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Advanced Oncotherapy (AVO) – 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 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 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 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
Beaufort Securities view on Advanced Oncotherapy (AVO)
Beaufort Securities view on Advanced Oncotherapy (AVO).
It always comes as a surprise when the market reacts violently to some news item whose impact was considered already to be priced-in. Yesterday’s announcement told shareholders nothing new. Back in November, AVO detailed the fact that Sinophi was no longer to proceed with the installation of LIGHT technology in the China-Japan Union Hospital of Jilin University in Changchun and First People’s Hospital of Huai’An. Back then, AVO also confirmed that the orders for the two machines remained in place as per its agreement with Sinophi and that they were assessing other sites in the same cities as well as pursuing other framework agreements in China.
Realistically, however, given the bespoke nature of the two original contracts, it was clear that no ‘replacement buyers’ would be found and formal termination was only ever going to be a matter of time. AVO’s management always insisted, however, that the contractual details simply do not permit the originator to ‘walk away’ and that there never was any binding legal agreement with respect to delivery schedules. More to the point, the contracts were composed under English law and both companies have registered offices in the UK. Nevertheless, it would never be in either of the company’s interests to see their argument fought out in the courts, particularly for Sinophi which undertakes very large operations in China where partners would be highly sensitive to any suggestion that it had not looked after its client interests correctly. As such, assuming AVO’s legal counsel has correctly advised it, the dispute will more likely be argued behind closed doors and result in reparations being made to partially compensate AVO for its loss of profit opportunity amounting to, perhaps, a few million US$. Given the pressures on AVO’s balance sheet, any such payment would be welcome although, of course, it would still represent an unfortunate outcome from what initially had appeared to be a quite remarkable business opportunity. In this same respect, Monday’s announcement regarding the possibility of the Group securing non-dilutive financing from a ‘strategic partner’ (which Beaufort believes to be the French giant, Thales Group), also provides some hope for those fearful that AVO will otherwise be forced to undertake further discounted equity placements.
Advanced Oncotherapy (AVO) – Sinophi Update
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment announces that on 23 January 2017, the Company was informed by Sinophi Healthcare Limited (“Sinophi”) that it wished to terminate the purchase orders announced on 25 March 2015 and 21 October 2015. Advanced Oncotherapy is firmly of the view that Sinophi has no legal basis on which to make this termination and will take appropriate action to protect its position.
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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 |
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.
Advanced Oncotherapy (AVO) – Update on Harley Street and Sinophi
Advanced Oncotherapy – Update on Harley Street and Sinophi
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that the building work for the Harley Street site is expected to start in early January with completion of the building works expected by March 2018. This follows the successful planning permission granted by Westminster Council on 19 October 2016. The Harley Street Proton Treatment Facility will be jointly operated by Circle Health and the Company.
Separately, the Company has been informed by Sinophi Healthcare Limited (“Sinophi”) that Sinophi’s customers, will not now be proceeding with the installation of AVO’s LIGHT technology in the hospitals ofChina-Japan Union Hospital of Jilin University in Changchun and First People’s Hospital of Huai’An. Advanced Oncotherapy’s orders for the two machines from Sinophi remain in place and as per this agreement Sinophi and AVO are assessing other sites in the same cities as well as pursuing other framework agreements in China.
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Advanced Oncotherapy Plc |
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Dr Michael Sinclair, Executive Chairman Nicolas Serandour, CEO |
Tel: +44 20 3617 8728 |
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Stockdale Securities (Nomad & Joint Broker) |
Tel: +44 20 7601 6100 |
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Antonio Bossi / David Coaten |
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Stifel Nicolaus Europe (Joint Broker) |
Tel: +44 20 7710 7600 |
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Jonathan Senior / Ben Maddison |
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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 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.
Would you bet on the big names breaking into China? British firms beating a path to Beijing.
Would you bet on the big names breaking into China? British firms beating a path to Beijing. – by Ruth Sunderland – Daily Mail
British businessmen in Beijing feel conditions are now right for UK companies to seize the upper hand over old rival Germany.
Clare Pearson of the China Britain Business Council says: ‘For the past 30 years Germany has been a good fit, because China needed agricultural equipment and other manufactured goods.’
However, China’s population is getting wealthier and older, which favours sectors where the UK is strong: insurance, financial services, leisure and fashion and Pearson adds: ‘This is a turning point for [China] to switch from Germany to the UK. In China, we are moving into a middle class era.’
Full article here
Advanced Oncotherapy announces the appointment of an Executive Chairman at subsidiary ADAM
Advanced Oncotherapy announces that Professor Steve Myers OBE, Head of Medical Applications at CERN, has been appointed as Executive Chairman of Advanced Oncotherapy’s fully owned subsidiary ADAM S.A.
