Advanced Oncotherapy Plc (LON:AVO), the developer of next-generation proton therapy systems for cancer treatment, announced today that it has made further progress in attracting personnel at the forefront of their field and additional financing.
Additional Financing
Advanced Oncotherapy announces, that on 12 June 2017, it has entered into a further loan agreement with Blackfinch Investment Ltd (“Blackfinch”), through its subsidiary Henslow Trading Limited and has drawn down an additional £1.5 million. This brings the total financing from Blackfinch to £6.5 million and follows two prior agreements, announced on 27 March 2017 and 25 April 2017 (“Prior Agreements”). Unlike the Prior Agreements, this loan is secured against anticipated cash receivables.
Terms of the Loan Agreement
· 1 year maximum loan term, with term commencing on 24 March 2017
· Principal of £1.5m
· The £1.5m has been secured on known cash receivables and will be repaid upon receipt of these monies
· Annual interest rate of 12%
· 500,000 warrants with 100p exercise price, exercisable for five years
· This agreement does not change the loan security outlined in the announcements of the Prior Agreements on the first £5 million drawn down from Blackfinch
New appointment
The Company announces the appointment of Ed Lee as Chief Operating Officer with immediate effect.
Ed joined the Company on 13 February 2017 and will be responsible for spearheading the operations and project management of the LIGHT system and, critically, for bringing the LIGHT system to market. Ed will not be taking a position on the Board.
A mechanical engineer by background, Ed has gained progressive responsibilities in manufacturing and operations over the last 23 years and brings a wealth of knowledge to Advanced Oncotherapy. His experience lies in new product development, supply chain management, project management, cost reduction, operational management and value engineering; such as launching new products on time and on budget and improving the robustness of the production process.
He is skilled in leading and working closely with multiple teams to realize stakeholder interests: technical/R&D, quality, regulatory, procurement, sales and finance.
Previously, Ed was the Director of Production & Field Service at Optivus Proton Therapy Inc, where he was responsible for all on-going and new product development aspects of production and on-going servicing of the company’s customers’ proton therapy technology. His manufacturing and operational experiences span several industries and sectors, including automotive, aerospace & defence, nuclear and medical devices. Aside from Proton Treatment Systems, he has led teams that have successfully launched new products where regulatory requirements are extremely stringent such as on military jets, military ships, space satellites, submarines, and nuclear power plants.
Commenting on the appointment, Nicolas Serandour, CEO of Advanced Oncotherapy said: “Ed’s background gives him excellent insight into every step of the production and clinical-user processes for our LIGHT system. He will be responsible for leading and driving the team to develop and produce the LIGHT system in an efficient and timely manner as demonstrated consistently in his previous roles. He is already a great asset to the team.”
Commenting on his appointment, Ed Lee, COO of Advanced Oncotherapy Plc said: “One of my key objectives at Advanced Oncotherapy is to help ensure the considerable value of intellectual property associated with LIGHT is translated into profitable operations. It’s one I am relishing and am confident of achieving as a team. What the Company is trying to achieve – making proton therapy more affordable and clinically better, thereby saving lives – is my foremost incentive.”
