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Advanced Oncotherapy #AVO receives first part of Yantai distribution agreement payment
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that further to the Company’s announcement of 3 April 2018, the Company has received from Yantai Cipu, through its affiliated entity Liquid Harmony, £6.5 million as the first payment relating to the Distribution Agreement announced on 7 December 2017. The Company has been advised by Liquid Harmony that the balance of £10.0 million will be received in the coming weeks.
The proceeds from the above payment will be used towards the repayment of the loan made to the Company by Blackfinch Investment Ltd through its subsidiary Henslow Trading Limited, for a total aggregate nominal value, including interest, of £6.7 million.
In addition, the Company and Blackfinch have agreed to set at 70p the exercise price of the batch of 1,000,000 warrants issued by the Company to Blackfinch on 24 March 2017 in relation to the Loan.
After repayment of the Loan by the Company, Blackfinch has agreed to release the security it held on the Company’s lease for 141-143, Harley Street and on certain other equipment of the Company. All the assets of the Company are now free of any security arrangement.
Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: “We appreciate the flexibility demonstrated by Blackfinch who extended the maturity of the Loan on the same terms. We have been impressed by their seriousness in understanding our technology.”
For further information, please contact:
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Advanced Oncotherapy Plc |
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Dr. Michael Sinclair, Executive Chairman |
Tel: +44 20 3617 8728 |
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Nicolas Serandour, CEO |
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Stockdale Securities (Nomad & Joint Broker) |
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Antonio Bossi / Ed Thomas |
Tel: +44 20 7601 6100 |
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Stifel Nicolaus Europe (Joint Broker) |
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Jonathan Senior |
Tel: +44 20 7710 7600 |
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Walbrook PR (Financial PR & IR) |
Tel: +44 20 7933 8780 or avo@walbrookpr.com |
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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.
Advanced Oncotherapy (AVO) – Additional financing agreement and new appointment
Advanced Oncotherapy (AVO), the developer of next-generation proton therapy systems for cancer treatment, announces it has made further progress in attracting personnel at the forefront of their field and additional financing.
Additional Financing
Advanced Oncotherapy announces, that on 12 June 2017, it has entered into a further loan agreement with Blackfinch Investment Ltd, through its subsidiary Henslow Trading Limited and has drawn down an additional £1.5 million. This brings the total financing from Blackfinch to £6.5 million and follows two prior agreements, announced on 27 March 2017 and 25 April 2017. Unlike the Prior Agreements, this loan is secured against anticipated cash receivables.
Terms of the Loan Agreement
· 1 year maximum loan term, with term commencing on 24 March 2017
· Principal of £1.5m
· The £1.5m has been secured on known cash receivables and will be repaid upon receipt of these monies
· Annual interest rate of 12%
· 500,000 warrants with 100p exercise price, exercisable for five years
· This agreement does not change the loan security outlined in the announcements of the Prior Agreements on the first £5 million drawn down from Blackfinch
New appointment
The Company announces the appointment of Ed Lee as Chief Operating Officer with immediate effect.
Ed joined the Company on 13 February 2017 and will be responsible for spearheading the operations and project management of the LIGHT system and, critically, for bringing the LIGHT system to market. Ed will not be taking a position on the Board.
A mechanical engineer by background, Ed has gained progressive responsibilities in manufacturing and operations over the last 23 years and brings a wealth of knowledge to Advanced Oncotherapy. His experience lies in new product development, supply chain management, project management, cost reduction, operational management and value engineering; such as launching new products on time and on budget and improving the robustness of the production process.
He is skilled in leading and working closely with multiple teams to realize stakeholder interests: technical/R&D, quality, regulatory, procurement, sales and finance.
Previously, Ed was the Director of Production & Field Service at Optivus Proton Therapy Inc, where he was responsible for all on-going and new product development aspects of production and on-going servicing of the company’s customers’ proton therapy technology. His manufacturing and operational experiences span several industries and sectors, including automotive, aerospace & defence, nuclear and medical devices. Aside from Proton Treatment Systems, he has led teams that have successfully launched new products where regulatory requirements are extremely stringent such as on military jets, military ships, space satellites, submarines, and nuclear power plants.
Commenting on the appointment, Nicolas Serandour, CEO of Advanced Oncotherapy said: “Ed’s background gives him excellent insight into every step of the production and clinical-user processes for our LIGHT system. He will be responsible for leading and driving the team to develop and produce the LIGHT system in an efficient and timely manner as demonstrated consistently in his previous roles. He is already a great asset to the team.”
