2nd Mar 2015 07:00
2 March 2015
Advanced Oncotherapy plc
("AVO" or the "Company")
Sale of Southampton property
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for treating cancer, announces that the sale of the facility owned by the Company in Southampton has been completed. The site is a former GP surgery that the Company took beneficial ownership of previously. The net cash realised on the sale price of £290,000 will be used for development of the LIGHT proton therapy system.
Following this sale, there is a property in Folkestone left to dispose of which will almost complete the strategy of focusing solely on the development and delivery of our LIGHT system. The Company is also looking at strategic options for Oncotherapy Resources Ltd (ORL), its subsidiary focused on distributing an innovative brachytherapy device.
Sanjeev Pandya, CEO of Advanced Oncotherapy, said: "We are very pleased to have successfully marketed and sold this property. This almost completes the move away from the original business's history of property investment and ownership and provides useful extra cash for the development of the LIGHT system."
Advanced Oncotherapy Plc | www.avoplc.com |
Sanjeev Pandya, CEO | Tel: +44 20 3617 8728 |
Nicolas Serandour, CFO | |
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Westhouse Securities (Nomad & Joint Broker) | Tel: +44 20 7601 6100 |
Antonio Bossi / David Coaten |
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Beaufort Securities (Joint Broker) | Tel: +44 20 7382 8300 |
Saif Janjua / Jon Levinson |
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Walbrook PR (Financial PR & IR) | Tel: +44 20 7933 8780 or [email protected] |
Paul McManus / Anna Dunphy | Mob: +44 7980 541 893 / Mob: +44 7876 741 001 |
About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy's team based at CERN in Geneva focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates a greater precision and electronic control which is not achievable with older technologies.
Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. As a result, Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.
Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.
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