Advanced Oncotherapy PLC Sinophi update (0521W)
06 February 2017 - 6:00PM
UK Regulatory
TIDMAVO
RNS Number : 0521W
Advanced Oncotherapy PLC
06 February 2017
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Sinophi update
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment,
announces that it has come to an agreement with Sinophi Healthcare
Limited ("Sinophi") to terminate the purchase orders announced on
25 March 2015 and 21 October 2015. In addition, both parties have
reached an agreement to terminate the distribution agreement also
announced on 25 March 2015.
Advanced Oncotherapy will retain full distribution rights for
its LIGHT proton therapy system in China and other countries in
South East Asia and is now in a position to re-engage with
hospitals, clinics, potential distribution partners and advisory
bodies, such as the UK's Department for International Trade, in the
region. The Company recognises the significance of the Chinese and
South East Asian radiotherapy markets, and the wider global
opportunity, for the LIGHT system.
As a result of the ending of the agreement with Sinophi,
Advanced Oncotherapy has repaid the deposit of $250,000 received on
18 September 2015 (recorded in the Annual Report 2015 in Note 21 as
Customer order deposits received).
Advanced Oncotherapy is focused on completing the final stages
of the manufacture of its first LIGHT system and remains confident
that the long-term commercial success of the LIGHT machine will
follow. The Company believes that demand for its next-generation
proton therapy system, which has numerous advantages over existing
technology, will be strong and that additional commercial sales
will be secured in due course.
Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy,
said: "Whilst it is disappointing that we have had to terminate our
arrangements with Sinophi, I am pleased that we have reached an
amicable agreement and as a management team we are able to focus
our full attention on manufacturing our first LIGHT system. China
and South East Asia remain exciting prospective markets for our
technology and I am confident that as we move closer to completing
our first operational machine we will be able to deliver the
commercial success that our shareholders expect."
For further information, please contact:
Advanced Oncotherapy plc www.avoplc.com
Nicolas Serandour, Chief Tel: +44 20 3617 8728
Executive Officer
Michael Sinclair, Executive
Chairman
Stockdale Securities (Nomad Tel: +44 20 7601 6100
& Joint Broker)
Antonio Bossi / David Coaten
Stifel Nicolaus Europe (Joint Tel: +44 20 7710 7600
Broker)
Jonathan Senior / Ben Maddison
Walbrook PR (Financial PR Tel: +44 20 7933 8780
& IR) 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 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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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