logo-loader
viewAdvanced Oncotherapy PLC

Advanced Oncotherapy hails contribution of landlord as development of London proton beam facility passes important milestone

The £10mln of refurbishment costs of the Harley Street facility have been borne by the landlord, The Howard de Walden Estate, which owns and manages a large portfolio of rental properties in London's Marylebone

1563777158_Harley-Street-London.jpg
AVO will now move onto the fit-out phase, which includes the installation of the company’s revolutionary LIGHT system

Advanced Oncotherapy PLC (LON:AVO) said it has reached an important landmark following the completion of structural work at Harley Street, central London, site of its next-generation proton beam therapy system.

The £10mln of refurbishment costs have been borne by the landlord, The Howard de Walden Estate, which owns and manages a large portfolio of rental properties in Marylebone.

AVO will now move onto the fit-out phase, which includes the installation of the company’s revolutionary LIGHT system, which is smaller than conventional proton beam technology and modular in build.

With significantly lower shielding requirements, it is ideally suited for areas of high population density or existing clinical sites, the company said.

“Once operational this centre is expected to be the world's first-ever centrally located, lifesaving proton therapy centre, in what was originally a residential dwelling,” said AVO chief executive Nicolas Serandour.

"Today's news brings us one step closer to delivering on this, and we are hugely grateful for the refurbishment work committed to by the Howard de Walden Estate and which has been delivered on time and to budget."

 

CERN link

The technology is based on work by ADAM, which AVO bought in 2013 from CERN – the world’s largest particle physics lab that built the Hadron collider.

The major plus point of proton therapy for cancer is that it can pinpoint tumours more precisely than traditional radiation treatment, which means less damage to surrounding healthy tissues.

Proton therapy facilities have traditionally been pricey and large, requiring a space the size of a football pitch to run.

But AVO thinks it has solved that problem, and LIGHT is being built to fit in the basement of the Harley Street townhouse.

The first patient is expected to be treated next year.

The shares rose 2% to 39.3p.

---adds share price movement---

Quick facts: Advanced Oncotherapy PLC

Price: 38 GBX

LSE:AVO
Market: LSE
Market Cap: £92.66 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Advanced Oncotherapy PLC named herein, including the promotion by the Company of Advanced Oncotherapy PLC in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: VR Education's ENGAGE platform to be included in new 5G VR...

Headlines from the Proactive UK newsroom. VR Education’s (LON:VRE) Engage platform has been chosen as an embedded title in a new 5G virtual reality headset being developed by a consortium of Deutsche Telekom, Qualcomm and XRSPACE. The new headset is due to launch in...

1 day, 14 hours ago

RNS

Holding(s) in Company

2 days, 4 hours ago

Total Voting Rights

6 days, 5 hours ago

Total Voting Rights

4 weeks, 1 day ago

Change of Broker

on 10/10/19

Total Voting Rights

on 30/9/19

2 min read