TIDMAVO
RNS Number : 1340D
Advanced Oncotherapy PLC
17 February 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
17 February 2020
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
The Mediterranean Hospital of Limassol to purchase a LIGHT
proton therapy system
Advanced Oncotherapy to receive EUR50m and share of profits from
clinical services
Installation of LIGHT system to commence in 2023 following
completion of construction at hospital
Agreement follows recent partnerships with The Cleveland Clinic
and The London Clinic
Manufacturing of all critical hardware for first full-energy
LIGHT system completed
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment, is
pleased to announce that the Mediterranean Hospital of Limassol,
Cyprus, has agreed to purchase a LIGHT system for EUR50 million.
Under the terms of the agreement (the "Agreement"), the
installation of a three-treatment room system is due to commence
before the end of 2023, to coincide with the completion of
construction works being carried out at the hospital.
The Mediterranean Hospital of Limassol is partly owned by the
Mediterranean Hospital of Cyprus in Limassol, one of the largest
private hospitals in Cyprus. It is the first health centre
integrated with the newly created National Health System (NHS) of
Cyprus whose ambition is to modernise and upgrade the health sector
into a more streamlined and cost effective system and bring Cyprus
on par with its European peers in terms of efficient and affordable
public healthcare. In 2018, the President of Cyprus commented that
the Mediterranean Hospital would contribute to the greater goal of
making Cyprus a regional hub for medical services, offering
high-quality medical services to citizens of Cyprus but also to
tourists seeking medical treatment.
In addition to the EUR50 million consideration for the provision
of the turnkey solution payable to the Company, Advanced
Oncotherapy, the Mediterranean Hospital of Cyprus and Synergy
Wealth Management S.A. will receive a share of the net profits from
the clinical services. The timing and the full execution of the
Agreement remain subject to customary conditions and documentation
being in place, including obtaining all relevant approvals,
consents and authorisations, such as the certification of
LIGHT.
Further update announcements in respect of the Agreement and the
schedule of payments to be received by Advanced Oncotherapy will be
made in due course.
Dr Andreas Panayiotou, founder of the Mediterranean Hospital of
Cyprus, commented :
"The Mediterranean Hospital of Cyprus is excited that we will be
able to provide patients with access to Advanced Oncotherapy's
LIGHT system for proton therapy which is designed to increase the
efficacy of treatment and improve quality of life for patients
through a reduction of side effects.
This transaction highlights our commitment to support not only
the Cyprus NHS in its ambition to offer the public the same level
of medical care and innovative technologies but also the Cyprus
Government which has earmarked medical tourism as an area with
economic potential and growing demand from European tourists.
Medical tourism in Cyprus has seen unprecedented growth over the
last few years. Furthermore, the government is investing
significantly in promoting the country as a key healthcare
destination, allocating a significant amount of the GDP. With this
agreement we are helping establish Cyprus as a medical hub for the
region. We strive to assist in continuously improving public
healthcare services whilst providing superior medical services that
cater to all regardless of income. Today's agreement is consistent
with our humanistic values and social responsibility."
Nicolas Serandour, CEO of Advanced Oncotherapy, commented :
"We are delighted to announce this agreement with the
Mediterranean Hospital of Limassol. This agreement for the purchase
of a LIGHT system is a significant milestone for Advanced
Oncotherapy in our plan for growth. The LIGHT system will enable
the hospital to offer its cancer patients an additional treatment
option that combines the advantages of minibeam radiation therapy
with the more precise ballistics of protons to further reduce the
side effects of radiation. This agreement with the Mediterranean
Hospital of Limassol follows our recently announced partnerships
with The London Clinic and the Cleveland Clinic, and further builds
our network with well-recognised institutions who are keen to
promote a more affordable and efficient delivery of proton
therapy.
Advanced Oncotherapy is now entering an exciting phase as we
move towards certification of the LIGHT system and delivery of a
fast-growing pipeline. All the key hardware, including the proton
accelerating structures to accelerate protons to 230 MeV and
patient positioning system, required for the certification of our
first full-energy LIGHT system in Daresbury, UK, has been
manufactured."
- ENDS -
Advanced Oncotherapy plc www.avoplc.com
Dr. Michael Sinclair, Executive Tel: +44 (0) 20 3617 8728
Chairman
Nicolas Serandour, CEO
Allenby Capital Limited (Nomad
& Broker)
Nick Athanas / Liz Kirchner / Tel: +44 (0) 20 3328 5656
Nicholas Chambers
FTI Consulting (Financial PR advancedoncotherapy@fticonsulting.com
& IR)
Simon Conway / Rob Winder Tel: +44 (0) 20 3727 1000
Notes for Editors
About the Mediterranean Hospital of Cyprus
www.medihospital.com.cy
The Mediterranean Hospital of Cyprus is a modern private health
care institution, one of the largest in Cyprus, with a mission to
provide to all the citizens and the visitors of the country safe,
affordable and high quality medical services 24/7. The
Mediterranean Hospital of Cyprus arose from a need to fill the gap
between providing/promoting medical and laboratory services to the
citizens of private hospitals in Cyprus, while offering affordable,
high quality medical care.
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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