ADAM was founded in 2007 as a spin-off from CERN, the European Organisation for Nuclear Research, and was acquired by Advanced Oncotherapy in 2013. The ADAM team is responsible for designing and developing the Company’s next-generation proton beam cancer therapy technology, the LIGHT system.
Professor Myers has been the Head of Medical Applications at CERN in Geneva since 2014. From 2009-2013, he was the Director of Accelerators and Technology, where he was responsible for the operation and exploitation of the whole accelerator complex, with particular emphasis on the Large Hadron Collider and for the development of the new projects and technologies.
In 2012, he was elected as a Fellow of the Royal Academy of Engineering which honours the UK’s most eminent engineers, and is a Fellow of the Institute of Physics, the European Physical Society and International Fellow of the American Physical Society. He is internationally recognised for his engineering contributions and leadership in the development of CERN’s particle colliders over the past 40 years, including the Intersecting Storage Ring Accelerator, the Large Electron-Positron collider and the LHC.
Professor Myers has been awarded a number of international prizes including the Duddel Prize & Medal from the Institute of Physics (now re-named the Gabor Medal & Prize) and was awarded an OBE in 2013 for services to science and technology. Professor Myers holds a number of honorary and advisory positions and is Chair of the Advisory Committees of both the John Adams Accelerator Institute in Oxford and the Cockroft Accelerator Institute and has published over 300 scientific papers.
Sanjeev Pandya, CEO of Advanced Oncotherapy commented: “Professor Myers’ wealth of knowledge and experience is second to none. He has been part of the CERN Scientific Review Board since its inception in January 2015 and has provided the Company with invaluable advice and high level guidance during this time. We are extremely lucky to have someone of his calibre on board and we are looking forward to working more closely with Steve in the future.”
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Advanced Oncotherapy Plc |
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Sanjeev Pandya, CEO |
Tel: +44 20 3617 8728 |
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Nicolas Serandour, CFO |
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Westhouse Securities (Nomad & Joint Broker) |
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Antonio Bossi / David Coaten |
Tel: +44 20 7601 6100 |
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Beaufort Securities (Joint Broker) |
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Jon Levinson / Elliot Hance |
Tel: +44 20 7382 8300 |
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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. As a result, 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’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 fraction of the size and significantly lower in cost. This compact configuration delivers proton beams in a way that facilitates a greater precision and electronic control which is not achievable with older technologies.
The Company has signed two purchase agreements with Sinophi Healthcare Limited for the LIGHT proton therapy systems to be installed in hospitals in China. There are also four additional framework agreements and further Letters of Intent from other healthcare providers.
The Company has also signed a joint venture agreement with CircleHealth, owned by AIM-listed Circle Holdings plc to operate the Company’s proton beam cancer therapy centre in Harley Street.
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 announces the successful high power testing of two Coupled Cavity Linac (CCL) modules
Advanced Oncotherapy announces that the high power testing of two Coupled Cavity Linac (CCL) modules at the Company’s facility in Geneva has been successfully completed.
In August the Company announced that the two CCL modules were ready to be tested at high power and marked the first time two CCL modules were tested together. The modules have now been successfully tested at a full power of 7.5MW and full duty cycle at 200Hz. The finished LIGHT system will incorporate 15 CCL modules in total and combined in a series these will accelerate protons to the high energies required to treat radiosensitive tumours.
In addition, tuning has been completed on two further CCL modules at the VDL ETG Projects (“VDL”) headquarters and these are ready to be delivered to the Geneva facility at the end of this month. VDL has in-depth experience and a solid track record in building accelerating modules and is Advanced Oncotherapy’s key supply partner for the CCL modules.
The CCL modules or “higher speed accelerators” are an essential part of the LIGHT system. They consist of a series of cells which accelerate the protons from energies of 37.5 Mega-electron Volts (MeV) to energies that can be applied usefully to a clinical setting.
Commenting, Sanjeev Pandya, CEO of Advanced Oncotherapy, said: “The successful conclusion of the CCL tests gives us confidence that the modules will work under the required conditions to deliver the high energy protons that we need to treat patients effectively. We have tested them on maximum power with no complications, and this is another important milestone in delivering our first LIGHT machine.”
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Advanced Oncotherapy Plc |
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Sanjeev Pandya, CEO |
Tel: +44 20 3617 8728 |
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Nicolas Serandour, CFO |
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Westhouse Securities (Nomad & Joint Broker) |
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Antonio Bossi / David Coaten |
Tel: +44 20 7601 6100 |
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Beaufort Securities (Joint Broker) |
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Jon Levinson / Elliot Hance |
Tel: +44 20 7382 8300 |
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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 |
About Advanced Oncotherapy Plc www.avoplc.com
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 a greater precision and electronic control which is not achievable with older technologies.
Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. As a result, 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.
The Company has signed a purchase agreement with Sinophi Healthcare Limited for one LIGHT proton therapy system to be installed in a hospital in China and has further Letters of Intent from other healthcare providers.
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.