The AIM company is developing a state-of-the-art, affordable proton beam therapy system called light, which it is currently installing in a town house in central London.
Building work is progressing to schedule, with much of the system due to be in place by the end of this year.
As AVO moves nearer to treating the first patient, it has started to gear up its commercial infrastructure with the recent appointment of an experienced chief commercial officer.
Moataz Karmalawy is a “veteran in the commercialisation of PBT technology”, according to research house Hardman & Co, given his previous jobs at Varian and Philips Medical.
“I am very pleased with the progress that we are making to develop a more affordable proton-based radiotherapy system which will ultimately facilitate the wider use of radiation with protons for treating radio-sensitive tumours,” said chief executive Nicolas Serandour.
“Whilst we appreciate that we still have challenges ahead, the achievements we have made further strengthen our dedication and commitment to deliver our game-changing technology to a substantial international market.”
For the year ended 31 December 2018, Advanced Onco recorded a loss of £20.2mln (2017: £14.7mln).
At the end of the period, it had £1.0mln of cash in the bank, although it has since secured financing of £12.3ml, including a £10mln debt facility from Credit Suisse.
Shares were flat at 45p on Friday morning.