Final Results

RNS Number : 7394D

Advanced Oncotherapy PLC

28 June 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain

28 June 2019

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

Final Results for the year ended 31 December 2018

Advanced Oncotherapy (AIM: AVO), the developer of a next generation proton therapy system for cancer treatment, announces audited results for the year ended 31 December 2018, another year of significant technological development of the Company's first LIGHT system.

Key highlights:

·    LIGHT system now generating proton beams with the energy needed to treat superficial tumours 

·    The time-of-flight measurements of proton pulses demonstrated the precision of computer simulations, required for accurate tumour targeting

·    RaySearch AB selected as strategic partner to provide their Treatment Planning Software and Oncology Information System platform

·    Preparations for the establishment of UK testing and assembly site at the Accelerator and Technology Centre in Daresbury are now well advanced

·    Harley Street site building work on schedule

·    First patient treatment expected by the end of 2020 

·    Completion of commercial distribution agreement with Liquid Harmony for China and other parts of Asia 

·    Ongoing commercial discussions with sites in the USA, Europe, Asia and Middle East 

·    New Board and Senior Management appointments 

·    Raised equity finance totalling £37m 

Nicolas Serandour, CEO of Advanced Oncotherapy, said:

"I am very pleased with the progress that we are making to develop a more affordable proton-based radiotherapy system which will ultimately facilitate the wider use of radiation with protons for treating radio-sensitive tumours.

"Whilst we appreciate that we still have challenges ahead, the achievements we have made further strengthen our dedication and commitment to deliver our game-changing technology to a substantial international market."

Posting of Annual Report & Notice of AGM

The annual report for the year ended 31 December 2018 will shortly be available from the Company's website at www.advancedoncotherapy.com and will shortly be posted  to shareholders together with a notice of Annual General Meeting to be held at 2pm on Thursday 25 July 2019 at The Royal Society of Medicine, 1 Wimpole Street, London W1G 0AE.

Advanced Oncotherapy Plc	www.avoplc.com
Dr. Michael Sinclair, Executive Chairman	Tel: [phone]
Nicolas Serandour, CEO
Allenby Capital Limited (Nominated Adviser & Joint Broker)
Nick Athanas / Liz Kirchner / Nicholas Chambers		Tel: [phone]
Stifel Nicolaus Europe (Joint Broker)
Jonathan Senior	Tel: [phone]
Walbrook PR (Financial PR & IR)	Tel: [phone] or [e-mail]
Paul McManus / Anna Dunphy	Mob: [phone] / Mob: [phone]

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy in the treatment of cancer, which harnesses the very best in modern technology. Advanced Oncotherapy's R&D team, ADAM, in Geneva, focuses on the development of a proprietary proton accelerator - LIGHT (Linac Image Guided Hadron Technology). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a compact and truly modular unit, offering significant cost advantages. LIGHT also delivers proton beams in a way that facilitates greater precision and electronic control, which are not achievable with currently available alternative technologies.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology, offering better health outcomes and lower treatment related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton or particle therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of cutting edge, cost-effective systems for particle therapy.

CHAIRMAN's STATEMENT

INTRODUCTION

I have worked in the Healthcare industry for almost 50 years and LIGHT represents the project I am most proud of. As Executive Chairman of the Company, I know that many of our stakeholders - whether they are employees, suppliers, development partners or shareholders - feel the same way. This feeling comes from our strong association with CERN, an organisation that has pushed the frontier of physics and made a positive impact on society globally. But this is also because the technology we have acquired has the potential to change the way we treat cancer and save many lives. Proton therapy has clear benefits over conventional radiotherapy but it has to be democratised, so that many more patients can benefit, and not just a few. Since the acquisition of ADAM in 2013, our team and partners have made great progress in making this vision a more tangible reality.

Of course, the excitement of driving this project forward comes with responsibilities and I owe each of you transparency with regards to the challenges associated with the development and commercialisation of our technology. With the achievements we announced in 2018, the risks associated with (i) the development of the technology, (ii) the regulatory requirements and (iii) the set-up of the manufacturing and commercial infrastructure have all decreased. However, I know all too well that such risks will always exist and it is our responsibility to ensure that these are appropriately managed. Whilst my fellow Directors and I view these challenges with confidence, our ability to address them largely hinges on the ability of the Company to raise adequate funding. Bringing LIGHT to the market will require further funding and this implies risks. It is encouraging that we have been able to make progress at a much lower cost than most other comparable projects, but more remains to be done.

