TIDMAVO
RNS Number : 0808J
Advanced Oncotherapy PLC
26 June 2017
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Final Results for the year ended 31 December 2016
Advanced Oncotherapy (AIM: AVO), the developer of next
generation proton therapy systems for cancer treatment, announces
audited results for the year ended 31 December 2016, another year
of significant development of the Company's LIGHT system.
Highlights:
-- First successful acceleration of the proton beam through the
proton source and Radio Frequency Quadrupole (RFQ)
-- Successful high power testing of the Side Coupled Drift Tube Linac
-- Harley Street planning permission granted in October 2016
-- Thales manufacturing agreement signed with the objective of
seeing eight LIGHT systems produced each year
-- Further funds raised through Placing & Open Offer
-- Ongoing discussions regarding additional commercial opportunities for LIGHT installations
-- Shareholder funds of GBP34 million at 31 December 2016
Post Period End Events & Technical Milestones
-- Technical milestones reached and further progress made
-- Management team strengthened further with key hires
-- Deconstruct (UK) Ltd appointed as principal contractor at
Harley Street; shell and core work well underway
-- Financing agreements secured with Bracknor Investment Group
and Blackfinch Investment Ltd with additional financing options
under consideration
Nicolas Serandour, CEO of Advanced Oncotherapy, said: "We made
significant progress in 2016 in the commercialisation of our
next-generation technology in the treatment of cancer - LIGHT, and
while the year was not without its challenges, we have overcome
these obstacles and look forward to successfully executing on the
timelines that we outlined in March 2017. We should see further
considerable progress in the Company and are confident that we are
in a position to deliver against our timetable for success."
Posting of Annual Report & Notice of AGM
The annual report for the year ended 31 December 2016 will be
available from the Company's website at www.advancedoncotherapy.com
and will shortly be posted to shareholders together with a notice
of Annual General Meeting to be held at 2pm on Wednesday, 19 July
2017 at the Royal Institute of British Architects, 66 Portland
Place, London W1B 1AD
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.
EXECUTIVE CHAIRMAN'S STATEMENT
INTRODUCTION
I am very pleased to report another year of significant progress
in our aim of delivering the ground-breaking LIGHT system (Linac
Image Guided Hadron Technology), a next generation proton therapy
system for treating cancer.
Since 2014, when we first set out detailed timelines for
investors, the business has moved forward and we have adapted to
the changing requirements we have faced as we continued along our
journey. Back in 2014 we had no confirmed flagship site, no
customers and no agreements covering our move into production
manufacturing. Since then we identified a prime site in Harley
Street, have partnered with Circle Health to operate the site,
extended our original foot print on site, successfully gained
planning permission for the site and completed the tender process
for our construction partners. Whilst doing all of this we
continued to make considerable advances in the technical
development of our first LIGHT system and put in place the
framework agreement with Thales that will ultimately provide
Advanced Oncotherapy with the capacity to mass produce eight LIGHT
units annually, to fulfil a pipeline of interest already
established in the UK & Europe, the US and across Asia.
To reflect the changing requirements and opportunities that we
faced, in March 2017 we outlined revised timelines for site
readiness, patient treatment and technological development. We are
confident that we will deliver to this timeline and remain
committed to hitting these targets and regularly communicating our
progress to shareholders.
Our technology and key differentiators
At Advanced Oncotherapy, we will offer healthcare providers
affordable systems that will enable them to treat cancer with an
innovative proton therapy technology which offers better health
outcomes for patients and lower treatment related side effects. Our
LIGHT technology offers the following advantages:
-- Lower cost: Estimated cost of a multiple treatment room LIGHT
facility will be in the region of USD40 million vs. USD160-200
million for those using cyclotrons or synchrotrons;
-- Precision: The beam energy from a LIGHT machine can be moved
very rapidly during therapy, allowing the beam to more accurately
target cancer cells and spare healthy tissues;
-- Compact: LIGHT will be smaller and materially lighter than
conventional proton therapy solutions, significantly reducing the
size and construction cost of the facility required to house
it;
-- Modular: LIGHT will be modular in nature providing healthcare
operators greater freedom to customise their service to particular
treatments i.e., providing lower energy accelerators for eye, head
or neck treatments, and having the flexibility to increase this to
higher energies through the addition of other modules for other
more deep-seated tumours;
-- Lower shielding requirements: LIGHT will require less
shielding than conventional proton therapy solutions.
