Advanced Oncotherapy PLC Update on Distribution Agreement (5966J)
03 April 2018 - 6:43PM
UK Regulatory
TIDMAVO
RNS Number : 5966J
Advanced Oncotherapy PLC
03 April 2018
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Update on Distribution Agreement
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment,
announces that discussions between Yantai Cipu, through its
affiliated entity Liquid Harmony, and
a major medical equipment and pharmaceutical distribution
company in China are continuing beyond the previously announced
date of 31 March 2018.
As announced on 16 February 2018, Yantai Cipu informed the
Company that they are in advanced negotiations with a major medical
equipment and pharmaceutical distribution company in China to
accelerate and strengthen their market access in the People's
Republic of China, Hong Kong, Macau, Taiwan and South Korea (the
"Territories").
In a statement from Liquid Harmony, the company said: "We have
decided to accelerate our refocus on innovative and breakthrough
technology. Following a very thorough due diligence, we have found
that Advanced Oncotherapy possess all of the right attributes and
fundamentals on which we can build upon our strategy: a
differentiated technology supported by a team with a great
track-record, and uniquely positioned to address the paradigm shift
in cancer treatment and the strong demand that we see. Our
discussions with a major medical equipment and pharmaceutical
distribution company are ongoing and with a significant stake in
Advanced Oncotherapy we are confident that a successful conclusion
will have considerable long term benefits for the Company in these
Territories . These discussions are progressing, and we look
forward to the next steps with great confidence and hope for all
patients who deserve the right cancer treatment."
Advanced Oncotherapy has been provided assurance that regardless
of the outcome of the negotiations, Yantai Cipu, and its affiliated
entity Liquid Harmony, are contractually committed to the terms of
the Distribution Agreement which includes the receipt of the
GBP16,500,000 payment relating to the commercial agreement
announced on 7 December 2017.
For further information, please contact:
Advanced Oncotherapy Plc www.avoplc.com
Dr. Michael Sinclair, Tel: +44 20 3617 8728
Executive Chairman
Nicolas Serandour, CEO
Stockdale Securities (Nomad
& Joint Broker)
Antonio Bossi / Ed Thomas Tel: +44 20 7601 6100
Stifel Nicolaus Europe
(Joint Broker)
Jonathan Senior / Ben Tel: +44 20 7710 7600
Maddison
Walbrook PR (Financial Tel: +44 20 7933 8780 or
PR & IR) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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