The support we have received in 2018 and in the first part of 2019 from different funding sources, including a £10 million two-year secured debt facility from Credit Suisse, and our ability to attract talents such as Moataz Karmalawy - a person who led the transformation of the Varian Particle Therapy business unit and who recently joined the Company as Chief Commercial Officer and President, US - show me that more and more people share in our vision; this further reinforces my conviction that cancer is a fight that we can win only if all stakeholders work together. This is key to secure our funding plan and execute our strategy as per the plan we set. It is also very important to minimise dilution for our shareholders who have been extremely loyal and supportive.

I have highlighted below the developments made by the Company. I look forward to discussing this at our next AGM and during an investor presentation to be arranged later this year. Thank you for all your support.

OUR UNIQUE technology - ADDRESSING A CLEAR CLINICAL DEMAND

Creating a cost-effective proton therapy technology that offers cancer patients better outcomes with lower treatment-related side effects, and that is at the same time affordable enough to be made available more widely remains the core focus of our efforts.

It is disappointing that the high cost of building and operating traditional proton therapy technologies has meant that the global capacity to treat cancer patients in this way has been extremely low. Only 1% of patients eligible for radiotherapy are being treated with proton therapy currently, with a capacity for as little as 60,000 patients to be treated annually across the globe. Considering the UK alone, where roughly 360,000 patients are diagnosed with cancer each year, it is clear that there is a desperate clinical need for the roll-out of a technology that can bring the benefits of proton beam therapy to millions of patients worldwide.

LIGHT's technical advantages offer the potential to make proton therapy a more affordable and accessible treatment: 

·    Significantly lower shielding requirements: The LIGHT system uses an innovative linear accelerator rather than a circular one. This results in less radioactive energy being created during operation, significantly reducing the costs associated with the extensive shielding requirements needed with circular technologies. This is because the beam energy can be adjusted at source, requiring no absorbers or energy reduction devices. This is particularly relevant when considering that the bulk of the project costs for setting up proton therapy centres are related to the building;

·    Precision: The proton beam created by the LIGHT system can be moved and adjusted very rapidly, allowing for more accurate targeting of cancerous tumours. Spot scanning, which allows a more conformal dose, is supported by LIGHT;

·    Versatility: While other systems come in one size, the LIGHT system can be customised due to its modularity. This offers clinics an opportunity to expand their offering to other rooms and / or to increase the system's maximum energy step-by-step, as clinical needs develop. The fact that new modules can be added to increase output energy at any point reduces the commitment by healthcare providers to high upfront costs for systems that may not be fully utilised;

·    Affordability: Due to the modular nature of the system, reduced shielding requirements and its suitability for high-volume production manufacturing, the LIGHT system is well positioned to reduce the treatment price per patient at a fraction of the price charged today for patients receiving proton therapy;

·    City-centre focus: LIGHT's reduced volume and modularity allow for implementation in existing clinical sites and densely populated areas where space is scarce. This means that the technology can make proton therapy more accessible to patients, ensuring that as many people as possible can benefit from it; and

·    An integrated system: In partnership with Raysearch AB, the global leader in software solutions for X-ray and particle therapies, LIGHT will offer a full work-flow integration from patient intake, over treatment planning, through to beam delivery, and ensure a seamless patient treatment experience.

Overview

We are delighted to report another year of progress in the technological development and installation of our first LIGHT system, our next generation proton therapy system for treating cancer. From a technical perspective, the most challenging development aspects are now behind us after the successful integration of all key structures of the LIGHT system and the generation of a beam with sufficient energy to treat superficial tumours.

We can now focus on the lower-risk process of integrating additional accelerating modules to increase the beam energy and improve the quality of the proton beam, in terms of performance and reliability.

Preparations at the Science and Technology Facilities Council ("STFC") Daresbury Laboratory are proceeding to plan with the continued commitment of treating first patients by the end of 2020. The building work for the first commercial installation of LIGHT, in Harley Street, London, remains on track. The project is moving forward with the fit-out phase expected to start in the second half of 2019.

