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Shares in AIM-listed medical equipment manufacturer Advanced Oncotherapy (LON:AVO) climbed by 9.42% to 39.39p (as of 14:45 GMT) after it announced the sale of a LIGHT system to a hospital in Cyprus for €50 million. In addition to the upfront payment, the company will also receive a share of net profits from clinical services using the equipment.
CEO Nicolas Serandour commented: “We are delighted to announce this agreement with the Mediterranean Hospital of Limassol. This agreement for the purchase of a LIGHT system is a significant milestone for Advanced Oncotherapy in our plan for growth. The LIGHT system will enable the hospital to offer its cancer patients an additional treatment option that combines the advantages of minibeam radiation therapy with the more precise ballistics of protons to further reduce the side effects of radiation. This agreement with the Mediterranean Hospital of Limassol follows our recently announced partnerships with The London Clinic and the Cleveland Clinic, and further builds our network with well-recognised institutions who are keen to promote a more affordable and efficient delivery of proton therapy.
“Advanced Oncotherapy is now entering an exciting phase as we move towards certification of the LIGHT system and delivery of a fast-growing pipeline. All the key hardware, including the proton accelerating structures to accelerate protons to 230 MeV and patient positioning system, required for the certification of our first full-energy LIGHT system in Daresbury, UK, has been manufactured”.