TECHNOLOGICAL DEVELOPMENT
During the year we made significant progress in our
technological development of our first LIGHT system. The proton
source, constructed by Pantechnik in France, was fully assembled
and shipped to Geneva for testing and tuning. The Radio Frequency
Quadrupole (RFQ), the technology licensed from CERN which first
accelerates the protons to 5MeV, was also assembled at the facility
and successfully tested there.
At the end of the year we had fully integrated the proton source
and the RFQ, following a successful testing and calibration
programme. Whilst the acceleration and measurements predicted
matched those expected from computer simulations, it was not until
after the year end that the team's hard work culminated in our
biggest technical achievement to date: the first successful
acceleration of the proton beam from 40keV to 5MeV. The
significance of this first acceleration cannot be overemphasized as
this is, by far, the hardest part of the acceleration process to
achieve and the stage carrying the most technical risk. It is also
worth remembering that the rest of the technology for accelerating
the proton beam has been validated through the LiBo (Linac Booster)
prototype.
During the year we also performed successful high power testing
of the Side Coupled Drift Tube Linac (SCDTL) module, the
accelerating structure positioned after the RFQ, which will
ultimately be used to accelerate the protons to an energy of
20-25MeV.
Full details of our future key technical milestones are detailed
below and we will continue to update shareholders on our progress
as we aim to create a beam capable of treating superficial tumours
by the end of Q3 2018.
HARLEY STREET
The availability of the Harley Street site presented us with an
enormous opportunity to showcase our unique technology and
demonstrate its suitability for central city locations and, in
particular, the technology's ability to overcome the challenges
associated with installation in a Grade 2 listed building in a
prestigious and well known centre for medical excellence.
Successful planning permission was a key milestone for the
project's development and, following the appointment of Circle
Health as joint operator in October 2015, the Company was offered
the opportunity to increase the site's footprint. Whilst this did
have an impact on the timing of receipt of planning permission and
building works, ultimately it meant we had the go-ahead from
Westminster City Council (granted in October 2016) for an enlarged
footprint and capacity to create greater shareholder value in the
long term.
Post period end, The Howard de Walden Estate, the landlord of
the Harley Street site, announced the appointment of Deconstruct
(UK) Limited as the principal contractor. Preparatory works have
been carried out and, following receipt of confirmation from
Westminster City Council, Deconstruct have started shell and core
work, which is now well underway.
As we outlined to investors in March 2017 based on initial
quotes, on-site excavation and build times for the core and shell
are estimated to take between 62 and 96 weeks with an additional 52
weeks for full fit-out, including the installation of cooling
systems and power supplies. Whilst these estimates reflect the
constraints associated with working with two listed buildings in a
residential area, they compare very favourably to building times
associated with the construction of multi-room proton beam
facilities using legacy technologies traditionally built in large
and remote areas. The team will endeavour to ensure that all
construction and excavation will be carried out with minimal
disruption and disturbance to the residents of Harley Street and
the surrounding areas. We believe that the site will be ready for
installation by H1 2019 and following regulatory approval and
commissioning, the first patient treatment is expected in 2020.
PRODUCTION & MANUFACTURING
In February 2016, we signed an industrialisation agreement with
Thales to manufacture and build our completed LIGHT systems. Thales
is a global technology leader for the Aerospace, Transport, Defence
and Security markets.
The first major step of this partnership consisted of initial
optimisation studies undertaken by Thales with the view to
commissioning and building two custom-designed series production
lines. This phase is well advanced and the future manufacturing hub
has now been identified in one of Thales' existing sites at Thonon,
France. The terms for the manufacturing of the first LIGHT machine
were finalised in October 2016. In addition, Thales has already
started to carry out high power Radio-Frequency (RF) testing and
conditioning of accelerating modules and sub-systems in its Velizy
site near Paris.
For the second phase of this collaboration, the Company, with
the support of Thales, is committed to building two production
lines capable of producing eight machines per year. We continue
working towards strengthening our collaboration through a focus on
risk and rewards sharing. This approach encompasses both
operational and financial considerations, a pre-requisite for
disrupting the market for proton therapy.
