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Advanced Oncotherapy (AVO) – Video and update on progress at Harley Street
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces the release of a short video providing an update on the facility at Harley Street and progress made on site. The video features Deconstruct (UK) Limited, principal contractor to the project, and highlights its role in the demolition, excavation and rebuild at 141/143 Harley Street.
Mick Durie, a director of Deconstruct, provides a breakdown of the step-by-step process of the building project, the key objectives and Deconstruct’s expertise and experience in working on comparable builds.
The video can be viewed at http://www.avoplc.com/
The Company also confirms that work has progressed considerably since the filming of the video; piling, which will form the foundations for construction at 141/143 Harley Street and per the announcement of 30 May 2017, has commenced.
Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy said: “This video and the progress made to be able to begin piling clearly show how far we’ve come in developing the site at Harley Street. The extent of the work done so far is clear, we are confident of delivering within the timescales we provided and are grateful for the support provided by The Howard de Walden Estate. Deconstruct are a highly experienced firm and we have every confidence they will meet our expectations in completing the rebuild on schedule.”
For further information, please contact:
| Advanced Oncotherapy Plc | www.avoplc.com |
| Dr. Michael Sinclair, Executive Chairman | Tel: +44 20 3617 8728 |
| Nicolas Serandour, CEO | |
| Stockdale Securities (Nomad & Joint Broker) | |
| Antonio Bossi / David Coaten | Tel: +44 20 7601 6100 |
| Stifel Nicolaus Europe (Joint Broker) | |
| Jonathan Senior / Ben Maddison | Tel: +44 20 7710 7600 |
| 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 |
Advanced Oncotherapy (AVO) – Harley Street construction update
Advanced Oncotherapy (AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that excavation work at its flagship Harley Street site is progressing well and on time.
Work has been completed on multiple stages of site work and demolition activity, with groundworks and piling, the longest stage in the excavation and build process for the core and shell, to follow shortly.
The Company and The Howard de Walden Estate, the latter of which is funding the demolition and reconstruction work, remain confident that the principal contractor for this project, Deconstruct (UK), is on schedule to deliver to the timetable provided on 6 March 2017.
Deconstruct (UK) is highly experienced in strategic demolition; that is, preserving the integrity and appearance of a Grade 2 listed building, such as 141/143 Harley Street. The listed status of the buildings and their location add a complexity to the build that would preclude the installation of traditional proton beam therapy technology on such a site. LIGHT’s unique feature of modularity enables it to go into Harley Street and will, just as importantly from a commercial perspective, facilitate the installation of additional LIGHT systems in existing and new radiotherapy departments globally.
This feature is most clearly demonstrated by the ability to deliver LIGHT’s compact accelerating modules on site via the front door of 141/143 Harley Street, thereby removing the requirement for open-roof access and use of a crane.
As previously outlined to shareholders, the Company’s first LIGHT system is due to be capable of clinical operation by Q3 2018 and installation in the Harley Street facility is expected to take place during H2 2019. Further updates on technical milestones will be provided through 2017 and 2018.
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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) – Update on financing and Harley Street building work update
Advanced Oncotherapy (AVO), the developer of next generation proton therapy systems for cancer treatment, announces that further to the financing agreement with Bracknor announced on 22 February 2017, the first tranche has been drawn down by the Company and the initial funds of £1.3 million received (less 5%, in accordance with terms for receipt of 95% of nominal value of each tranche). Bracknor is prohibited from short selling ahead of any conversion notice, being the notice given to the Company that Bracknor wishes to convert the loan notes into AVO shares.
The Company will make the requisite announcements in relation to the application for admission of the new Ordinary Shares deriving from the conversion of the loan notes and the issue of warrants and will also publish on its website (at http://www.advancedoncotherapy.com/Investors ) a table with the number of outstanding convertible loan notes from time to time, the number of outstanding warrants and the warrant exercise prices.
The Company also announces that following the successful grant of planning permission for the Harley Street site in October 2016, a tender process took place to appoint a principal contractor to undertake the building works for the site.
As a result of that tender process, Deconstruct (UK) Limited were appointed by Howard de Walden Estates as principal contractor to the project and were on site in January carrying out preliminary assessment and works.
Following the preparatory works, excavation is due to commence by the end of Q1 2017. A detailed roadmap of key milestones for the manufacture and commercialisation of Advanced Oncotherapy’s LIGHT system, including installation at the Harley Street site, will be provided at the investor presentations being held in London on Monday 6 March 2017 and in Zürich, Switzerland, on Tuesday 7 March 2017. Full details can be read in the RNS Reach announcement released on 16 February 2017 and available here: http://www.advancedoncotherapy.com/Investors/news
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.comWatch Full Movie Online Streaming Online and Download
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.