It is now in a solid position financially following the completion of a £40mln financing round that ended the share overhang from its debt-equity facilities.
Cash and equivalents at June 30 were £3.32mln, though this figure excluded £6.41mln raised from investors and a £2.92mln tax credit, which occurred early in the second half.
“The company has managed a major turnaround of its dire financial situation from last year,” Goetz said.
New device LIGHT years ahead?
AVO is developing a proton beam system that blasts cancer called LIGHT. The initials stand for Linac Image Guided Hadron Technology. The company’s kit is cheaper and smaller than the current units, which are almost prohibitively expensive.
It has the ability to propel protons at the speeds generated by much larger machines.
The proton accelerator used by Advanced Oncotherapy was licensed from CERN, the European Organisation for Nuclear Research, which is currently hunting the ‘God particle’.
Last Thursday, investors were told the company’s LIGHT system had passed a major technological milestone with the unit generating proton beams energetic enough to treat superficial tumours.
Commercially AVO’s technology is gaining traction. It has inked a distribution agreement with Liquid Harmony for China and other parts of Asia, while discussions are ongoing for sites in the US, Europe, Asia and the Middle East.
Goetz believes the group’s LIGHT technology has a greater potential than next-generation PT cyclotrons cancer killers to replace a significant share of photon linacs currently on the market.
“We feel that cyclotron manufactures have seen their peak a couple of years ago with a limited chance of recovery,” the research house said.
“The replacement power from LIGHT is based on technical superiority, price and easy installment.”