Advanced Oncotherapy PLC Update on financing and Harley Street (7379X)
February 24 2017 - 1:00AM
UK Regulatory
TIDMAVO
RNS Number : 7379X
Advanced Oncotherapy PLC
24 February 2017
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Financing and Harley Street building work update
Advanced Oncotherapy plc (AIM: AVO), the developer of next
generation proton therapy systems for cancer treatment, announces
that further to the financing agreement with Bracknor announced on
22 February 2017, the first tranche has been drawn down by the
Company and the initial funds of GBP1.3 million received (less 5%,
in accordance with terms for receipt of 95% of nominal value of
each tranche). Bracknor is prohibited from short selling ahead of
any conversion notice, being the notice given to the Company that
Bracknor wishes to convert the loan notes into AVO shares.
The Company will make the requisite announcements in relation to
the application for admission of the new Ordinary Shares deriving
from the conversion of the loan notes and the issue of warrants and
will also publish on its website (at
http://www.advancedoncotherapy.com/Investors ) a table with the
number of outstanding convertible loan notes from time to time, the
number of outstanding warrants and the warrant exercise prices.
The Company also announces that following the successful grant
of planning permission for the Harley Street site in October 2016,
a tender process took place to appoint a principal contractor to
undertake the building works for the site.
As a result of that tender process, Deconstruct (UK) Limited
were appointed by Howard de Walden Estates as principal contractor
to the project and were on site in January carrying out preliminary
assessment and works.
Following the preparatory works, excavation is due to commence
by the end of Q1 2017. A detailed roadmap of key milestones for the
manufacture and commercialisation of Advanced Oncotherapy's LIGHT
system, including installation at the Harley Street site, will be
provided at the investor presentations being held in London on
Monday 6 March 2017 and in Zürich, Switzerland, on Tuesday 7 March
2017. Full details can be read in the RNS Reach announcement
released on 16 February 2017 and available here:
http://www.advancedoncotherapy.com/Investors/news
For further information, please contact:
Advanced Oncotherapy plc www.avoplc.com
Nicolas Serandour, Chief Tel: +44 20 3617 8728
Executive Officer
Michael Sinclair, Executive
Chairman
Stockdale Securities (Nomad Tel: +44 20 7601 6100
& Joint Broker)
Antonio Bossi / David Coaten
Stifel Nicolaus Europe (Joint Tel: +44 20 7710 7600
Broker)
Jonathan Senior / Ben Maddison
Walbrook PR (Financial PR Tel: +44 20 7933 8780
& IR) or avo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
Anna Dunphy 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 for
Image Guided Hadron Therapy (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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