3 May 2016 09:01
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Update on Harley Street
Advanced Oncotherapy plc (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, notes that a number of shareholders have raised concerns that a planning application submitted by Howard de Walden Estates Limited for 141-143 Harley Street was withdrawn in January 2016 and that this will have an impact on the Company's progress.
Howard de Walden Estates and Advanced Oncotherapy have confirmed that the withdrawn planning application was for 'use swap' purposes only and did not involve any works to the building which are part of creating the Proton Beam Therapy Facility.
The application was withdrawn as the area of the facility had grown in size, as referenced in the update provided on 28 July 2015, and since the original 50 year lease agreement was signed with Howard de Walden Estates in January 2015, the available space for the centre has increased by approximately 50% allowing for an additional treatment room and additional imaging facilities.
Howard de Walden Estates are satisfied that progress for the site remains on track. The total cost of the redevelopment is being borne by Howard de Walden Estates.
Advanced Oncotherapy Plc | www.avoplc.com | ||
Michael Sinclair, Chief Executive Office | Tel: +44 20 3617 8728 | ||
Nicolas Serandour, Chief Operating and Financial Officer |
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Stockdale 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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Jon Belliss / Elliot Hance | 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
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 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.
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. In October 2015 the Company signed a joint venture agreement with CircleHealth to operate the Company's proton beam cancer therapy centre in Harley Street.
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.