AVO is focused on delivering a more affordable, novel proton-based radiotherapy system, based on a technology originally developed and tested at the world renowned CERN. Management has proven its capability of following tight timelines and remains on schedule to deliver the first LIGHT system in 2017. Progress on Planning Permission for its Harley Street site remains very much on track for 2016, while planning for the Pebble Mill site is taking shape, and financing for this development is now in place. Having entered in an industrialisation agreement with Thales, AVO announced the agreement for a £24m loan from Metric Capital
To develop a compact and modular proton therapy system at an affordable price for the payor, financially attractive to the operator, whilst generating superior patient outcomes. AVO benefits from the technology knowhow developed by ADAM and relies on a base of world-class suppliers
AVO’s manufacturing plan has been demonstrated through the successful achievement of key milestones on time and as stated at the investor day back in 4Q 2014. AVO has also signed an industrialisation agreement with Thales which strengthens its execution capabilities.
AVO has secured a £24m financing facility to support the installation of LIGHT in Harley Street. This loan facility will be in two tranches and will carry a cash coupon of 4.0% and 8.5% PIK over a maximum of 5 yrs. In addition, Metric has been granted 580,000 warrants at 400p per share.
The planning application for the Harley Street facility was submitted in June and is expected to be approved during 2016. In parallel, the company is working also on the planning process for its second site in the UK, in Pebble Mill, Birmingham.
With two system salesin China, a potential order book of 12 systems ($480m+) and the capacity to produce up to 30 systems per annum, operational momentum is building.