FINANCING
During the year we raised GBP10 million (before expenses)
through the issue of 10,000,000 new ordinary shares of 25 pence
each in the capital of the Company at a price of 100p per New Share
to new and existing shareholders. A group of Directors and Senior
Management participated in this funding round and subscribed for a
combined total of 3,155,000 of these shares. In addition, a further
3,378,771 shares were issued as part of an Open Offer.
At 31 December 2015 the Company had shareholder funds of GBP27.3
million and at 31 December 2016 the Company had GBP34 million. The
increase of GBP6.7 million can be explained through the Company
raising new equity funding of GBP14.2 million and an increase in
share option reserve of GBP1.2 million, an increase in the exchange
rate movement reserve of GBP1.6 million, offset by a retained loss
of GBP10.3 million.
During the year we also agreed access to further funds through
an arrangement with Metric Capital Partners LLP, a Pan-European
private capital fund manager, to provide GBP24 million of vendor
financing for the purchase of the LIGHT machine in Harley Street.
Whilst we subsequently removed the condition requiring a further
GBP25 million cash or capital injection we have not yet drawn down
on the facility, although the option to do so remains available to
us.
Following the year end, we secured a flexible and staged GBP26
million financing agreement with Bracknor Investment Group, a Dubai
based investment firm. The agreement gives the Company the ability
to issue a minimum of GBP13 million in convertible loan notes
(Minimum Requirement), in tranches of GBP1.3 million each, up to a
maximum, at the Company's sole discretion, of GBP26 million over 24
months, and was approved by shareholders at our General Meeting.
The Company has a further option to raise up to an additional GBP26
million, on the same terms, for a potential total commitment of
GBP52 million, provided issuance of the initial GBP26 million has
occurred within the first two years.
In addition to this we signed a 12 month convertible and
redeemable loan in March and June 2017 with Blackfinch Investment
Ltd, at a conversion price of 100p, which provides net funding of
GBP6.5 million. This agreement provides the Company with additional
financing to complement the Bracknor financing facility and offers
us added flexibility in terms of forthcoming financing
requirements.
We continue to consider additional financing options, including
non-dilutive financing, the facility with Metric Capital, and other
possibilities and with these two funding options in place we have
strengthened the position from which we approach these options.
PIPELINE
As well as our facility in Harley Street, we have a number of
commercial opportunities in the pipeline. In the USA, we are
currently in ongoing discussions with three different sites in
which we would install the LIGHT system. Site one is a one room
system with the potential for a second room. The second and third
sites are both two room systems. We also have a potential project
in Spain and one in Italy. In terms of China and the rest of Asia,
we are in ongoing discussions with key stakeholders to determine
what the best way to proceed is. There are also opportunities in
the Middle East and Australia with discussions underway at leading
academic and clinical centres and we will update the market with
further progress in our sales pipeline.
PEOPLE
In 2016, we decided to realign the roles and responsibilities of
the Executive team to add additional focus on operational
functions. We decided that my roles of Executive Chairman of
Advanced Oncotherapy and Chief Executive Officer be split. With
that in mind, Nicolas Serandour was promoted to Chief Executive
Officer, after joining the Company as Chief Financial Officer in
September 2014 and then taking on the additional role of Chief
Operating Officer in February 2016. This change was important as
the agreement with Thales marked a shift in the business from just
focussing on the development of the first LIGHT system, to the
ongoing commercial roll-out of the game-changing technology. The
future commercial development of the business will be critical to
the long-term success and value creation within the Company.
We also appointed Michel Baelen to the Company as Head of
Regulatory Affairs, Gerardo d'Auria as a new Technical Director and
Ed Lee as Senior Vice President of Operations; in June 2017, Ed was
appointed Chief Operating Officer.
SINOPHI
In February 2017, we reached an agreement with Sinophi to
terminate the purchase orders announced on 25 March 2015 and 21
October 2015. We have retained our full distribution rights for the
LIGHT system in China and South East Asia and are now in a position
to speak to hospitals, clinics, potential distribution partners and
advisory bodies in the region. Although these events were
disappointing for us, it did not take away from the fact that we
still expect to see high demand for our first product, particularly
in Asia, and continue to focus on the completion of our first
installation.