Thanks to the completion or announcement of equity investments totalling £37 million in 2018, we have been able to progress our activities and we are maintaining a continuous dialogue with investors to provide funding for the next stage of this project: regulatory approval and commercial roll out. Whilst exact timings for the completion of such an undertaking can be subject to challenges in the process including those related to the appetite of financial markets, we remain confident that we will deliver a market-leading proton therapy system that can make proton therapy more widely available to patients than existing technologies and which will bring a paradigm shift in precision cancer treatment, globally.

TECHNOLOGICAL DEVELOPMENT

The most significant advances during the year have been seen in the technological development of our first LIGHT system. We have fully integrated all key accelerating components and achieved the most challenging aspect of generating a beam with an energy level capable of treating superficial tumours.

In October 2018, we were proud to announce that LIGHT was able to generate a proton beam with an energy of 52MeV, roughly double the output energy achieved a month earlier, and sufficient to treat superficial tumours such as ocular tumours, parotid gland tumours, basal cell carcinoma, and some soft tissue sarcomas, to name a few. The development team remains focussed on the lower-execution risk activity of adding further accelerating modules, which have the same designs as the ones already tested and operating, and with the successful integration of a total of 15 accelerating modules the LIGHT systems will generate a proton beam of 230MeV, the energy required for the effective treatment of deep-seated tumours.

Given the modular design of our high-speed accelerating units, the integration of additional modules is now a relatively de-risked procedure and so once Raysearch's software suite is completed to accommodate for LIGHT's precision and for the integration with P-Cure's highly integrated positioning systems, LIGHT will be able to treat first patients as planned. Through our partnership with P-Cure, we expect to receive the robotic treatment chair and sliding CT scanner at our STFC assembly plant shortly following extensive testing.

We have established a strategic relationship with RaySearch AB, a leading provider of software solutions for radio and particle therapies, which will be providing both the treatment planning system via RayStation, and the oncology information system using Raycare, which enables personal adapted care. RaySearch's treatment planning systems are used by proton therapy centres around the world having been adopted by 43 centres across 14 countries.

We have been encouraged by the successful ongoing testing of our Time-of-Flight measurement system which measures the speed of the beam and allows the evaluation of the energy of each proton pulse, an important clinical parameter, key for ensuring beam control and adjustability. 

Following the end of the financial year, Advanced Oncotherapy was granted ISO 13485:2016 certification; a highly regarded quality standard which ensures consistency across the design, development, production, installation and sale of medical devices that are safe for their intended purposes.  

ROAD TO COMMERCIALISATION

As we further advance in the integration of the first LIGHT system, we remain cognisant of other commercial opportunities.

Discussions for a second UK site in Birmingham continue and we remain in dialogue with institutions across the US, Europe and the Middle East. The Company also received a payment of £16.5 million relating to the exclusive distribution agreement with Liquid Harmony to market and sell Advanced Oncotherapy's LIGHT system across China, Macau, Taiwan, Hong-Kong and South Korea. Having already identified eleven potential installation sites for the LIGHT system, Liquid Harmony and the Company have committed to a target of three installations over the first four years and the financing of ten further systems following the regulatory approval of the LIGHT system in China.

We continue to assess options for offering eased access to financing packages to our prospective customers.

FINANCING

During 2018, we completed or announced £37 million in equity investments. This has provided us with the funds necessary to continue our development.

In February 2018, we completed an equity raise worth £20.9 million at placing price through subscriptions, placings and the conversion of debt. This included a subscription for £13.5 million by Liquid Harmony and further subscription and conversion of debt for £7.4 million from other investors, including members of the Board and members of a consortium formed by AB Segulah.

In September 2018, we successfully concluded an equity raise of £6.4 million which attracted a number of prominent Swiss Private Banks as well as healthcare providers based in Switzerland, which shows a clinical recognition of the need for our technology and the close connection our Company has with CERN.

At the very end of the year we were pleased to announce a further subscription for shares to raise £10 million. This investment, which included £4.8 million invested by Paris-based DNCA Investments, completed post period-end.

On 21 January 2019, the Company held a General Meeting during which all resolutions related to the £10 million funding round announced in December 2018 were duly passed. As a result, the Directors were granted the authority to issue 25 million new shares to the places who invested during that financing process.

In May 2019, the Group secured additional financing for a total amount of £12.3 million in the form of a two-year secured debt facility with Credit Suisse AG for £10.0 million and a direct subscription of £2.3 million.

FINANCIALS

The Group recorded a comprehensive loss of £20.2 million in the year ended 31 December 2018 (2017: £14.7 million), with shareholder funds as at 31 December of £34.0 million (2017: £28.7 million).

