21st Sep 2015 07:00
LONDON (Alliance News) - Advanced Oncotherapy PLC said Monday that it has received its first milestone payment for a LIGHT Proton Therapy System from Sinophi Healthcare Ltd.
LIGHT stands for Linac for Image Guided Hadron Therapy. The system is based around technology Advanced Oncotherapy acquired in 2013 with ADAM, a spin-off company from the European Organization for Nuclear Research, known as CERN, in Geneva.
The milestone payment comes from a purchase agreement for a LIGHT system for the oncology hospital project in Huai'an City, Jiangsu province in East China.
The company has also completed work at its Geneva testing facility in installing some services required to complete the testing phase.
"We are making good progress in the development of our LIGHT system. We remain on track to complete the technical development of the first LIGHT system so that it is ready for patient treatment in 2017 in Harley Street," said Chief Executive Officer Sanjeev Pandya in a statement.
"In addition this first milestone payment from Sinophi for a LIGHT system order from China is a good reminder of the huge potential that China and Southeast Asia offers. We are very encouraged by the commercial interest that Sinophi is generating for us in the region," Pandya added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
AVO.L