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Market: AIM:AVO
52-week High/Low: 64.80p / 9.53p
Sector: Health Care, Equipment & Services
Market Cap: 73.15M
Advanced Oncotherapy (LON:AVO)

Advanced Oncotherapy

Advanced Oncotherapy plc is a UK-based company focused on delivering a cost-effective proton-based radiotherapy solution called LIGHT. Based on ground-breaking technology developed and tested at world renowned CERN in Switzerland, the LIGHT system delivers an integrated proton radiotherapy system to treat cancer. The uniqueness of LIGHT means that it is possible to treat patients in the...

Advanced Oncotherapy

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Big picture - Why invest in Advanced Oncotherapy

Advanced Oncotherapy Snapshot

Our sole focus is to develop technologies to maximise the destructive effect of radiation on tumours whilst minimising damage to healthy tissues. Our goal is to help healthcare providers and hospitals expand their repertoire of treatments to ensure clinicians and patients have choices. Advanced Oncotherapy's aim is to cost-effectively deliver the next generation of proton therapy which is clinically superior to the currently available alternative radiation therapies.

Advanced Oncotherapy plc has its head office in London, UK, an R&D/ADAM facility located on the campus of CERN, Geneva, Switzerland, and a manufacturing plant, clinical research and clinician training facility in Syracuse, USA.

Advanced Oncotherapy plc is a public limited company in England and Wales; company number 05564418 with registered offices on Level 17, Dashwood House, 69 Old Broad Street, London, EC2M 1QS. The Company’s shares are listed on the AIM market of the London Stock Exchange under the symbol AVO.L

Our values

We are guided by six core values. We strive to ensure that these values permeate throughout our work and organisation and our relationships every day. They include:


We choose the right path, not the easy path. We promote a “just culture” environment that requires each of us to do the right thing to ensure patient safety. We do what’s best for our patients and our community, every moment of every day. Integrity guides us to passionately engage in our work, step up to every challenge and conduct our business with transparency.


We believe it will be our sincerity and openness, combined with our own expertise that paves the way to innovations that really matter and help patients. Inside our company, openness is the key source of change and progress. It pays to question day-to-day routines, share knowledge and find creative, new approaches.

Reliability and accountability

We accept that we have a duty to act responsively and be accountable for all of our actions.


We are passionate about helping to shape the next generation of radiation therapies. We are intensely focused on serving our clients and patients. We do what we say we are going to do: we strive to fight cancer, improve the lives of our patients and create value for our shareholders.


We always seek the most solid foundation of evidence available in every practice we embrace. Our research is guided by innovation, best practice, rigour and accuracy.

Competence and collaboration

We work as one team, united by a common purpose. We work with key stakeholders, organisations and community groups who share our aim of defeating cancer. Recognising the value of bringing together diverse perspectives, we create an environment where new partnerships thrive, where barriers to freely sharing knowledge do not exist and where the right stakeholders are engaged from the very beginning.

Cancer care

Cancer is a condition characterised by uncontrolled cell proliferation. It is a leading cause of mortality among all diseases. 22 million people are currently living with cancer worldwide. 8 million people are likely to die as a result of cancer per year. It is responsible for more deaths globally than AIDS, malaria and tuberculosis combined.

With 16 million new cancer cases expected per year by 2020, cancer is projected to become the largest share of drug spend.

Today, survival rates are higher than ever before – in the UK, two in every four people will beat cancer. This is incredible progress when considering that in the 1970s less than a quarter of people survived. But there is more to be done. That is why at Advanced Oncotherapy we are focused on defeating cancer – and with our partners and stakeholders, we are going to accelerate progress so that more lives can be saved.

Radiation therapy

Methods of cancer treatment include surgery, medication and radiotherapy. Depending on the size, location and type of cancer, each of the different approaches may be used in isolation or in conjunction with the others:

Surgery; is the direct treatment approach that aims to remove the tumour. In many cases, surgery might be the preferable option but close proximity to delicate organs prevents surgical removals. Besides, surgery is usually not an option for elderly patients. Recovery times can be long and, from a cost perspective, surgery is in most cases less desirable than alternative treatments.