Cash and cash equivalents at the year-end were £1,013,053 (2017: £56,479), although these year-end figures do not take into account post period financing agreements.

BOARD CHANGES and Senior Management appointment

As detailed in our 2018 Half-Year Report, we made a number of Board changes during the year. Sanjeev Pandya, Euan Thomson and Chris Nutting stood down from the Board and five Non-Executive Directors were appointed.

Peter Sjöstrand joined as Non-Executive Director and Vice-Chairman and we are pleased to benefit from his experience as a seasoned Independent Non-Executive Director for public and private companies within the Healthcare, Industrial and Financial sectors.

Gabriel Urwitz, founding Partner and Chairman of AB Segulah, joined as a Non-Executive Director. He is a Director of AB Segulah and a shareholder in the Company.

RenHua Zhang, Chunlin Han and Yuelong Huang, all representing Liquid Harmony, also joined as Non-Executive Directors.

Post-period end, we announced the appointment of Moataz Karmalawy as Chief Commercial Officer and President of the US division. This was a major coup for the Company given that Moataz joins us from Varian Medical Systems, Inc. where he was heading their Particle Therapy Business. His experience of growing the proton therapy business' order book to in excess of $1 billion and achieving a 50% market share in the global particle therapy products market will be invaluable as he leads our commercialisation efforts worldwide.

The Board have also agreed that, with immediate effect, Prof Stephen Myers (Executive Chairman of ADAM) will assume the role of Executive Director of Advanced Oncotherapy, reflecting his current role and responsibilities.

OUTLOOK 

Having made significant progress across numerous operational areas, we pursue our objective to deliver on our first patient treatment target by the end of 2020. The Harley street site will be shortly moving into fit-out phase and we expect to have all of the accelerating modules manufactured later this year, which will enable us to generate a proton beam with the required energy to treat deep-seated tumours, once fully integrated. We expect to be able to update shareholders on our progress in this regard as we continue to improve proton beam performance during the integration stage.

By the end of the year, we aim to have a tailor made treatment plan in place for our LIGHT system and expect to have the entire patient positioning system installed. We will also update shareholders on the progress being made in scaling up our production capabilities at our assembly site in Daresbury, which will be key for the commercial roll-out of these systems. We still have a number of significant challenges ahead which are inherent to the nature of such a complex project and subject to conditions and appetite of the financial markets as these relate to funding activities. We remain committed to deliver a breakthrough in proton therapy technology, one which will open up the availability of treatment to a much wider patient population. We see a number of significant catalysts ahead of us over the next 18 months and we look forward to delivering against these and keeping shareholders updated as we aim to create further value.

Dr Michael Sinclair

Executive Chairman

Consolidated statement of profit or loss and other comprehensive income
For the year ended 31 December 2018 - Financials in £	Group	Group
	2018	2017
Revenue	-	-
Cost of sales	(1,908,925)	-
Gross loss	(1,908,925)	-
Administrative expenses	(19,890,746)	(14,492,595)
Operating loss	(21,799,671)	(14,492,595)
Finance income	13,496	-
Finance costs	(80,187)	(1,994,891)
Loss on ordinary activities before taxation	(21,866,362)	(16,487,486)
Taxation	759,413	2,827,115
Loss after taxation from continuing operations	(21,106,949)	(13,660,371)
Profit/(Loss) for the year from discontinued operations	(47,794)	-
Loss after discontinued operations	(21,154,743)	(13,660,371)
Loss for the period
Equity of shareholders of the parent company	(21,149,964)	(13,660,371)
Non-controlling interests	(4,779)	-
	(21,154,743)	(13,660,371)
Other comprehensive income
Items that will not be subsequently reclassified to profit or loss:
Exchange differences on translation of foreign operations	991,530	(1,065,130)
Total comprehensive loss for the year net of tax	(20,163,213)	(14,725,501)
Total comprehensive loss attributable to:
Equity of shareholders of the parent company	(20,158,434)	(14,725,501)
Non-controlling interests	(4,779)	-
	(20,163,213)	(14,725,501)
Loss per ordinary share
Basic and diluted
Continuing operations	(14.02)p	(17.55)p
Discontinued operations	(0.03)p	0.00p
	(14.05)p	(17.55)p
Weighted average number of shares (000's)	150,542	77,832

