Last year was another year of significant technological development for Advanced Oncotherapy PLC (LON:AVO) that saw the installation of the company's first proton-based LIGHT radiotherapy system.
In its full-year results statement, the company said technological development is on-track to be capable of treating superficial tumours by the end of the third quarter of this year.
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Work on the group’s site at 141/143 Harley Street in London continues to progress well and remains on track to become central London’s first proton therapy centre, with the first patient treatment expected by the second half of 2020.
In the UK discussions for a second site in Birmingham are in progress and the group remains in discussions regarding a number of sites in the USA and in Europe, Asia and the Middle East.
The group ended the year with cash and cash equivalents of £56,479, down from £1.45mln a year earlier but since then the company has replenished the coffers with £37.4mln of new funding.
“The technological development of our LIGHT system remains on-track and we continue to proceed with a significantly reduced overall technology risk profile. Similarly, work at Harley Street remains on schedule and with additional funding through our licence agreement with Yantai CIPU and the equity fundraise in which they and other investors participated we enter into the new financial year from a strong position,” the company said.
As might be expected of a pre-revenue company, Advanced Onco made a loss in 2017; the loss after tax from continuing operations widened to £13.66mln from £10.37mln in 2016.