(MENAFN- ProactiveInvestors - UK) Next generation proton therapy specialist Advanced Oncotherapy PLC (LON:AVO) said that after a 'year of good progress' in the development of its LIGHT cancer therapy systems, the group was now focused on bringing it to market.
In a year that saw the group complete its first sales, secure vital funding, and advance its machine development, 2015 was a hailed a year of 'significant progress' for the company.
'We have delivered on all of the milestones that were promised throughout the year within the timeframe set out in 2014 and continue to work towards delivering a cost effective proton therapy unit,' said chief executive Michael Sinclair.
Final results for the year ended December 2015 however revealed that hitting the targets had taken its toll on the balance books as the group posted operating losses of 8.5mln, up from 5.7mln losses last year.
Administrative expenses rose to 7.6mln from 5.mln and there was an impairment charge for investment properties of 887,000 compared with 802,900 the previous year.
Sinclair said the group was now shifting from working on the development of the first LIGHT system to the ongoing commercial roll-out of the technology.
'We are well positioned to have the first operational proton beam therapy centre in London and look forward to creating more commercial deals and agreements to further enhance our position,' added Sinclair.
'The strong momentum we have seen in 2015 has continued into 2016. We have had a strong start to 2016.'
In February, the group entered into an industrialisation agreement with Thales, for its proprietary LIGHT system and 24mln secured vendor financing for its Harley Street project.
The group said its priorities were to continue the developments of the LIGHT machine to comply with regulatory requirements for the initial successful installation into the UK, after it received vendor financing for a Harley Street clinic earlier this month.
Shares dipped just under 4% to 7.69p.
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