Consolidated statement of financial position		Group	Group
As at 31 December 2018- Financials in £		2018	2017
Non-current assets
Intangible assets		40,165,073	30,569,979
Property, plant and equipment		4,086,730	1,180,937
Investment property		310,000	310,000
Trade and other receivables		1,210,874	838,887
		45,772,677	32,899,803
Current Assets
Inventories		10,014,086	7,629,292
Trade and other receivables		1,964,695	1,964,792
Corporation tax R&D refund		685,764	2,850,000
Cash and cash equivalents		1,013,053	56,479
		13,677,598	12,500,563
Total assets		59,450,275	45,400,366
Current liabilities
Trade and other payables		(5,954,777)	(7,491,290)
Borrowings		(3,000,000)	(9,247,218)
		(8,954,777)	(16,738,508)
Non-current liabilities
Licence Fee Received		(16,500,000)	-
		(16,500,000)	-
Total liabilities		(25,454,777)	(16,738,508)
Net assets		33,995,499	28,661,858
Equity
Share capital		42,391,523	20,233,799
Share premium reserve		50,724,177	43,259,389
Share option reserve		7,198,580	5,743,609
Reverse acquisition reserve		11,038,204	11,038,204
Loan note conversion reserve		-	5,650,631
Exchange movements reserve		1,451,939	460,410
Accumulated losses		(78,808,925)	(57,724,185)
Equity attributable to shareholders of the Parent Company		33,995,499	28,661,858
Non-controlling interests		-	-
Total equity funds		33,995,499	28,661,858

Consolidated statement of changes in equity
For the year ended 31 December 2018- Financials in £
	Share capital	Share premium reserve	Share option reserve	Reverse acquisition reserve	Loan note conversion reserve	Exchange movement reserve	Accumulated losses	Equity share holders interest	Non-Controlling interest	Total
Balance at 01 January 2017	18,116,946	43,117,741	4,258,148	11,038,204	-	1,525,539	(44,063,813)	33,992,766	-	33,992,766
Loss for the year	-	-	-	-	-	-	(13,660,372)	(13,660,372)	-	(13,660,372)
other comprehensive income exchange movement	-	-	-	-	-	(1,065,130)	-	(1,065,130)	-	(1,065,130)
Total comprehensive Income	-	-	-	-	-	(1,065,130)	(13,660,372)	(14,725,501)	-	(14,725,501)
Arising on issues
of ordinary shares	208,333	41,667	-	-	-	-	-	250,000	-	250,000
Conversion of loan notes	1,852,932	97,068	-	-	-	-	-	1,950,000	-	1,950,000
Share based payment
- employee services	55,587	2,913	690,810	-	-	-	-	749,310	-	749,310
- acquisition of ADAM S.A.	-	-	161,742	-	-	-	-	161,742	-	161,742
- cost of raising equity	-	-	16,877	-	-	-	-	16,877	-	16,877
- cost of raising finance	-	-	544,163	-	-	-	-	544,163	-	544,163
- other services	-	-	71,869	-	-	-	-	71,869	-	71,869
Convertible loans raised	-	-	-	-	5,650,631	-	-	5,650,631	-	5,650,631
Balance at 31 December 2017	20,233,799	43,259,389	5,743,609	11,038,204	5,650,631	460,410	(57,724,185)	28,661,858	-	28,661,858
Balance at 01 January 2018	20,233,799	43,259,389	5,743,609	11,038,204	5,650,631	460,410	(57,724,185)	28,661,858	-	28,661,858
Loss for the year	-	-	-	-	-	-	(21,149,964)	(21,149,964)	(4,779)	(21,154,743)
other comprehensive income exchange movement	-	-	-	-	-	991,530	-	991,530	-	991,530
Total comprehensive Income	-	-	-	-	-	991,530	(21,149,964)	(20,158,434)	(4,779)	(20,163,214)
Shares Issued in the period	17,448,866	7,473,151	760,031	-	-	-	-	25,682,048	-	25,682,048
Expenses deducted from share premium	-	(950,135)	-	-	-	-	-	(950,135)	-	(950,135)
Lapsed and cancelled options	-	-	(34,497)	-	-	-	34,497	-	-	-
Lapsed and cancelled warrants	-	-	(35,506)	-	-	-	35,506	-	-	-
Conversion of loan notes	4,708,859	941,772	-	-	(5,650,631)	-	-	-	-	-
Share based payments	-	-	-	-	-	-	-	-	-	-
- Share option charge	-	-	49,072	-	-	-	-	49,072	-	49,072
- Share warrants charge	-	-	715,870	-	-	-	-	715,870	-	715,870
Group provision for minority interest	-	-	-	-	-	-	(4,779)	(4,779)	4,779	-
Balance at 31 December 2018	42,391,523	50,724,177	7,198,580	11,038,204	-	1,451,939	(78,808,925)	33,995,499	-	33,995,499

