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RNS Number : 1686N Advanced Oncotherapy PLC 03 May 2024
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.
Advanced Oncotherapy Plc www.avoplc.com (http://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 Finance) Tel: +44 (0) 20 3328 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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