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Advanced Oncotherapy receives first milestone payment

The payment was for a contract signed in March with Sinophi Healthcare.

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The payment was for a contract signed in March with Sinophi Healthcare.

Advanced Oncotherapy (LON:AVO) has received a first milestone payment for its cancer treating LIGHT Proton Therapy System.

The payment was for a contract signed in March with Sinophi Healthcare for an oncology hospital project in Huai'an City, East China. 

Sinophi agreed to pay an initial US$40m for the LIGHT system through milestone payments, with the final price dependent on the treatment options it selects.

Advanced Onco added its new Geneva testing facility was also making progress and essential services such as electrical supplies, cooling systems and safety systems were now installed.

Sanjeev Pandya, Advanced Oncotherapy’s chief executive, said: “We remain on track to complete the technical development of the first LIGHT system so that it is ready for patient treatment in 2017 in Harley Street.

In addition, this first milestone payment from Sinophi for a LIGHT system order from China is a good reminder of the huge potential that China and Southeast Asia offers.

“We are very encouraged by the commercial interest that Sinophi is generating for us in the region."

 

 

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