Last checked at 24 Feb 2017 07:00
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Financing and Harley Street building work update
Advanced Oncotherapy plc (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces that further to the financing agreement with Bracknor announced on 22 February 2017, the first tranche has been drawn down by the Company and the initial funds of £1.3 million received (less 5%, in accordance with terms for receipt of 95% of nominal value of each tranche). Bracknor is prohibited from short selling ahead of any conversion notice, being the notice given to the Company that Bracknor wishes to convert the loan notes into AVO shares.
The Company will make the requisite announcements in relation to the application for admission of the new Ordinary Shares deriving from the conversion of the loan notes and the issue of warrants and will also publish on its website (at http://www.advancedoncotherapy.com/Investors ) a table with the number of outstanding convertible loan notes from time to time, the number of outstanding warrants and the warrant exercise prices.
The Company also announces that following the successful grant of planning permission for the Harley Street site in October 2016, a tender process took place to appoint a principal contractor to undertake the building works for the site.
As a result of that tender process, Deconstruct (UK) Limited were appointed by Howard de Walden Estates as principal contractor to the project and were on site in January carrying out preliminary assessment and works.
Following the preparatory works, excavation is due to commence by the end of Q1 2017. A detailed roadmap of key milestones for the manufacture and commercialisation of Advanced Oncotherapy's LIGHT system, including installation at the Harley Street site, will be provided at the investor presentations being held in London on Monday 6 March 2017 and in Zürich, Switzerland, on Tuesday 7 March 2017. Full details can be read in the RNS Reach announcement released on 16 February 2017 and available here: http://www.advancedoncotherapy.com/Investors/news
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 | ||||
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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 for Image Guided Hadron Therapy (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.