OUTLOOK FOR 2017
As per our update in March 2017, the Harley Street facility will
be the first site in the UK where the LIGHT system will be
installed. Alongside our partners CircleHealth, we are also in
discussions to build a system at a new hospital in Birmingham. We
are in advanced negotiations with a number of sites in the USA,
Europe, Asia and the Middle East. Based on this, we are confident
that we will secure additional commercial sales in the near
future.
In addition, a number of meetings have been held with regulatory
bodies in Europe, the US and China, which provides us with the
confidence we need to pursue a valid path to ensure future
regulatory approvals.
A summary of the key technical milestones is provided below:
By end Q2 2017 Delivery of all CCL units
Beam fired through RFQ
--------------- ----------------------------------------
By end Q4 2017 Beam through SCDTLs at an energy
of 20-25MeV
Development of the Patient Positioning
System
--------------- ----------------------------------------
By end Q2 2018 Beam fired through the first CCL
Directional dose delivery system
(or Nozzle) ready for installation
--------------- ----------------------------------------
By end Q3 2018 Beam capable of treating superficial
tumours
Although much of 2016 was a challenging time, we have overcome
the obstacles that we have come up against and look forward to
successfully executing on the timelines that we outlined in March
2017. We should see further considerable progress in the Company
and are confident that we are in a position to deliver against our
timetable for success.
We believe in people and the team around us involves some of the
leading experts in their chosen fields. We are ideally placed with
the right product and at the right time to enter a market with
explosive growth rates. Our technology is disruptive and has the
power to change the face of cancer treatment around the world. We
have a clear path or commercial success with significant milestones
coming this year. On behalf of all of our shareholders, I would
like to thank them for their continued support and belief, and I
look forward to further success ahead.
Dr. Michael Sinclair
Executive Chairman
23 June 2017
Consolidated statement of comprehensive
income Group Group
For the year ended 31 December
2016 - Financials in GBP 2016 2015
Revenue - -
---------------------------------------- ------------------------------- -------------------------------
Cost of sales - -
---------------------------------------- ------------------------------- -------------------------------
Gross profit - -
Administrative expenses (13,087,307) (7,617,944)
Impairment charge for investment
properties - (887,094)
Operating loss (13,087,307) (8,505,038)
Finance income 9,045 26,805
Finance costs (106,338) (151,154)
----------------------------------------
Loss on ordinary activities
before taxation (13,184,600) (8,629,386)
Taxation 2,818,050 2,784,231
----------------------------------------
Loss after taxation from continuing
operations (10,366,550) (5,845,155)
---------------------------------------- ------------------------------- -------------------------------
Profit/(Loss) for the year from
discontinued operations 22,100 (710,336)
Loss after discontinued operations (10,344,450) (6,555,491)
----------------------------------------
Loss for the period
Equity of shareholders of the
parent company (10,346,660) (6,555,491)
Non-controlling interests 2,210 -
----------------------------------------
(10,344,450) (6,555,491)
Exchange differences on translation
of foreign operations 1,608,705 286,125
----------------------------------------
(8,735,745) (6,269,366)
---------------------------------------- ------------------------------- -------------------------------
Total comprehensive loss attributable
to:
Equity of shareholders of the
parent company (8,737,955) (6,269,366)
Non-controlling interests 2,210 -
----------------------------------------
(8,735,745) (6,269,366)
Loss per ordinary share
Basic and diluted
Continuing operations (17.05)p (11.43)p
Discontinued operations 0.04p (1.39)p
(17.01)p (12.81)p
---------------------------------------- ------------------------------- -------------------------------
Weighted average number of shares
(000's) 60,799 51,160
Pre Share Consolidation - 1,278,988
Consolidated statement of financial
position Group Group