Commenting on his appointment, Ed Lee, COO of Advanced Oncotherapy said: “One of my key objectives at Advanced Oncotherapy is to help ensure the considerable value of intellectual property associated with LIGHT is translated into profitable operations. It’s one I am relishing and am confident of achieving as a team. What the Company is trying to achieve – making proton therapy more affordable and clinically better, thereby saving lives – is my foremost incentive.”
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Advanced Oncotherapy Plc |
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Dr. Michael Sinclair, Executive Chairman |
Tel: +44 20 3617 8728 |
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Nicolas Serandour, CEO |
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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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Stifel Nicolaus Europe (Joint Broker) |
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Jonathan Senior / Ben Maddison |
Tel: +44 20 7710 7600 |
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Walbrook PR (Financial PR & IR) |
Tel: +44 20 7933 8780 or avo@walbrookpr.com |
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Paul McManus / Anna Dunphy |
Mob: +44 7980 541 893 / Mob: +44 7876 741 001 |
Advanced Oncotherapy (AVO) – Additional financing agreement
Advanced Oncotherapy plc (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces that on Tuesday 25 April it drew down a further £2 million as part of the 12-month convertible and redeemable loan agreement announced on 27 March 2017 with Blackfinch Investment Ltd, through its subsidiary Henslow Trading Limited. This brings the total financing from Blackfinch to £5 million. This additional £2 million facility is issued on the same terms as the initial £3 million loan announced on 27 March 2017.
Terms of the Loan Agreement
- 1 year loan
- £5m loan in total now fully drawn down
- Interest rate of 11%
- Repayment in cash at maturity, or possibility at discretion of the lender at any time within the next 12 months to convert all or part of the loan into Advanced Oncotherapy shares at a conversion price of 100p per share
Loan security
The £5 million loan is secured on the Company’s lease for 141-143, Harley Street and on certain other equipment of the Company. Should the Company not meet its obligations under the Loan Agreement and after a four month period during which the lease is offered for sale, four shareholders and directors (the “Guarantors”) of the Company, being Dr Nick Plowman, Fairford Capital (a company 100 per cent. owned by Michael Bradfield) and Professor Chris Nutting, in addition to Michael Sinclair who, as announced on 27 March 2017, had already provided an offer to buy back the lease, have agreed with Blackfinch to buy back the lease at a value equivalent to the outstanding amount of the £5m loan plus accrued interests and expenses. The Guarantors have also undertaken to the Company that, should they be required to buy back the lease from Blackfinch, they will offer the then shareholders of the Company the opportunity to participate in the buy back on the same terms as their participation pro rata for their shareholding in the Company.
Related party transactions
The offers by Nick Plowman, Fairford Capital and Chris Nutting to buy back the lease from Blackfinch which is part of the loan agreement with Blackfinch constitute transactions with related parties under the AIM Rules for Companies. In accordance, therefore, with the AIM Rules, the directors of the Company, with the exclusion of Nick Plowman, Michael Bradfield and Chris Nutting and Michael Sinclair, who had also made an offer to Blackfinch to buy back the lease as set out in the announcement of 27 March 2017, having consulted with the Company’s nominated adviser, Stockdale Securities Limited, consider that the terms of Nick Plowman, Fairford Capital and Chris Nutting entering into the agreement with Blackfinch are fair and reasonable insofar as the Company’s shareholders are concerned.
For further information, please contact:
| Advanced Oncotherapy plc | www.avoplc.com | ||||
| Nicolas Serandour, Chief Executive Officer | Tel: +44 20 3617 8728 | ||||
| Michael Sinclair, Executive Chairman | |||||
| Stockdale Securities (Nomad & Joint Broker) | Tel: +44 20 7601 6100 | ||||
| Antonio Bossi / David Coaten | |||||
| Stifel Nicolaus Europe (Joint Broker) | Tel: +44 20 7710 7600 | ||||
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| Walbrook PR (Financial PR & IR) | Tel: +44 20 7933 8780 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 for Image Guided Hadron Therapy (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.
About Blackfinch www.blackfinch.com
Blackfinch is an established UK provider of tax-efficient investment solutions. Their philosophy is based on transparency and simplicity and their services provide real solutions to real financial planning challenges faced by individuals today
Advanced Oncotherapy (AVO) – Result of General Meeting
Advanced Oncotherapy plc (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces that at the General Meeting held earlier today all resolutions were passed.download full film iBoy
As a result the Board now has authority to utilise the Equity Financing Facility provided by Bracknor, details of which were provided in the 22 February 2017 announcement.
