Advanced Oncotherapy makes good progress on LIGHT system; FY loss widens

31st May 2016 14:48

(ShareCast News) - Cancer treatment developer Advanced Oncotherapy said it had made good full year progress in developing its 'LIGHT' system, although losses for the full year widened.The company's Geneva-based development team is working on a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT).Advanced reported a widened full-year pretax loss of £8.6m compared with a loss of £5.7m a year earlier. It has not generated any revenue in the reported or previous year. Administrative expenses grew to £7.6m from £5m.Chief executive Michael Sinclair said 2015 had been a year of "significant progress", with the installation of its first LIGHT system in London's Harley Street medical district and sales in China.Advanced Oncotherapy last week signed a £24m investment agreement with a fund advised by Metric Capital Partners LLP.Metric Capital will invest the money in a financing facility to support Advanced Oncotherapy's provision of vendor financing for the installation of the London LIGHT machine. "We have delivered on all of the milestones that were promised throughout the year within the timeframe set out in 2014 and continue to work towards delivering a cost effective proton therapy unit," Sinclair said." We have realigned our management team to reflect the changes in responsibility as the business has shifted from working on the development of the first LIGHT system to the ongoing commercial roll-out of the technology.""We are well positioned to have the first operational proton beam therapy centre in London and look forward to creating more commercial deals and agreements to further enhance our position."