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. Planning Permission for its Harley Street site has been recently granted, and the first proton beam has successfully been fired from the proton source. The Metric Capital financing plan has been re-negotiated necessitating a £10m capital increase through a share Subscription at 100p, together with an Open Offer. Corporate governance has improved with Michael Sinclair splitting his roles, remaining Executive Chairman, and Nicolas Serandour moving up to CEO.
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 with the first proton beam having been fired. AVO has also signed an industrialisation agreement with Thales with two production lines being designed, capable of producing 8 LIGHT systems pa.
AVO announced on 19th October that Westminster City Council had granted Planning Permission for the Harley Street site, which represented an important milestone in the advancement of the next generation radiotherapy in UK. The construction tendering process is underway already
Net debt at 30th June was £0.3m, comprising £0.7m cash and £1.0m of short-term debt. Trade creditors also appeared to have increased. The Subscription of £10m and potentially up to a further £4m from the Open Offer will alleviate the short-term strain on the balance sheet.
The Subscription has attracted a new 7% shareholder with expertise in business development in Asia, particularly China, which is a key strategic goal for AVO. With two LIGHT systems ordered in China and a further four under negotiation, AVO is on the cusp of a steepening adoption curve with a proton therapy solution that is unique with respect to its competitors and addresses the needs of all key partners and stakeholders.