The Company continues to consider a number of financing options in addition to the Bracknor facility and the financing agreement with Blackfinch Investment Limited that was announced on 27 March 2017.
For further information, please contact:
| Advanced Oncotherapy plc | www.avoplc.com | ||||
| Nicolas Serandour, Chief Executive Officer | Tel: +44 20 3617 8728 | ||||
| Michael Sinclair, Executive Chairman | |||||
| Stockdale Securities (Nomad & Joint Broker) | Tel: +44 20 7601 6100 | ||||
| Antonio Bossi / David Coaten | |||||
| Stifel Nicolaus Europe (Joint Broker) | Tel: +44 20 7710 7600 | ||||
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| Walbrook PR (Financial PR & IR) | Tel: +44 20 7933 8780 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 for Image Guided Hadron Therapy (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.
Advanced Oncotherapy (AVO) – Additional financing agreement
Advanced Oncotherapy plc (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces that on Friday 24 March it signed an additional 12-month convertible and redeemable loan, at a conversion price of 100p, which will provide net funding of £3m, with an option to draw-down a further £2m within the next 60 days.
The financing agreement with Blackfinch Investment Ltd, through its subsidiary Henslow Trading Limited, provides the Company with additional financing to complement the proposed financing facility with Bracknor which was announced on 22 February 2017 and added flexibility in terms of forthcoming financing requirements.
Terms of the Loan Agreement
- 1 year loan
- £3m loan, with option to draw down further £2m
- Interest rate of 11%
- Repayment in cash at maturity, or possibility at discretion of the lender at any time within the next 12 months to convert all or part of the loan into Advanced Oncotherapy shares at a conversion price of 100p per share
- 1,000,000 warrants will be issued at an exercise price of 150p, exercisable for 5 years
Loan security
The loan is secured on the Company’s lease for 141-143, Harley Street and on certain other equipment of the Company. Should the Company not meet its obligations under the Loan Agreement and after a four month period during which the lease is offered for sale, Michael Sinclair, Executive Chairman of the Company, has agreed with Blackfinch to buy back the lease at a value equivalent to the outstanding amount of the £3m loan plus accrued interest and expenses. Michael Sinclair has also undertaken to the Company that, should he be required to buy back the lease from Blackfinch he will offer to the then shareholders of the Company to participate in the buy back on the same terms as his participation pro rata for their shareholding in the Company.
Related party transaction
The offer by Michael Sinclair to buy back the lease from Blackfinch which is part of the loan agreement with Blackfinch constitutes a transaction with a related party under the AIM Rules for Companies. In accordance, therefore, with the AIM Rules, the directors of the Company, with the exclusion of Michael Sinclair, having consulted with the Company’s nominated adviser, Stockdale Securities Limited, consider that the terms of Michael Sinclair’s entering into the agreement with Blackfinch are fair and reasonable insofar as the Company’s shareholders are concerned.
The Company expects to draw down on the £3m shortly and this will provide additional funds outside of the proposed Bracknor arrangement.
Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: “This additional funding option from Blackfinch provides us with the flexibility to utilise this facility for our financing needs, and complements the funding option and security provided by the Bracknor facility. We continue to consider additional financing options, including non-dilutive financing, the facility with Metric Capital, and other possibilities and with these two funding options in place we have strengthened the position from which we approach these options.”
Commenting, Richard Cook, CEO of Blackfinch Investment, said: “I am delighted that Blackfinch has been able to work with Advanced Oncotherapy plc in providing finance at this exciting stage within their corporate journey. The technology which will be provided from Advanced Oncotherapy’s work can help to improve lives, which is, of course, a great positive. I look forward to watching the progress over the coming months and seeing the benefits of the work unfold.”
For further information, please contact:
| Advanced Oncotherapy plc | www.avoplc.com | ||||
| Nicolas Serandour, Chief Executive Officer | Tel: +44 20 3617 8728 | ||||
| Michael Sinclair, Executive Chairman | |||||
| Stockdale Securities (Nomad & Joint Broker) | Tel: +44 20 7601 6100 | ||||
| Antonio Bossi / David Coaten | |||||
| Stifel Nicolaus Europe (Joint Broker) | Tel: +44 20 7710 7600 | ||||
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| Walbrook PR (Financial PR & IR) | Tel: +44 20 7933 8780 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 for Image Guided Hadron Therapy (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.
About Blackfinch www.blackfinch.com
Blackfinch is an established UK provider of tax-efficient investment solutions. Their philosophy is based on transparency and simplicity and their services provide real solutions to real financial planning challenges faced by individuals today.