StockMarketWire.com - Medical device company Advanced Oncotherapy reported largely unchanged losses on-year and said it expected to achieve first patient treatment in 2021.

For the year ended 31 December 2019, pre-tax losses were £21.87m, compared with £21.91m on-year.

'During 2019 we have continued the technical development of our LIGHT system (proton therapy system for cancer treatment) as well as bolstering our financial position,' the company said.

'We have signed strategic partnerships with UHB, the Mediterranean Hospital of Limassol and The London Clinic and established a research project with Cleveland Clinic.

In a separate agreement, the company also said it secured financing agreements that put in a good position to assemble its first commercial system and treat patients in 2021.

The company entered into two financing agreements, providing it access to up to approximately £42m of additional funding to 'further the development of the LIGHT system and advance the manufacturing of up to 30 LIGHT systems,' said Advanced Oncotherapy.




At 8:26am: [LON:AVO] Advanced Oncotherapy PLC share price was +1.1p at 26p



Story provided by StockMarketWire.com