As at 31 December 2016- Financials in GBP 2016 2015
Non-current assets
Intangible assets 23,355,065 12,743,951
Property, Plant and equipment 1,464,264 1,002,409
Investment property 310,000 310,000
25,129,329 14,056,360
---------------------------------------------------------- --------------------- ---------------------
Current Assets
Trade and other receivables 506,963 521,733
Corporation tax R&D refund 3,148,006 2,784,231
Cash and cash equivalents 1,448,524 8,958,135
Inventories 7,437,508 4,418,289
12,541,001 16,682,388
---------------------------------------------------------- --------------------- ---------------------
Total assets 37,670,330 30,738,748
----------------------------------------------------------- --------------------- ---------------------
Current liabilities
Trade and other payables (3,134,314) (2,458,855)
Borrowings (543,250) (1,000,000)
(3,677,564) (3,458,855)
---------------------------------------------------------- --------------------- ---------------------
Non-current liabilities
Borrowings - -
Deferred tax - -
- -
---------------------------------------------------------- --------------------- ---------------------
Total liabilities (3,677,564) (3,458,855)
----------------------------------------------------------- --------------------- ---------------------
Net assets 33,992,766 27,279,893
----------------------------------------------------------- --------------------- ---------------------
Equity
Share capital 18,116,946 14,183,284
Share premium reserve 43,117,741 32,815,156
Share option reserve 4,258,148 3,045,779
Reverse acquisition reserve 11,038,204 11,038,204
Exchange movements reserve 1,525,539 (83,166)
Accumulated losses (44,063,813) (33,719,363)
Equity attributable to shareholders of the Parent Company 33,992,766 27,279,893
--------------------- ---------------------
Non-controlling interests - -
Total equity funds 33,992,766 27,279,893
----------------------------------------------------------- --------------------- ---------------------
Consolidated statement of changes in equity
For the year ended 31 December 2016- Financials in GBP
Equity
Share Reverse Exchange share- Non-
Share Share options acquisition Acquisition movement Accumulated holders controlling
capital premium reserve reserve reserve reserve losses interest interest Total
Balance at
01 January
2015 10,284,439 14,658,924 2,020,681 11,038,204 662,782 (369,291) (27,163,872) 11,131,866 - 11,131,866
Loss for the
year - - - - - 286,125 (6,555,491) (6,269,366) - (6,269,366)
-------------- ---------- ---------- --------- ----------- ----------- --------- ------------ ----------- ----------- -----------
Total
comprehensive
income - - - - - 286,125 (6,555,491) (6,269,366) - (6,269,366)
Arising on
issues
of ordinary
shares 3,898,845 18,156,232 - - (662,782) - - 21,392,295 - 21,392,295
Share based
payment
- cost of
raising
finance - - 62,285 - - - - 62,285 - 62,285
- employee
services - - 816,967 - - - - 816,967 - 816,967
- acquisition
of ADAM - - 119,142 - - - - 119,142 - 119,142
- other
services - - 26,704 - - - - 26,704 - 26,704
-------------- ---------- ---------- --------- ----------- ----------- --------- ------------ ----------- ----------- -----------
Group
provision
for
minority
interest - - - - - - - - - -
-------------- ---------- ---------- --------- ----------- ----------- --------- ------------ ----------- ----------- -----------
Balance as
at 31
December
2015 14,183,284 32,815,156 3,045,779 11,038,204 - (83,166) (33,719,363) 27,279,893 - 27,279,893
-------------- ---------- ---------- --------- ----------- ----------- --------- ------------ ----------- ----------- -----------
Balance at
01 January
2016 14,183,284 32,815,156 3,045,779 11,038,204 - (83,166) (33,719,363) 27,279,893 - 27,279,893
Loss for the
year - - - - - 1,608,705 (10,346,660) (8,737,955) 2,210 (8,735,745)
-------------- ---------- ---------- --------- ----------- ----------- --------- ------------ ----------- ----------- -----------
Total
comprehensive
income - - - - - 1,608,705 (10,346,660) (8,737,955) 2,210 (8,735,745)
Arising on
issues
of ordinary
shares 3,762,040 9,776,707 - - - - - 13,538,747 - 13,538,747
Share based
payments
- cost of
raising
finance 50,000 150,000 72,861 - - - - 272,861 - 272,861
- employee
services 121,622 375,878 955,443 - - - - 1,452,943 - 1,452,943
- acquisition
of ADAM - - 161,742 - - - - 161,742 - 161,742