Medication; a key characteristic of cancer cells is their rapid division, which outpaces that of most healthy cells. Cancer medicines try to exploit this feature through the general destruction of fast-dividing cells. The disadvantage is that healthy cells that also divide fast (such as hair cells) are attacked by cancer drugs. These drugs are also highly poisonous, distributed in the whole body through the bloodstream and cancer cells may develop resistance.

Radiation; it damages the genetic material in cancer cells and destroys their ability to reproduce by using an external source of energy. It is highly effective in the treatment of tumours present in areas which could not be accessed using traditional surgery methods. In contrast to medication treatments such as chemotherapy or hormone treatment, radiotherapy is a local treatment, limiting both desired and undesired effects to the irradiated tissue area.
At Advanced Oncotherapy, we are focused on radiation therapy because:

At Advanced Oncotherapy, we are focused on radiation therapy because:

Radiation therapy has been used for more than 80 years and it has a successful track-record in curing cancer. It is estimated that of those patients treated in the EU, over 65% of patients will receive some form of radiotherapy, making radiotherapy one of the most important treatment modalities;

Radiation therapy treatment is non-invasive, can be done without anaesthesia and the patient is usually able to leave the hospital the same day;

It has significant cost benefits. As a complement to its medical effectiveness, radiotherapy offers clear cost advantages over other treatment methods. The global cost of radiation therapy is estimated at less than 10% of cancer drug costs. The cost of open cancer surgery is 2x that of treating cancer with radiotherapy, while the drugs required for chemotherapy can cost 3-5x as much.


Proton therapy

Most conventional radiotherapy treatments use beams of X-rays to treat tumours. X-rays are high-energy waves made of photons, which are a form of electromagnetic radiation. However the beams do not discriminate between cancerous and normal tissue. Although the radiation beams are focused on a tumour, so the dose to the surrounding tissues is minimised, there will inevitably be some potential damage, leading to short or long-term side effects, including the risk of developing secondary malignancies. While these side effects are obviously not ideal for cancer patients at any age, they can be particularly harmful for children as their bodies are still developing and they are more susceptible to the effects of radiation. Children are also more at risk of developing a secondary cancer later in life, caused by their early exposure to radiation.

Recent advances in radiation therapy technologies have focused clinicians on further improving the ability to target the radiation dose more precisely at cancer cells while minimising the exposure to healthy tissue.

The most significant industry developments in radiation therapy is the development of proton therapy, a highly-targeted type of radiotherapy that can treat hard-to-reach cancers with a lower risk of damaging surrounding tissues and causing side effects. This is because protons stop once they hit their target, whereas X-ray beams carry on through the body. Literature shows that proton therapy can cut down the risk of developing secondary malignancies by up to 50%.

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Proton therapy is widely accepted by physicians, governments and many insurers worldwide. It has been used for more than 50 years and in the hospital setting since 1990. As of December 2013, over 120,000 patients were treated worldwide in 45 centres worldwide.

While proton therapy systems have been recognised as a superior treatment modality, widespread treatment of common cancers has been impractical, due to the size and cost of proton therapy machines. This currently results in a lack of centres equipped with appropriate equipment, which in turn explains why today only 1% of cancer patients have benefited from proton therapy.

This is why at Advanced Oncotherapy, we are focused on a revolutionary proton therapy system that can be used and afforded by most people, not just by an exclusive minority. With the application of our new LIGHT technology, Advanced Oncotherapy is committed to deliver a significantly more cost effective, smaller 1, 2, or 3 room system to enable treatment with protons to become a financially viable treatment option.






