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Advanced Oncotherapy partner sees distribution negotiation delay
Cancer treatment developer Advanced Oncotherapy's partner company Yantai CIPU has extended its distribution negotiations with a major Chinese medical and pharmaceutical distribution company, the company announced on Tuesday.
The negotiations, which were originally slated for completion on 31 March, are being undertaken with a view for Yantai to accelerate and strengthen its market access in China, Hong Kong, Macau, Taiwan and South Korea.
Discussions have been conducted through Liquid Harmony, the company's affiliated entity.
In a statement from Liquid Harmony, the company said: "We have decided to accelerate our refocus on innovative and breakthrough technology. Following a very thorough due diligence, we have found that Advanced Oncotherapy possess all of the right attributes and fundamentals on which we can build upon our strategy: a differentiated technology supported by a team with a great track-record, and uniquely positioned to address the paradigm shift in cancer treatment."
AIM-traded Advanced Oncotherapy also said that it will receive £16,500,000 from its 7 December distribution agreement with Yantai to sell its LIGHT system, regardless of the ongoing negotiations' outcome.
"Our discussions with a major medical equipment and pharmaceutical distribution company are ongoing and with a significant stake in Advanced Oncotherapy we are confident that a successful conclusion will have considerable long term benefits for the company in these territories. These discussions are progressing, and we look forward to the next steps with great confidence and hope for all patients who deserve the right cancer treatment," the statement continued.
As of 1252 BST, Advanced Oncotherapy's shares were down 7.39% at 40.75p.