3 May 2024
ADVANCED ONCOTHERAPY
PLC
("Advanced Oncotherapy", "AVO" or the "Company")
Further update on financing
discussions
Further to the Company's
announcement released on 2 April 2024, Advanced Oncotherapy (AIM:
AVO), the developer of LIGHT, the next-generation proton therapy
system for cancer treatment, provides the following update in
relation to its financing discussions and financial
position.
Discussions with the Investor on the
Proposed Financing Transaction have, since the release of the
Company's announcement on 2 April 2024, continued to make good
progress. However there have been further delays encountered with
the Proposed Financing Transaction and the initial tranche of
funding, which is still expected to be in the region of $15
million, has not yet been received by the Company.
The Company and the Investor are
working towards the initial tranche of funding being received by
the end of May 2024. There can be no guarantee that this funding
will be received nor the quantum or timing thereof.
As previously announced it is also
expected that as part of the Proposed Financing Transaction the
Company would be required to restructure its financial liabilities
with a view to providing a long-term financing solution for the
Company to continue as a going concern. The Proposed Financing
Transaction would also be subject to, amongst other things,
approval by shareholders of the Company and consent from certain
other stakeholders of the Company.
Whilst the board of the Company is
hopeful of a satisfactory outcome, there can be no certainty that
the Proposed Financing Transaction will proceed.
Without access to the additional
capital which is proposed to be provided by the Investor pursuant
to the Proposed Financing Transaction, the Company is unlikely to
be able to continue to trade and would very likely become insolvent
and be placed into administration.
Further to the Company's
announcement of 2 April 2024 the Company's shares remain suspended
from trading on AIM.
Further announcements will be made
at the appropriate time.
Capitalised terms in this
announcement have the same meaning given to them in the Company's
announcement of 29 February 2024.
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Advanced Oncotherapy Plc
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www.avoplc.com
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Dr. Michael Sinclair, Executive
Chairman
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Tel: +44
(0) 20 3617 8728
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Nicolas Serandour, CEO
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WH
Ireland Limited (Financial
adviser)
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Tel: +44
(0) 20 7220 1666
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Antonio Bossi / James
Bavister
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AVOPLC@whirelandcm.com
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Allenby Capital Limited (Nomad
and Joint Broker)
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Nick Athanas / Piers Shimwell
(Corporate Finance)
Amrit Nahal / Matt Butlin (Sales
& Corporate Broking)
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Tel: +44
(0) 20 3328 5656
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SI
Capital Ltd (Joint
Broker)
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Nick Emerson
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Tel: +44
(0) 1483 413 500
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Jon Levinson
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Tel: +44
(0) 20 3871 4066
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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.