Advanced Tumor Therapy (AIM: AVO), the developer of a proton therapy system for cancer treatment, recently announced several areas of advancement that will help realize its goal of “democratizing proton therapy.”
He first said that over the past six months there have been “strong advances” in proton therapy techniques. Its optical system is set up to be the first kind that once completed, it is able to accelerate protons at 230 MEV. The company says it is well underway to provide groundbreaking technology to consumers in 2021, allowing access to the types of treatments that have been reserved for previously selected few.
To this end, the company’s second update was also promising. It announced that it successfully delivered all of the high-precision acceleration structures of the optical system to the Daresbury Assembly site. Manufacturing the hardware necessary for patient positioning systems. We provided all the technical files for the certification process.
Additionally, on the Daresbury site, we announced that we are developing the infrastructure needed to support future machine assembly. In short, it’s another step towards bringing that technology to the public.
Advanced tumor therapy subsequently celebrated several new sources of funding to support the costs of research and production. These included successful advance funding of £104.9 million. An option to access £42 million courtesy of VDL and Nerano Pharma. And then a $10 million drawdown from a “interest-held, protected convertible facility” with Nerano Pharma.
Finally, to help deploy treatment for patients, the company announced that it has signed “multiple” commercial partnership agreements with stakeholders, including the London Clinic, the Mediterranean Hospital in Limassol and the Birmingham NHS Foundation Trust.
Commenting on these areas of advancement that have been made in the past six months, Nicholas Celandur, CEO of Advanced Tumor Therapy, said:
“Despite the impact Covid-19 has had on our business, we are delighted with the progress made over the past six months. As previously announced, we have made outstanding progress with a greater focus on documentation and software development. During the six months of review, we have signed many important collaborations with our partners to build more optical systems in the world’s leading hospitals. We look forward to updating the market in time for the progress of these contracts.”
“We are pleased to have recently resumed our activities on the Daresbury site. We hope we are in line with our operational plans to complete our first optical system in 2021. We are pleased to update the market with a patient-centered business model. Hospital Birmingham NHS Foundation Trust.”
