Last checked at 30 Jun 2023 07:15
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy", "AVO" or the "Company")
Update on financing discussions and suspension of trading on AIM
Update re. publication of 2022 Annual Report & Accounts
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, provides the following update in relation to its current financing discussions, working capital position and its annual report and financial statements for its financial year ended 31 December 2022 (the "2022 Annual Report").
Update on financing discussions and suspension of trading on AIM
On 31 May 2023, the Company announced, inter alia, that it was continuing to consider various financing options that were in the best interests of the Company and its shareholders. In particular, the Company had taken steps to manage its working capital to extend the Company's cash runway into June 2023. Since the announcement of 31 May 2023, the Company has taken additional steps to extend the Company's cash runway and, inter alia, has been in advanced discussions with a new lender to provide c.£8 million of additional funding for the Company.
However, the Company was informed on 29 June 2023 that the prospective lender now requires an additional period of between three to six months before it would be in a position to commit to such a facility and, as such, the Company no longer believes this is a viable financing option in the short-term. Whilst the Company has also been pursuing and exploring other financing options, including certain bridge financing options, none of these financing alternatives have been successful as yet, nor are they likely to be consummated in the immediate short term.
Whilst the Company has extended its cash runway and has been carefully managing its working capital, it is now in a highly constrained financial position and requires additional financing urgently in order to continue as a going concern. In the absence of any additional financing being available in the immediate term, the Company would need to take steps to preserve and maximise value for its creditors.
Whilst the Group continues to explore its options, the Board of Advanced Oncotherapy has requested that its shares be suspended from trading on AIM pending clarification of its financial position and trading in the Company's shares will be suspended at 7.30 a.m. today.
Update re. publication of 2022 Annual Report & Accounts
As stipulated by Rule 19 of the AIM Rules for Companies the Company is required to publish its audited 2022 Annual Report by 30 June 2023. In light of the above the Company will now not be in a position to publish its 2022 Annual Report before 30 June 2023.
Advanced Oncotherapy plc | www.avoplc.com |
Dr. Michael Sinclair, Executive Chairman | Tel: +44 (0) 20 3617 8728 |
Nicolas Serandour, CEO | |
WH Ireland Limited (Financial adviser) | Tel: +44 (0) 20 7220 1666 |
Antonio Bossi / James Bavister | AVOPLC@whirelandcm.com |
Allenby Capital Limited (Nomad and Joint Broker) | |
Nick Athanas / Piers Shimwell (Corporate Finance) Amrit Nahal / Matt Butlin (Sales & Corporate Broking) | Tel: +44 (0) 20 3328 5656 |
SI Capital Ltd (Joint Broker) | |
Nick Emerson | Tel: +44 (0) 1483 413 500 |
Jon Levinson | Tel: +44 (0) 20 3871 4066 |
About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, 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 innovative technology as well as expected 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.