Source - LSE Regulatory
RNS Number : 1656T
Advanced Oncotherapy PLC
02 July 2018
 

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

 

Board changes and proposed board appointments

 

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that Dr Sanjeev Pandya, Dr Euan Thomson and Prof Chris Nutting have stood down from the Board. Dr Thomson and Prof Nutting will continue to contribute to the Company's development by becoming members of the Medical Advisory Board.

 

In addition, the Company has agreed that, subject to completing the requisite due diligence procedures, it will appoint Mr. Peter Sjostrand, Mr. Gabriel Urwitz, Mrs. Zhang RenHua, Mr. Chunlin Han and Dr Yuelong Huang as Non-Executive Directors.

 

Peter Sjostrand - proposed Non-Executive Director and Vice-Chairman

Peter has a long career as an independent Non-Executive Director for a number of public and private companies within the Healthcare, Industrial and Financial areas. Peter is a Director of one of the largest publicly listed biotech companies in Sweden, Active Biotech, and was previously Chairman of the medical technology company Gambro, the biotech firm Innate Pharma and Meda a publicly listed large cap speciality pharma business.

 

Peter has been a Director on the Board of a number of other public healthcare companies, including the pharmaceutical company Astra which was at one stage the largest listed company in Sweden by market cap; Karolinska Development, a biotech holding company; Mediject, a US medical technology business; biotech firm Medivir; and also Nasdaq listed Tularik.

 

Peter has also sat on the Board or acted as Chairman for a number private companies such as Microdrug, a swiss medical technology company acquired by Pfizer US; Pherrovet a private Veterinary medicine group; and Astra-Merck, a US joint venture company. Peter has also been the Chairman of the Biomedical Imaging Centre at the Karolinksa Institute's, Royal School of Engineering in Sweden since 2007.

 

Peter brings with him many years of experience in developing and leading both large industrial groups and smaller companies, as well as knowledge of corporate governance and multi-geography regulatory issues. Peter is to be appointed as Non-Executive Director and Vice-Chairman whilst Mike Sinclair will remain Executive chairman.

 

Gabriel Urwitz, Segulah Advisor AB - proposed Non-Executive Director

Gabriel Urwitz is founding Partner, Managing Partner and Executive Chairman of Segulah Advisor AB ("Segulah"), a Nordic private equity firm. Segulah is a long-term supporter of the Company with a significant shareholding. A consortium of shareholders led by Segulah owns 12.6% of the Company following the conversion of the £3.9 million loan they had made available to the Company in July 2017.

 

Gabriel has a broad background in industry and finance and was adjunct Professor of Financial Economics at the Stockholm School of Economics from 1977 to 2002. He is currently President of the Swedish Private Equity & Venture Capital Association (Svenska Riskkapitalforeningen). Gabriel was previously CEO of Richard Hägglöf Fondkommission, Proventus AB, AB Segulah, and Gota Bank and is a Director of Mr. Music, Almondy, PMC Group AB, EEN, Previa, Joy Shop AB, NEA, and Isaberg Rapid.

 

Mrs. Zhang RenHua, Mr. Chunlin Han and Dr Yuelong Huang- proposed Non-Executive Directors representing Liquid Harmony

 

Ms Zhang RenHua is the co-Founder, CEO, and Vice Chairman of the board of Realcan Pharmaceutical Co. Ltd, a large distributor of medical drugs and equipment in China with access to more than 8,000 hospitals.

 

Mr Chunlin Han serves as Head of Investment and Financing for Realcan Pharmaceuticals Co. Ltd: he has been instrumental in acquiring more than 50 distribution companies and participated in 3 joint-venture investments. He is a graduate of McGill University.

 

Dr Yuelong Huang serves as General Manager of Medical Technology Department of Realcan Pharmaceuticals Co. Ltd; he is responsible for all M&A activities and medtech R&D/manufacturing. He is a former Senior Scientist of German Julich Research Center and has over 20 years of experience in R&D, manufacturing and operations in semi-conductor and renewable energy industries.

 

Liquid Harmony and the Han family's extensive knowledge and experience of rolling-out high-end medical equipment in China and internationally will be of great benefit to the Company's commercialisation strategy.

 

Commenting on the Board changes, Mike Sinclair, Executive Chairman of Advanced Oncotherapy, said: "We are pleased that Peter and Gabriel together with Mrs RenHua, Mr. Han and Dr. Huang have agreed to join our  Board as we move towards the final stages of development and commercialisation of the LIGHT system. They all bring with them valuable and complementary corporate experience at Director level, will aid us with their knowledge of corporate governance and proven track record in the healthcare arena. Gabriel and his partners have been instrumental in connecting the Company with the Scandinavian community and has been a long-term supporter of the business since the acquisition of ADAM. As our investors are aware, China is a key market for our future plans of commercialisation and Liquid Harmony has become a valuable partner to implement our strategy in this region. Appointing Mrs RenHua, Mr Han and Mr Huang to the Board will reinforce the ties between our two organisations and will help the roll out of this strategy.

 

"On behalf the Board we would like to thank Chris, Euan and Sanjeev for all they have contributed to the Company to date. Chris' medical background provided the Company with useful insights from a practitioner point of view, Euan's Board experience has been invaluable to the Group and both will remain close with the Company acting as advisors going forward. Finally I would personally like to thank Sanjeev for the tremendous contribution he has made to the business over the past 5 years and I wish him all the very best for his next venture."

 

A further announcement disclosing the information required by Rule 17 and Schedule Two paragraph (g) of the AIM Rules, will be made once due diligence has been completed and the proposed appointments have been confirmed.

 

For further information, please contact:

 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO




Stockdale Securities (Nomad & Joint Broker)


Antonio Bossi / Ed Thomas

Tel: +44 20 7601 6100



Stifel Nicolaus Europe (Joint Broker)


Jonathan Senior

Tel: +44 20 7710 7600



Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or avo@walbrookpr.com

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

 

 



 

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM", based in Geneva, focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.

 

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as lower treatment-related side effects.

 

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

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
BOAEAFXFEDNPEAF
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account.