18th Nov 2015 08:01
LONDON (Alliance News) - Advanced Oncotherapy PLC Wednesday said it has sold its subsidiary Oncotherapy Resources Ltd for a total cash consideration of GBP100,000.
An initial cash payment of GBP75,000 has already been received, with the remainder to be paid on the first anniversary of the disposal.
Oncotherapy Resources supplies mobile-managed services delivering electronic brachytherapy in the UK and Ireland for a range of clinical conditions, most notably breast cancer and colorectal cancer. Brachytherapy is a form of radiotherapy.
The business has been bought by Xstrahl, a manufacturer of x-ray therapy systems for use in the treatment of cancer and dermatological disorders.
Advanced Oncotherapy has decided to refocus its resources solely on the development of its proton therapy technology.
"We have made considerable progress in the development of the LIGHT system since this decision was made: we have secured substantial financial support from our investors, made additional commercial sales, signed an operational agreement for our Harley Street site and made the extensive technical advances needed to ensure the successful deployment of our first LIGHT system. I am very pleased with the progress of the business and look forward to providing further updates," Chief Executive Sanjeev Pandya said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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