8th Feb 2016 08:49
LONDON (Alliance News) - Advanced Oncotherapy PLC on Monday said it is shuffling its board in response to a new industrialisation agreement with Thales SA for the LIGHT proton therapy system.
Advanced Oncotherapy said the Thales agreement will provide it with the support it needs to move from its first LIGHT system, currently in development for use at the company's flagship Harley Street site in London, to a full commercial roll-out and a fully industrialised machine series production.
Advanced Oncotherapy said it has decided to realign the roles and responsibilities of its executive team to "add additional focus to both operational functions and ongoing sales and business development".
Executive Chairman Michael Sinclair will become chief executive officer as well, whilst current Chief Executive Officer Sanjeev Pandya will become executive vice president for global business development. Chief Financial Officer Nicolas Serandour will become chief operating and financial officer.
As part of the new agreement, Thales, a manufacturer of high RF energy equipment, will undertake the initial engineering studies and test facilities commissioning required to construct the custom-designed series production line. The cost of these activities will be funded by Advanced Oncotherapy and recovered through the retention of 100% gross margin on the initial LIGHT machines produced, it said.
"The agreement with Thales marked a shift in the business from just focussing on the development of our first LIGHT system, to the ongoing commercial roll-out of our game-changing technology. The future commercial development of the business will be critical to the long-term success and value creation within the company, and I am delighted to be focussing my skills on global sales for the LIGHT system and general business development," said Pandya in a statement.
Shares in Advanced Oncotherapy were up 3.6% at 7.26 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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