Dr Mike Sinclair
Executive Chairman | Appointed: Jun. 2006 | Nationality: British

Skills and experience

Held a number of appointments at teaching hospitals in London; registrar in Psychiatry at the Maudsley Hospital and Institute of Psychiatry of London University; more than 40 years of experience in the healthcare business.

Current Appointments

Executive Chairman.

Previous Appointments

Founder and Chief Executive of Nestor Healthcare and Allied Medical Group Limited; Chairman and Founder of Lifetime Corporation Inc; Member of the Board of Overseers of the Tufts University School of Medicine; Chairman and Founder of US based Atlantic Medical Management LLP.


Michael Bradfield
Non-Executive Director | Appointed: Apr. 2013 | Nationality: British

Skills and experience

Over 30 years experience of direct marketing and the insurance industry; law degree from LSE.

Current Appointments

Active investment manager, especially in technology based companies and sustainable industries.

Previous Appointments

Founder and CEO of Hospital Plan Insurance Services ("HPIS"), a direct seller of low cost health, accident and life insurance (subsequently sold to AIG in 2000); computer application programmer.


Hans van Celsing
Non-Executive Director | Appointed: January 2017 | Nationality: Swedish

Skills and experience

Over 30 years of experience from the Life Science Industry, primarily in the medical technology sector. Hans held senior positions in radiation oncology companies.

Current Appointments

Executive Chairman of CLS AB; Executive Chairman of Gelexir Healthcare Ltd; Chairman of Peptonic Medical; Chairman of Partner Fondkommission AB

Previous Appointments

Executive Vice President of Elekta AB; Advisor to Mevion Medical Systems Inc.; Chairman of Bioxydyn Ltd; Chairman of Mirada Medical.


Prof Steve Myers
ADAM Executive Chairman | Appointed: Nov. 2015 | Nationality: British

Skills and experience

Electronic engineer who works in high-energy physics; completed a Ph.D at Queen's University, Belfast in 1972 before joining CERN; appointed CERN Director of Accelerators and Technology and Head of CERN Medical Applications; honorary member of the European Physical Society and of the Royal Irish Academy; won the Duddell Medal and Prize of the Institute of Physics and the International Particle Accelerators Lifetime Achievement Prize "for his numerous outstanding contributions to the design, construction, commissionimg, performance optimization, and upgrade of energy-frontier colliders - in particular ISR, LEP, and LHC - and to the wider development of accelerator science”; jointly awarded the EPS Edison Volta Prize and the Prince of Asturias Prize of Spain; became an Officer of the Order of the British Empire.

Role / Responsibilities

Steve is responsible for monitoring, supervising and driving the overall technical and engineering aspects of ADAM activities, scrutinising the technical projections and targets of ADAM regularly assess performance against those targets; and reviewing technical and engineering designs with particular regard to the overall design of the accelerator.



Prof Chris Nutting
Non-Executive Director | Appointed: Oct. 2013 | Nationality: British

Skills and experience

World leading consultant oncologist.

Current Appointments

Consultant clinical oncologist and chair at The Royal Marsden and The Institute of Cancer Research London; chairman of the National Advisory Board on Head and Neck Cancer to the Cancer Services Collaborative.

Previous Appointments

President of the British Oncological Association.


Sanjeev Pandya
Executive Vice President for Global Business Development | Appointed: Nov. 2013 | Nationality: British

Skills and experience

Trained as an orthopaedic surgeon; medical degree from Trinity College and MBA from INSEAD.

Current Appointments

Executive Vice President for Global Business Development and previously Chief Executive Officer.

Previous Appointments

Previous experiences at McKinsey & Company, Lehman Brothers, Pfizer, Reckitt Benckiser and BUPA.



Nicolas Serandour
Chief Executive Officer | Appointed: Sep. 2014 | Nationality: French

Skills and experience

Over 15 years of experience in the investment banking industry; extensive experience providing strategic and financial advice to senior executives at leading healthcare companies internationally.

Current Appointments

Chief Executive Officer

Previous Appointments

Previous experience at JPMorgan, Lehman Brothers and Lazard.


