Advanced Oncotherapy rocked as China pulls out
The AIM-listed company behind a pioneering cancer treatment suffered a major setback today when it agreed to terminate orders from China worth $120 million (£96 million).
Advanced Oncotherapy agreed to scrap the deal after Chinese customer Sinophi Healthcare complained about delays in the manufacturing of its revolutionary LIGHT proton-beam therapy system.
The company, which is developing a proton-beam therapy centre at Harley Street, previously said the Chinese private hospitals firm had “no legal basis” to terminate the deal, its only contract apart from Harley Street.
It also returned a $250,000 deposit paid by Sinophi.
The company said it was close to completing its first LIGHT system and insisted it would secure more sales “in due course”.
Chief executive Nicolas Serandour admitted it was “disappointing”, but added: “I am confident that as we move closer to completing our first operational machine we will be able to deliver the commercial success that our shareholders expect.”
The shares tumbled 7.5p, or 10%, to 65p.
