Advanced Oncotherapy PLC Additional financing agreement and new appointment (8764H)
June 13 2017 - 2:01AM
UK Regulatory
TIDMAVO
RNS Number : 8764H
Advanced Oncotherapy PLC
13 June 2017
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Additional financing agreement and new appointment
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment,
announces it has made further progress in attracting personnel at
the forefront of their field and additional financing.
Additional Financing
Advanced Oncotherapy announces, that on 12 June 2017, it has
entered into a further loan agreement with Blackfinch Investment
Ltd ("Blackfinch"), through its subsidiary Henslow Trading Limited
and has drawn down an additional GBP1.5 million. This brings the
total financing from Blackfinch to GBP6.5 million and follows two
prior agreements, announced on 27 March 2017 and 25 April 2017
("Prior Agreements"). Unlike the Prior Agreements, this loan is
secured against anticipated cash receivables.
Terms of the Loan Agreement
-- 1 year maximum loan term, with term commencing on 24 March 2017
-- Principal of GBP1.5m
-- The GBP1.5m has been secured on known cash receivables and
will be repaid upon receipt of these monies
-- Annual interest rate of 12%
-- 500,000 warrants with 100p exercise price, exercisable for five years
-- This agreement does not change the loan security outlined in
the announcements of the Prior Agreements on the first GBP5 million
drawn down from Blackfinch
New appointment
The Company announces the appointment of Ed Lee as Chief
Operating Officer with immediate effect.
Ed joined the Company on 13 February 2017 and will be
responsible for spearheading the operations and project management
of the LIGHT system and, critically, for bringing the LIGHT system
to market. Ed will not be taking a position on the Board.
A mechanical engineer by background, Ed has gained progressive
responsibilities in manufacturing and operations over the last 23
years and brings a wealth of knowledge to Advanced Oncotherapy. His
experience lies in new product development, supply chain
management, project management, cost reduction, operational
management and value engineering; such as launching new products on
time and on budget and improving the robustness of the production
process.
He is skilled in leading and working closely with multiple teams
to realize stakeholder interests: technical/R&D, quality,
regulatory, procurement, sales and finance.
Previously, Ed was the Director of Production & Field
Service at Optivus Proton Therapy Inc, where he was responsible for
all on-going and new product development aspects of production and
on-going servicing of the company's customers' proton therapy
technology. His manufacturing and operational experiences span
several industries and sectors, including automotive, aerospace
& defence, nuclear and medical devices. Aside from Proton
Treatment Systems, he has led teams that have successfully launched
new products where regulatory requirements are extremely stringent
such as on military jets, military ships, space satellites,
submarines, and nuclear power plants.
Commenting on the appointment, Nicolas Serandour, CEO of
Advanced Oncotherapy said: "Ed's background gives him excellent
insight into every step of the production and clinical-user
processes for our LIGHT system. He will be responsible for leading
and driving the team to develop and produce the LIGHT system in an
efficient and timely manner as demonstrated consistently in his
previous roles. He is already a great asset to the team."
Commenting on his appointment, Ed Lee, COO of Advanced
Oncotherapy said: "One of my key objectives at Advanced Oncotherapy
is to help ensure the considerable value of intellectual property
associated with LIGHT is translated into profitable operations.
It's one I am relishing and am confident of achieving as a team.
What the Company is trying to achieve - making proton therapy more
affordable and clinically better, thereby saving lives - is my
foremost incentive."
Advanced Oncotherapy Plc www.avoplc.com
Dr. Michael Sinclair, Tel: +44 20 3617 8728
Executive Chairman
Nicolas Serandour, CEO
Stockdale Securities (Nomad
& Joint Broker)
Antonio Bossi / David Tel: +44 20 7601 6100
Coaten
Stifel Nicolaus Europe
(Joint Broker)
Jonathan Senior / Ben Tel: +44 20 7710 7600
Maddison
Walbrook PR (Financial Tel: +44 20 7933 8780 or
PR & IR) avo@walbrookpr.com
Paul McManus / Anna Dunphy Mob: +44 7980 541 893 /
Mob: +44 7876 741 001
About Advanced Oncotherapy plc www.avoplc.com
Advanced Oncotherapy is a provider of particle therapy with
protons that harnesses the best in modern technology. Advanced
Oncotherapy's team "ADAM", based 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 greater precision and electronic control which is not
achievable with older technologies.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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