31st May 2016 10:27
LONDON (Alliance News) - Advanced Oncotherapy PLC on Tuesday said it made "significant progress" towards its goal of delivering its LIGHT system for the treatment of cancer in 2015 as it reported a widened loss during that year.
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.
Advanced Oncotherapy posted a pretax loss of GBP8.6 million for 2015, widened from a pretax loss of GBP5.7 million in 2014. This was mostly due to a step-up in administrative costs to GBP7.6 million from GBP5.0 million.
It did not post revenue in either period.
Throughout the year, the company made a number of steps towards delivering its first LIGHT system at its flagship site at Harley Street, London, and also agreed two further sales of LIGHT systems in China.
Advanced Oncotherapy said it is "well resourced" following a GBP21 million fundraising in May 2015, as well as a GBP24 million vendor financing agreement with private capital fund manager Metric Capital earlier this month.
The company said that the strong momentum it had seen in 2015 has carried into its current year, with a strong start to 2016. Its priorities for the year ahead will be to continue the testing and integration of the LIGHT machine components, and a commercial roll-out of the technology with its existing partners, as well as in new territories.
"2015 has been a year of significant progress for the company. We have delivered on all of the milestones that were promised throughout the year within the timeframe set out in 2014 and continue to work towards delivering a cost effective proton therapy unit," said Chief Executive Officer Michael Sinclair in a statement.
"We are well positioned to have the first operational proton beam therapy centre in London and look forward to creating more commercial deals and agreements to further enhance our position," Sinclair added.
Shares in Advanced Oncotherapy were down 4.7% at 7.63 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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