Advanced Oncotherapy PLC Update on financing, suspension of trading on AIM (5278E)
June 30 2023 - 1:15AM
UK Regulatory
TIDMAVO
RNS Number : 5278E
Advanced Oncotherapy PLC
30 June 2023
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. With the publication of
this announcement, this information is now considered to be in the
public domain.
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy", "AVO" or the "Company")
Update on financing discussions and suspension of trading on
AIM
Update re. publication of 2022 Annual Report & Accounts
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment,
provides the following update in relation to its current financing
discussions, working capital position and its annual report and
financial statements for its financial year ended 31 December 2022
(the "2022 Annual Report").
Update on financing discussions and suspension of trading on
AIM
On 31 May 2023, the Company announced, inter alia, that it was
continuing to consider various financing options that were in the
best interests of the Company and its shareholders. In particular,
the Company had taken steps to manage its working capital to extend
the Company's cash runway into June 2023. Since the announcement of
31 May 2023, the Company has taken additional steps to extend the
Company's cash runway and, inter alia, has been in advanced
discussions with a new lender to provide c.GBP8 million of
additional funding for the Company.
However, the Company was informed on 29 June 2023 that the
prospective lender now requires an additional period of between
three to six months before it would be in a position to commit to
such a facility and, as such, the Company no longer believes this
is a viable financing option in the short-term. Whilst the Company
has also been pursuing and exploring other financing options,
including certain bridge financing options, none of these financing
alternatives have been successful as yet, nor are they likely to be
consummated in the immediate short term.
Whilst the Company has extended its cash runway and has been
carefully managing its working capital, it is now in a highly
constrained financial position and requires additional financing
urgently in order to continue as a going concern. In the absence of
any additional financing being available in the immediate term, the
Company would need to take steps to preserve and maximise value for
its creditors.
Whilst the Group continues to explore its options, the Board of
Advanced Oncotherapy has requested that its shares be suspended
from trading on AIM pending clarification of its financial position
and trading in the Company's shares will be suspended at 7.30 a.m.
today.
Update re. publication of 2022 Annual Report & Accounts
As stipulated by Rule 19 of the AIM Rules for Companies the
Company is required to publish its audited 2022 Annual Report by 30
June 2023. In light of the above the Company will now not be in a
position to publish its 2022 Annual Report before 30 June 2023.
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, 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 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 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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END
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