000 | 31 July 2020 |
Tim Lebus, NED | 7,500,000 | 31 July 2020 |
Michael Bradfield, NED | 20,000,000 | 31 July 2020 |
Enrico Vanni, NED | 5,000,000 | 31 July 2020 |
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The vesting period for the options is three years and is conditional on the integration and testing of the first LIGHT system in Harley Street by the end of 2016 and treatment of patients in 2017.
For further information, please contact:
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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Saif Janjua / Jon Levinson | 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
ADAM, a wholly-owned AVO subsidiary, is based at CERN in Geneva and 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. Therefore, the disruptive technology of the Company changes the financial model of proton therapy now that LIGHT is expected to have a comparable cost to conventional radiotherapy.
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.