Advanced Oncotherapy PLC (LSE:AVO, OTC:AONCF, FRA:R3I1) said “significant progress” made towards completing its first fully operational proton beam system as it reported results for the first half of 2021.
All critical hardware has been manufactured for the first LIGHT system capable of accelerating protons at 230 MeV, with the integrated medical software suite in place to provide customers with a seamless user experience, the company said.
Its target of delivering the first LIGHT system by the end of 2021 may still be achieved, but the company said external factors impacting the supply chain, such as the international shortage of semi-conductors and thermo-switches, could mean this slips into the first quarter of next year.
The company is well funded after completing a £40mln equity fundraise in August.
“We are in ongoing discussions with suppliers to attempt to find ways to mitigate this effect on the timeline,” said executive chairman Dr Michael Sinclair in the statement accompanying the results.
With four commercial deals signed during the past year and a half, Sinclair said the company has also continued building strategic partnerships with key stakeholders, and continues to seek further opportunities for partnerships.
“We remain confident with demand for the LIGHT system and future orders, and we expect the acceleration of our commercial pipeline when the machine is fully operational.”
During the first half, a study based on research from the Mayo Clinic demonstrated the potential superiority of LIGHT in treating radio-resistant cancers.
To help potential customers access the LIGHT system a lessor financing partnership has been signed with Kineo Finance to reduce the need for large initial upfront payments to be made.
Advanced Oncotherapy also signed a letter of intent with Saba Partners for the proposed purchase of a three-treatment room LIGHT system in Switzerland.
The company recorded a loss of £12.8mln for the half year, compared to £12.2mln a year earlier.