TIDMAVO
RNS Number : 1656T
Advanced Oncotherapy PLC
02 July 2018
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Board changes and proposed board appointments
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment,
announces that Dr Sanjeev Pandya, Dr Euan Thomson and Prof Chris
Nutting have stood down from the Board. Dr Thomson and Prof Nutting
will continue to contribute to the Company's development by
becoming members of the Medical Advisory Board.
In addition, the Company has agreed that, subject to completing
the requisite due diligence procedures, it will appoint Mr. Peter
Sjostrand, Mr. Gabriel Urwitz, Mrs. Zhang RenHua, Mr. Chunlin Han
and Dr Yuelong Huang as Non-Executive Directors.
Peter Sjostrand - proposed Non-Executive Director and
Vice-Chairman
Peter has a long career as an independent Non-Executive Director
for a number of public and private companies within the Healthcare,
Industrial and Financial areas. Peter is a Director of one of the
largest publicly listed biotech companies in Sweden, Active
Biotech, and was previously Chairman of the medical technology
company Gambro, the biotech firm Innate Pharma and Meda a publicly
listed large cap speciality pharma business.
Peter has been a Director on the Board of a number of other
public healthcare companies, including the pharmaceutical company
Astra which was at one stage the largest listed company in Sweden
by market cap; Karolinska Development, a biotech holding company;
Mediject, a US medical technology business; biotech firm Medivir;
and also Nasdaq listed Tularik.
Peter has also sat on the Board or acted as Chairman for a
number private companies such as Microdrug, a swiss medical
technology company acquired by Pfizer US; Pherrovet a private
Veterinary medicine group; and Astra-Merck, a US joint venture
company. Peter has also been the Chairman of the Biomedical Imaging
Centre at the Karolinksa Institute's, Royal School of Engineering
in Sweden since 2007.
Peter brings with him many years of experience in developing and
leading both large industrial groups and smaller companies, as well
as knowledge of corporate governance and multi-geography regulatory
issues. Peter is to be appointed as Non-Executive Director and
Vice-Chairman whilst Mike Sinclair will remain Executive
chairman.
Gabriel Urwitz, Segulah Advisor AB - proposed Non-Executive
Director
Gabriel Urwitz is founding Partner, Managing Partner and
Executive Chairman of Segulah Advisor AB ("Segulah"), a Nordic
private equity firm. Segulah is a long-term supporter of the
Company with a significant shareholding. A consortium of
shareholders led by Segulah owns 12.6% of the Company following the
conversion of the GBP3.9 million loan they had made available to
the Company in July 2017.
Gabriel has a broad background in industry and finance and was
adjunct Professor of Financial Economics at the Stockholm School of
Economics from 1977 to 2002. He is currently President of the
Swedish Private Equity & Venture Capital Association (Svenska
Riskkapitalforeningen). Gabriel was previously CEO of Richard
Hägglöf Fondkommission, Proventus AB, AB Segulah, and Gota Bank and
is a Director of Mr. Music, Almondy, PMC Group AB, EEN, Previa, Joy
Shop AB, NEA, and Isaberg Rapid.
Mrs. Zhang RenHua, Mr. Chunlin Han and Dr Yuelong Huang-
proposed Non-Executive Directors representing Liquid Harmony
Ms Zhang RenHua is the co-Founder, CEO, and Vice Chairman of the
board of Realcan Pharmaceutical Co. Ltd, a large distributor of
medical drugs and equipment in China with access to more than 8,000
hospitals.
Mr Chunlin Han serves as Head of Investment and Financing for
Realcan Pharmaceuticals Co. Ltd: he has been instrumental in
acquiring more than 50 distribution companies and participated in 3
joint-venture investments. He is a graduate of McGill
University.
Dr Yuelong Huang serves as General Manager of Medical Technology
Department of Realcan Pharmaceuticals Co. Ltd; he is responsible
for all M&A activities and medtech R&D/manufacturing. He is
a former Senior Scientist of German Julich Research Center and has
over 20 years of experience in R&D, manufacturing and
operations in semi-conductor and renewable energy industries.
Liquid Harmony and the Han family's extensive knowledge and
experience of rolling-out high-end medical equipment in China and
internationally will be of great benefit to the Company's
commercialisation strategy.
Commenting on the Board changes, Mike Sinclair, Executive
Chairman of Advanced Oncotherapy, said: "We are pleased that Peter
and Gabriel together with Mrs RenHua, Mr. Han and Dr. Huang have
agreed to join our Board as we move towards the final stages of
development and commercialisation of the LIGHT system. They all
bring with them valuable and complementary corporate experience at
Director level, will aid us with their knowledge of corporate
governance and proven track record in the healthcare arena. Gabriel
and his partners have been instrumental in connecting the Company
with the Scandinavian community and has been a long-term supporter
of the business since the acquisition of ADAM. As our investors are
aware, China is a key market for our future plans of
commercialisation and Liquid Harmony has become a valuable partner
to implement our strategy in this region. Appointing Mrs RenHua, Mr
Han and Mr Huang to the Board will reinforce the ties between our
two organisations and will help the roll out of this strategy.
"On behalf the Board we would like to thank Chris, Euan and
Sanjeev for all they have contributed to the Company to date.
Chris' medical background provided the Company with useful insights
from a practitioner point of view, Euan's Board experience has been
invaluable to the Group and both will remain close with the Company
acting as advisors going forward. Finally I would personally like
to thank Sanjeev for the tremendous contribution he has made to the
business over the past 5 years and I wish him all the very best for
his next venture."
A further announcement disclosing the information required by
Rule 17 and Schedule Two paragraph (g) of the AIM Rules, will be
made once due diligence has been completed and the proposed
appointments have been confirmed.
For further information, please contact:
Advanced Oncotherapy Plc www.avoplc.com
Dr. Michael Sinclair, Executive Tel: +44 20 3617 8728
Chairman
Nicolas Serandour, CEO
Stockdale Securities (Nomad &
Joint Broker)
Antonio Bossi / Ed Thomas Tel: +44 20 7601 6100
Stifel Nicolaus Europe (Joint
Broker)
Jonathan Senior Tel: +44 20 7710 7600
Walbrook PR (Financial PR & IR) Tel: +44 20 7933 8780 or 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's compact configuration
delivers proton beams in a way that facilitates greater precision
and electronic control.
Advanced Oncotherapy will offer healthcare providers affordable
systems that will enable them to treat cancer with an innovative
technology as well as 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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