Advanced Oncotherapy PLC Harley Street update (1998G)
22 July 2019 - 4:00PM
UK Regulatory
TIDMAVO
RNS Number : 1998G
Advanced Oncotherapy PLC
22 July 2019
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Harley Street update
Building work completed and project moving into fit-out
stage
Advanced Oncotherapy (AIM: AVO), the developer of a
next-generation proton therapy system for cancer treatment,
announces that the structural building work at Harley Street, the
site of the Company's first proposed commercial installation of its
proton-based radiotherapy system, has been completed.
The GBP10m refurbishment project, the building costs of which
have been borne by freeholder the Howard de Walden Estate, will now
move into the fit-out phase, and will see the creation of a
state-of-the-art proton beam therapy centre right in the heart of
Marylebone, in Central London. The Grade II listed properties at
141 and 143 Harley Street are expected to become the home of the
Company's first LIGHT system, a new cost-effective technology that
has been designed to reduce the treatment price per patient to a
fraction of the price charged today for proton therapy.
Unlike conventional proton beam technology, which uses large
circular accelerators, the innovative linear accelerators of the
LIGHT system, its modular design, and significant lower shielding
requirements mean that it is ideally suited for areas of high
population density or existing clinical sites. The technology has
been designed to significantly reduce the level of unwanted induced
radiation in the accelerator hall compared to traditional proton
beam systems and therefore does not require the extensive shielding
associated with the machines currently on the market. Studies
required for initial planning permission demonstrated that very
little unwanted radiation is generated using the LIGHT system, well
within Environmental Agency guidelines.
Moving into the fit-out phase, the Company can now focus on its
detailed design to support the installation of the LIGHT system.
The modular nature of the LIGHT system lends itself to the quicker
and more convenient installation of these easily handled modules,
rather than large volumes of heavy equipment; ensuring minimal
disruption, and no requirement for heavy cranes. Each LIGHT module
is expected to be transported directly into the accelerator hall
through a 2.7m high and 1.8m wide lift. The fact that the
accelerator hall is located in the basement of the Harley Street
site, which is only 156 m(2) , demonstrates the small footprint
required for the technology. Dry-packed high-density modular
concrete blocks with overlapping joints will prevent protons and
neutrons passing through and will be installed during the fit-out
stage.
The refurbishment process at Harley Street
In 2015, Advanced Oncotherapy was granted a 50-year lease for
the site, and Howard de Walden Estate agreed to bear the cost of
redevelopment. With the support of the Howard de Walden Estate, the
planning permission was successfully granted by Westminster City
Council in October 2016 and excavation works started in March
2017.
Simon Baynham, Property Director at Howard de Walden Estates,
said:
"We are delighted that our construction phase is now over and
that the project is about to enter the next phase of fit-out. This
transaction demonstrates that the Harley Street Medical Area
continues to attract both the best technology and consultants
available. The Harley Street Medical Area continues to provide the
very best healthcare that doctors and science can provide in an
increasingly global medical market."
Nicolas Serandour, CEO of Advanced Oncotherapy, said:
"I am delighted that we have reached another important milestone
in the pathway towards the first commercial installation of our
technology. We are committed to creating a cost-effective proton
therapy technology that will offer cancer patients better outcomes
with lower treatment side-effects, and at the same time affordable
enough to be made available to everyone who needs it. Once
operational this centre is expected to be the world's first-ever
centrally located, lifesaving proton therapy centre, in what was
originally a residential dwelling.
"Today's news brings us one step closer to delivering on this,
and we are hugely grateful for the refurbishment work committed to
by the Howard de Walden Estate and which has been delivered on time
and to budget."
Advanced Oncotherapy Plc www.avoplc.com
Dr. Michael Sinclair, Executive Tel: +44 (0)20 3617 8728
Chairman
Nicolas Serandour, CEO
Allenby Capital Limited (Nominated Adviser
& Joint Broker)
Nick Athanas / Liz Kirchner / Nicholas Chambers Tel: +44 (0)20 3328 5656
Stifel Nicolaus Europe (Joint Broker)
Jonathan Senior Tel: +44 20 7710 7600
Walbrook PR (Financial PR & IR) Tel: +44 (0)20 7933 8780 or avo@walbrookpr.com
Paul McManus / Anna Dunphy Mob: +44 (0)7980 541 893 / Mob: +44
(0)7876 741 001
About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy is a provider of particle therapy in the
treatment of cancer, which harnesses the very best in modern
technology. Advanced Oncotherapy's R&D team, ADAM, in Geneva,
focuses on the development of a proprietary proton accelerator -
LIGHT (Linac Image Guided Hadron Technology). LIGHT accelerates
protons to the energy levels achieved in legacy machines but in a
compact and truly modular unit, offering significant cost
advantages. LIGHT also delivers proton beams in a way that
facilitates greater precision and electronic control, which are not
achievable with currently available alternative technologies.
Advanced Oncotherapy will offer healthcare providers affordable
systems that will enable them to treat cancer with an innovative
technology, offering better health outcomes and lower treatment
related side effects.
Advanced Oncotherapy continually monitors the market for any
emerging improvements in delivering proton or particle therapy and
actively seeks working relationships with providers of these
innovative technologies. Through these relationships, the Company
will remain the prime provider of cutting edge, cost-effective
systems for particle therapy.
Due to the high cost of building and operating traditional
proton therapy technologies has meant that the global capacity to
treat cancer patients in this way has been extremely low. Only 1%
of patients eligible for radiotherapy are being treated with proton
therapy currently, with a capacity for as little as 60,000 patients
to be treated annually across the globe. Considering the UK alone,
where roughly 360,000 patients are diagnosed with cancer each year,
it is clear that there is a desperate clinical need for the
roll-out of a technology that can bring the benefits of proton beam
therapy to millions of patients worldwide.
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END
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