22nd Sep 2015 09:33
LONDON (Alliance News) - Advanced Oncotherapy PLC Tuesday reported a narrowed pretax loss for the first half of 2015, as it continued to work towards delivering its first LIGHT proton therapy system.
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.
For the half year to end-June, Advanced Oncotherapy reported a pretax loss of GBP4.6 million, narrowed from a pretax loss of GBP6.3 million a year before, mostly as a result of lower administrative expenses.
It reported revenue of GBP42,050, down from GBP106,378.
During the period the company raised GBP21 million through a share issue which it will use to help support the development and installation of its first LIGHT system in Harley Street, London, and for working capital.
"I am pleased with the progress that we have made in the first half of the year. We have established a solid platform from which we can deliver our first LIGHT machine: our financing is secured, we are on track with our technical development, and have created a top-class integration team to work with potential operators to ensure the smooth installation of the first LIGHT machine on our Harley Street site," said Chief Executive Officer Sanjeev Pandya in a statement.
Shares in Advanced Oncotherapy were flat at 7.25 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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