Advanced Oncotherapy - Update on Financial Results

Advanced Oncotherapy

29/09/2023 16:04

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RNS Number : 2331O  Advanced Oncotherapy PLC  29 September 2023

29 September 2023

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy", "AVO" or the "Company")

 

Update on publication of annual report and interim results

 

Further to the announcement on 30 June 2023, Advanced Oncotherapy (AIM: AVO),
the developer of next-generation proton therapy systems for cancer treatment,
provides an update on the publication of the Company's annual report and
accounts for the year ended 31 December 2022 (the "2022 Annual Report") and
the unaudited interim results for the six months ended 30 June 2023 (the "2023
Interim Results", together with the 2022 Annual Report, the "Results").

 

On 30 June 2023, the Company announced that its shares would be suspended from
trading on AIM pending clarification of its financial position and, in light
of this, that the Company would not be in a position to publish its 2022
Annual Report by 30 June 2023, as stipulated by Rule 19 of the AIM Rules for
Companies ("AIM Rules").

 

The 2023 Interim Results are contingent on the finalisation and publication of
the 2022 Annual Report which the Company will not be able to publish by 30
September 2023. Accordingly, the Company will not be able to publish its 2023
Interim Results by 30 September 2023, as stipulated by Rule 18 of the AIM
Rules.

 

The Company's shares remain suspended from trading on AIM.

 

Further to the announcement released by the Company on 17 July 2023 (the "July
Announcement") regarding its prospective recapitalisation and funding plan,
the Company continues to work on its recapitalisation plan and with a view to
further funding being secured, including the bridge financing referred to in
the July Announcement which is required to alleviate the Company's immediate
financing needs. Discussions on the bridge financing are at an advanced stage
however as at the date of this announcement the Company has not entered into
any agreements on the bridge financing with investors nor have any funds been
received from investors.

 

The Company intends to provide a more detailed update on the prospective
recapitalisation and funding plan in early October 2023.

 

Further announcements on the Results will be made at the appropriate time.

 

 

 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 (mailto: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 (http://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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