Dr Euan Thomson
Non-Executive Director | Appointed: Feb. 2014 | Nationality: US

Skills and experience

Trained as a physicist; nearly 20 years of experience in research, clinical practice, consulting and corporate management and more than 14 years of experience as a CEO.

Current Appointments

Operating partner at Khosla Ventures; CEO of AliveCor; director of the Hospice of the Valley.

Previous Appointments

Served as the CEO of Accuray for 10 years; consultant for other medical device companies including Varian Oncology Systems and Radionics; has served as Chair of the California Division of the Entrepreneur of the Year award.


Dr Enrico Vanni
Non-Executive Director | Appointed: Oct. 2013 | Nationality: Swiss

Skills and experience

Chemical engineer; more than 30 years of healthcare management experience; graduated from the Federal Polytechnic School of Lausanne; MBA from INSEAD.

Current Appointments

Vice-chairman of Novartis AG; director of Eclosion2, Denzler & Partners SA, Lombard Odier SA and Banque Privée BCP (Suisse) SA.

Previous Appointments

Director of Alcon; served as head of the European pharmaceutical practice for McKinsey & Company and managed the Geneva office; research engineer at IBM.

Major Shareholders

Shares in issue: 72,647,193

Major Shareholders Information
Shareholder Number of Shares % of Total In Issue
Brahma AG 10,850,491 14.9%
Mr Michael Stephen Bradfield 7,080,740 9.7%
MK Trust Co., LTD 4,850,000 6.7%
Michael Sinclair & Family 4,628,229 6.4%
Banca Profilo SPA 3,750,000 5.2%
AB Segulah 3,680,451 5.1%
Hargreaves Lansdown Asset  Mgt 3,260,419 4.5%
Aviva Investors 3,212,036 4.4%
Dr P N Plowman 2,636,799 3.6%
Pi-Capital LLC 2,000,000 2.8%
Credit Suisse (Italy) SPA 1,575,000 2.2%
Halifax Share Dealing 1,445,083 2.0%
Barclays Wealth and Investment  Management (UK) 1,399,736 1.9%
Fundsdirect  1,242,406 1.7%
TD Direct Investing 1,230,203 1.7%
Michael Peter Stephen Horgan 1,216,833 1.7%
Mijesi AB 1,050,143 1.4%
Alliance Trust Savings 1,023,326 1.4%
Walker Crips Wealth Mgt.Ltd 1,001,549 1.4%
Selftrade - Talos Securities 943,048 1.3%
Dr Enrico C Vanni 823,946 1.1%
Bestinvest 766,980 1.1%
Other holdings, below 1% 12,979,775 17.9%
Total In Issue 72,647,193 100%
Director's Information
Shareholder Number of Shares % of Total In Issue
Holdings by Directors or Holdings Under Their Control
Michael Bradfield 7,080,740 9.7%
Dr Michael Sinclair & Family 4,628,229 6.4%
Dr P N Plowman 2,636,799 3.6%
Dr Enrico C Vanni 823,946 1.1%
Nicolas Serandour 93,800 0.1%
Mr Sanjeev Pandya 58,616 0.1%
Prof Steve Myers 50,569 0.1%
Prof Chris Nutting 14,816 0.0%
  15,387,515 21.2%
n.b. Bracknor Investment Group holds 424,410 ordinary shares (0.6%), as at 31/03/17

This information was last updated on 31 March 2017

London Office

Advanced Oncotherapy plc
Third Floor
4 Tenterden Street


US Office

Advanced Oncotherapy Americas Inc
120 Walton St
Suite 301
NY 13202



Advanced Oncotherapy R&D facility
CH- 1211
Geneva 23



Rijnsburgerweg 10,
2333 AA Leiden,

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Registrar Details
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Address The Registry
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Telephone +44 8716640300
Fax +44 2086392342


Advanced Oncotherapy Timeline

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