Advanced Oncotherapy PLC Update on Financial Results (2331O)

TIDMAVO

RNS Number : 2331O

Advanced Oncotherapy PLC

29 September 2023

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy", "AVO" or the "Company")

Update on publication of annual report and interim results

Further to the announcement on 30 June 2023, Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, provides an update on the publication of the Company's annual report and accounts for the year ended 31 December 2022 (the "2022 Annual Report") and the unaudited interim results for the six months ended 30 June 2023 (the "2023 Interim Results", together with the 2022 Annual Report, the "Results").

On 30 June 2023, the Company announced that its shares would be suspended from trading on AIM pending clarification of its financial position and, in light of this, that the Company would not be in a position to publish its 2022 Annual Report by 30 June 2023, as stipulated by Rule 19 of the AIM Rules for Companies ("AIM Rules").

The 2023 Interim Results are contingent on the finalisation and publication of the 2022 Annual Report which the Company will not be able to publish by 30 September 2023. Accordingly, the Company will not be able to publish its 2023 Interim Results by 30 September 2023, as stipulated by Rule 18 of the AIM Rules.

The Company's shares remain suspended from trading on AIM.

Further to the announcement released by the Company on 17 July 2023 (the " July Announcement ") regarding its prospective recapitalisation and funding plan, the Company continues to work on its recapitalisation plan and with a view to further funding being secured, including the bridge financing referred to in the July Announcement which is required to alleviate the Company's immediate financing needs. Discussions on the bridge financing are at an advanced stage however as at the date of this announcement the Company has not entered into any agreements on the bridge financing with investors nor have any funds been received from investors.

The Company intends to provide a more detailed update on the prospective recapitalisation and funding plan in early October 2023.

Further announcements on the Results will be made at the appropriate time.

 
 Advanced Oncotherapy Plc                           www.avoplc.com 
 Dr. Michael Sinclair, Executive Chairman     Tel: +44 (0) 20 3617 
                                                              8728 
 Nicolas Serandour, CEO 
 
 WH Ireland Limited (Financial adviser)       Tel: +44 (0) 20 7220 
                                                              1666 
 Antonio Bossi / James Bavister             AVOPLC@whirelandcm.com 
 
 Allenby Capital Limited (Nomad and 
  Joint Broker) 
 Nick Athanas / Piers Shimwell (Corporate     Tel: +44 (0) 20 3328 
  Finance)                                                    5656 
  Amrit Nahal / Matt Butlin (Sales & 
  Corporate Broking) 
 
 SI Capital Ltd (Joint Broker) 
 Nick Emerson                                Tel: +44 (0) 1483 413 
                                                               500 
 Jon Levinson                                 Tel: +44 (0) 20 3871 
                                                              4066 
 
 
   About Advanced Oncotherapy Plc   www.avoplc.com

Advanced Oncotherapy Plc, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, 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's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.

Advanced Oncotherapy Plc will offer healthcare providers affordable systems that will enable them to treat cancer with innovative technology as well as expected lower treatment-related side effects.

Advanced Oncotherapy Plc 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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