Advanced Oncotherapy has disposed of its subsidiary, Oncotherapy Resources Ltd (ORL), for a total cash consideration of £100,000 to Xstrahl. An initial cash payment of £75,000 has been received with the remainder to be paid on the first anniversary of the disposal, the company said Wednesday.
ORL focuses on supplying a fully mobile managed service delivering electronic brachytherapy throughout the UK and Ireland for a range of clinical conditions, but most notably breast cancer and colorectal cancer.
Xstrahl is a designer and manufacturer of X-Ray therapy systems for use in the treatment of cancer and dermatological disorders, as well as a pioneer in the development of X-Ray systems for pre-clinical radiation biology research.
In 2014 Advanced Oncotherapy announced that it would re-focus resources solely on the development of its Proton Therapy technology, beginning a review of strategic options for this subsidiary. For the year ended December 31, 2014, ORL recorded revenues of £106,378 and a loss on ordinary activities before taxation of £599,883, Advanced Oncotherapy said.
Sanjeev Pandya, CEO of Advanced Oncotherapy, commented: “Last year, we made a decision to reorganise the business around our proton therapy system. The disposal of ORL is an important part of this refocussing and the disposal of the Folkestone property will mark the final stage of this process.”
“We have made considerable progress in the development of the LIGHT system since this decision was made: we have secured substantial financial support from our investors, made additional commercial sales, signed an operational agreement for our Harley Street site and made the extensive technical advances needed to ensure the successful deployment of our first LIGHT system. I am very pleased with the progress of the business and look forward to providing further updates.”