Advanced Oncotherapy PLC (LON:AVO), which is developing a breakthrough new proton therapy system for cancer sufferers, said it remains on course to treat its first patients in the second half of 2020.
Work on its base on London’s Harley Street is on schedule, while financially the group is well placed having raised £40mln this year, which has helped it eliminate financial pledges over the company's assets.
On Thursday investors were told the company’s LIGHT system had passed a major technological milestone with the unit generating proton beams energetic enough to treat superficial tumours.
Commercially AVO’s technology is gaining traction. It has inked a distribution agreement with Liquid Harmony for China and other parts of Asia, while discussions are ongoing for sites in the US, Europe, Asia and the Middle East.
Exciting commercial plans
“We have exciting plans for the future commercialisation of the LIGHT system once completely developed, and our discussions with potential partners around the world are ongoing,” said chief executive Nicolas Serandour.
LIGHT stands for Linac Image Guided Hadron Technology. The AVO kit is cheaper and smaller than the current units, which are almost prohibitively expensive.
It has the ability to propel protons at the speeds generated by much larger machines.
The proton accelerator used by Advanced Oncotherapy was licensed from CERN, the European Organisation for Nuclear Research, which is currently hunting the ‘God particle’.
Returning to the interim results, the financials showed the company recorded a loss of almost £11.5mln for the six months to June 30, which was expected given the heavy investment made during the period to develop both the proton beam system and the new London facility.
Cash and equivalents at the period-end were £3.32mln, though this figure excluded £6.41mln raised from investors and a £2.92mln tax credit, which occurred early in the second half.