Consolidated statement of cash flows
For the year ended 31 December 2018
- Financials in £			2018						2017
	Continued	Discontinued		Group		Continued		Discontinued		Group
Cash flow from operating activities
Loss after taxation	(21,106,949)	(47,794)		(21,154,743)		(13,660,371)		-		(13,660,371)
Adjustments to cash flows from non-cash items
Depreciation and amortisation	411,134	-		411,134		365,470		-		365,470
Finance income	(13,496)	-		(13,496)				-
Finance costs	80,187	-		80,187		1,994,891		-		1,994,891
Taxation	(759,413)	-		(759,413)		(2,827,115)		-		(2,827,115)
Share based payments	4,202,625	-		4,202,625				-
Impairment of inventory	1,908,925	-		1,908,925				-
Foreign exchange	346,285	-		346,285		1,543,961		-		1,543,961
Cash flows from operations before changes in working capital	(14,930,702)	(47,794)		(14,978,496)		(12,583,163)		-		(12,583,163)
Changes in inventories	(4,293,719)	-		(4,293,719)		(191,784)		-		(191,784)
Property deposits made	(371,988)	-		(371,988)		(838,887)		-		(838,887)
Change in trade and other receivables	97	-		97		(2,139,752)		-		(2,139,752)
Change in trade and other payables	(1,387,909)	23,651		(1,364,258)		4,341,687		(8,530)		4,333,157
Cash (used) / generated from operations	(4,484,221)	(24,143)		(4,508,364)		(11,411,899)		(8,530)		(11,420,429)
Interest paid	(80,187)	-		(80,187)		(568,667)		-		(568,667)
Convertible loan costs paid		-				(721,327)		-		(721,327)
Corporation Tax Receipt	2,923,649	-		2,923,649		3,125,121		-		3,125,121
Cash flows from operating activities	(1,640,759)	(24,143)		(1,664,902)		(9,576,772)		(8,530)		(9,585,302)
Cash flows from investing activities:
Interest received	13,496	-		13,496				-
Purchase of buildings plant and equipment	(3,293,238)	-		(3,293,238)		(123,597)		-		(123,597)
Capital expenditure on intangible assets	(8,799,893)	-		(8,799,893)		(8,437,115)		-		(8,437,115)
Cash flows from investment activities	(12,079,635)	-		(12,079,635)		(8,560,712)		-		(8,560,712)
Cash flows from financing activities:
Proceeds from issue of ordinary shares	21,052,563	-		21,052,563		250,000		-		250,000
Costs of share issue	(650,135)	-		-				-
Convertible loans		-		-		7,800,000		-		7,800,000
Short term loan receipts	4,500,000	-		4,500,000		8,703,968		-		8,703,968
Short term loan payments	(10,247,218)	-		(10,247,218)				-		-
Intra Group Cash Transfers	(24,483)	24,483		-		(9,163)		9,163		-
Cash flows from financing activities	14,630,727	24,483		14,655,210		16,744,805		9,163		16,753,968
Increase/(decrease) in cash and cash equivalents	910,334	340		910,675		(1,392,679)		633		(1,392,045)
Exchange gain on cash and cash equivalents	45,899	-		45,899		-		-		-
Cash and cash equivalents at01 January 2018	38,824	17,654		56,479		1,431,502		17,021		1,448,524
Cash and cash equivalents at31 December 2018	995,057	17,994		1,013,053		38,824		17,654		56,479

The annual report for the year ended 31 December 2018, which includes notes to the financial statements, will be available from the Company's website at www.advancedoncotherapy.com and will shortly be posted or emailed to shareholders together with a notice of Annual General Meeting to be held at 2pm on Thursday, 25 July 2019 at the Royal Society of Medicine, 1 Wimpole Street, London W1G 0AE.

 

END

 

 

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