Last checked at 11 May 2018 07:00
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Update on Distribution Agreement Payment
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that further to the Company's announcement of 3 April 2018, the Company has received from Yantai Cipu, through its affiliated entity Liquid Harmony, £6.5 million as the first payment relating to the Distribution Agreement announced on 7 December 2017. The Company has been advised by Liquid Harmony that the balance of £10.0 million will be received in the coming weeks.
The proceeds from the above payment will be used towards the repayment of the loan made to the Company by Blackfinch Investment Ltd ("Blackfinch") through its subsidiary Henslow Trading Limited, for a total aggregate nominal value, including interest, of £6.7 million (the "Loan").
In addition, the Company and Blackfinch have agreed to set at 70p the exercise price of the batch of 1,000,000 warrants issued by the Company to Blackfinch on 24 March 2017 in relation to the Loan.
After repayment of the Loan by the Company, Blackfinch has agreed to release the security it held on the Company's lease for 141-143, Harley Street and on certain other equipment of the Company. All the assets of the Company are now free of any security arrangement.
Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: "We appreciate the flexibility demonstrated by Blackfinch who extended the maturity of the Loan on the same terms. We have been impressed by their seriousness in understanding our technology."
For further information, please contact:
Advanced Oncotherapy Plc | www.avoplc.com |
Dr. Michael Sinclair, Executive Chairman | Tel: +44 20 3617 8728 |
Nicolas Serandour, CEO | |
Stockdale Securities (Nomad & Joint Broker) | |
Antonio Bossi / Ed Thomas | Tel: +44 20 7601 6100 |
Stifel Nicolaus Europe (Joint Broker) | |
Jonathan Senior | Tel: +44 20 7710 7600 |
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's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.
Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as 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.