- other
services - - 22,324 - - - - 22,324 - 22,324
-------------- ---------- ---------- --------- ----------- ----------- --------- ------------ ----------- ----------- -----------
Group
provision
for
minority
interest - - - - - - 2,210 2,210 (2,210) -
-------------- ---------- ---------- --------- ----------- ----------- --------- ------------ ----------- ----------- -----------
Balance at
31 December
2016 18,116,946 43,117,741 4,258,148 11,038,204 - 1,525,539 (44,063,813) 33,992,766 - 33,992,766
-------------- ---------- ---------- --------- ----------- ----------- --------- ------------ ----------- ----------- -----------
Consolidated
statement of
cash flows
For the year ended
31 December
2016- Financials in
GBP 2016 2015
------------------------------------------------------------- -------------------------------------------------------------
Cont'd Discont'd Group Cont'd Discont'd Group
-------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Cash flow from
operating
activities
Loss after taxation (10,366,550) 22,100 (10,344,450) (5,845,155) (710,336) (6,555,491)
Adjustments:
Taxation (2,818,050) - (2,818,050) (2,784,231) - (2,784,231)
Finance costs 106,338 - 106,338 151,154 (17,500) 133,654
Finance income (9,045) - (9,045) (26,805) - (26,805)
Depreciation 345,371 - 345,371 33,754 145,881 179,635
Impairment charge
for investment
property - - - 887,094 - 887,094
Loss on disposal of
subsidiary 367,080 367,080
Share based payments 1,909,871 - 1,909,871 1,025,098 - 1,025,098
-------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Cash flows from
operations
before (10,832,065) 22,100 (10,809,965) (6,559,092) (214,875) (6,773,967)
-------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
changes in working
capital
Changes in
inventories (3,019,219) - (3,019,219) (3,136,739) 30,500 (3,106,239)
Change in trade and
other
receivables 14,770 - 14,770 (57,145) 100,891 43,746
Change in trade and
other
payables 662,213 14,912 677,125 220,345 (80,225) 140,120
-------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Cash (used) /
generated
from operations (13,174,302) 37,012 (13,137,290) (9,532,631) (163,709) (9,696,340)
Interest paid (246,550) (246,550) (148,388) (148,388)
Corporation Tax
Receipt 2,454,268 - 2,454,268 - - -
-------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Cash flows from
operating
activities (10,966,583) 37,012 (10,929,571) (9,681,019) (163,709) (9,844,728)
Cash flows from
investing
activities: -
Cash consideration
received
on
disposal of
subsidiary
undertaking - - - - 101,207 101,207
Disposal of plant
and equipment - - - - 462,412 462,412
Cash disposed with
subsidiary - - - - (92) (92)
Capital expenditure
on intangible
assets (8,908,411) - (8,908,411) (3,526,097) - (3,526,097)
Purchase of
buildings plant
and equipment (770,339) - (770,339) (762,329) - (762,329)
Interest received 16,713 - 16,713 - - -
Cash flows from
investment
activities (9,662,037) - (9,662,037) (4,288,426) 563,527 (3,724,899)
-------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Cash flows from
financing
activities:
Equity share capital
raised 13,538,747 - 13,538,747 21,062,614 - 21,062,614
Other short term
loans (456,750) - (456,750) - - -
Intra Group Cash
Transfers 19,991 (19,991) - 400,874 (400,874) -
Cash flows from
financing
activities 13,101,988 (19,991) 13,081,997 21,463,488 (400,874) 21,062,614
-------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Increase/(decrease)
in cash
and cash
equivalents (7,526,632) 17,021 (7,509,610) 7,494,043 (1,056) 7,492,987
Cash and cash
equivalents
at 01 January 2016 8,958,135 - 8,958,135 1,464,093 1,056 1,465,149
Cash and cash
equivalents
at 31 December
2016 1,431,503 17,021 1,448,524 8,958,135 - 8,958,135
-------------------- ------------------- ------------------- ------------------- ------------------- ------------------- -------------------
The annual report for the year ended 31 December 2016 will be
available from the Company's website at www.advancedoncotherapy.com
and will shortly be posted to shareholders together with a notice
of Annual General Meeting to be held at 2pm on Wednesday, 19 July
2017 at the Royal Institute of British Architects, 66 Portland
Place, London W1B 1AD
This information is provided by RNS
The company news service from the London Stock Exchange
END
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