Advanced Oncotherapy (AIM: AVO) is pleased to announce that it has signed a definitive Share Purchase Agreement for the acquisition of 100% of the share capital of ADAM S.A. (“ADAM”) for a consideration to the vendor of stock and warrants in Advanced Oncotherapy that will be equivalent to 29.9% of the issued ordinary share capital and warrants of the Company prior to the completion of the transaction.
The Swiss-Italian Alberto Colussi founded ADAM in 2007 and brought on board a team of experts in accelerator and detector technology from CERN founded ADAM. ADAM aims to capitalise on the know-how and infrastructure that CERN provides to build innovative accelerators for proton therapy and for conventional radiotherapy. ADAM's research and development activities have focused on two main fields: the design and construction of compact linear accelerators for conventional radiotherapy, and of compact linear accelerators for proton therapy. As a CERN spin-off company, CERN has provided and will continue to provide ADAM with offices and research facilities at the CERN Campus near Geneva. The Company announced on 11 April 2013 a Collaboration Agreement with ADAM and CERN to complete the development of ADAM’s proton beam technology for clinical application in hospitals.
Completion of the acquisition of ADAM will take place upon the closing of financing by Advanced Oncotherapy which will, inter alia, fund the completion of the development of ADAM's proprietary Linear Accelerator based Proton Beam Therapy technology referred to above. This financing is currently expected to close within the next 90 days.
The vendor of ADAM is Brahma AG (“Brahma”), the private Swiss holding and investment company for the Colussi family. Brahma has to date invested €14 million to develop ADAM’s technology and on the successful completion of the acquisition, ADAM will be debt free. On completion and subject to regulatory approval, Alberto Colussi, the Founder and President of ADAM and the Chairman and President of Brahma, Niccolo Colussi, the CEO of ADAM, and Luca Campaiola, a Director of ADAM, will join the Board of Advanced Oncotherapy.
Lord Evans of Watford, Chairman of Advanced Oncotherapy, said: “Our strategy to establish Advanced Oncotherapy as a leading provider of convenient, cost-effective and clinically superior treatment to patients with cancer, based on proven technologies, will move forward significantly with the acquisition of ADAM. ADAM’s management team are well known to us and share our vision of introducing disruptive technology - that will change cost models – to fast growing cancer treatment markets.”
Alberto Colussi, Chairman of ADAM, said: “We are pleased to have found partners who not only understand the technology we have developed with CERN but also the path to commercialisation of the applications of that technology. Together with Advanced Oncotherapy, and CERN, we look forward to completing the development of our proton beam technology and launching the resulting new products in global markets.”
Related Files: 2013 04 24 ADAM VO SPA FINAL
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