The wider use of proton therapy ("PT") has been limited by price, installation hurdles, and a lack of robust clinical data in the past. AVO is on the cusp of disrupting the radiotherapy market as a whole supported by proven dosimetric superiority of PT over radiotherapy ("RT"), combined with the implied economic advantages associated with linear accelerators. The £14 million investment from Cancer Research UK into radiotherapy research announced last week is testimony to the increasing momentum of PT that we believe will form a strong foundation for the adoption of LIGHT. In addition, the c.£31.6m total funds raised by AVO in 2019 provide a strong endorsement for the potential of the LIGHT system, in our view. The proceeds are expected to support ongoing operational activities and to progress the verification and validation of the LIGHT system towards regulatory approval. We maintain and reiterate both our OUTPERFORM recommendation and 155 GBp target price ("TP").
