Advanced Oncotherapy PLC (LON:AVO) said 2021 is set to be an important year as it aims to have the first LIGHT system generating a full energy beam, alongside the start of treating patients with clinical partner UHB.
The firm said it has made progress at its Daresbury site over the past year, while the ongoing work at the site to optimise its machine installation process will reduce the start-up time for future LIGHT systems and support the assembly of future machines through commercial contracts.
The financing agreements announced during the period will be key to continuing the development of the LIGHT system and advancing the pipeline of construction opportunities, the group added.
The developer of next-generation proton therapy systems said it has signed commercial partnerships and will continue to seek further opportunities for partnerships and future purchase orders of the LIGHT system.
It expressed confidence about future orders of the LIGHT system and expects further acceleration of its commercial pipeline when the machine is fully operational.
In the year ended 31 December 2020, loss before tax came in at £25mln as the group isn’t generating revenue yet.
“Research published in 2020 and in the first half of 2021 holds great promise for the use of LIGHT in two exciting new treatment areas,” noted chief executive Nicolas Serandour in a release.
“A study published by the Mayo Clinic highlighted the benefits of combining a high-density proton radiation beam, such as the one designed with LIGHT, with immuno-oncology drugs to more effectively treat a wider range of patients than is possible with proton therapy or immunotherapy alone, including those with metastatic cancers. The constant proton beam output intensity of LIGHT also offers an ideal platform for FLASH radiotherapy in which patients, regardless the location of the tumour in the body, are treated in one single visit, as opposed to the usual 20-35 visits.”
“Despite COVID-19, this has been a strong operational period for the company… Looking ahead, we are confident in our ability to meet our targets,” he concluded.
Story by ProactiveInvestors
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