Replacement: Grant of LTIP Options

The following announcement replaces the announcement released on 5 October 2020 at 07.00 a.m. under RNS number 0264B which contained two typographical errors in the number of options outstanding and the percentage of issued share capital represented by those options (penultimate sentence of the announcement).  All other details remain unchanged and the corrected announcement is set out below.

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

Grant of LTIP Options

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, today announces that its Remuneration Committee has approved the grant of share options (the "Options") over a total of 24,000,000 new ordinary shares of 25 pence each ("Ordinary Shares") to members of the management team.

The Options granted include 13,500,000 Options that have been granted to the Executive Directors. 6,500,000 have been awarded to Nicolas Serandour (Chief Executive Officer), 5,500,000 to Dr Michael Sinclair (Executive Chairman) and 1,500,000 to Prof. Steve Myers (Executive Director and ADAM Executive Chairman). A further 10,500,000 Options have been granted to other employees of the Company (including two persons discharging managerial responsibilities ("PDMRs").

The Options have been granted at an exercise price of 50 pence per share, a premium of c.61.9% to the weighted average share price over the past 30 days and a premium of 100% to the issue price of the fundraising  completed by the Company in May 2020. The Options have a five-year term, expiring on 5 October 2025 and will vest at the discretion of the Remuneration Committee, based on the achievement of the following vesting conditions:

·      the LIGHT system is fully operational at 230MeV;

·      the first patient has been treated;

·      the LIGHT system has been certified; and

·      the Company's share price has been in excess of £1.00 for 30 consecutive calendar days.

The award of the Options is consistent with the Remuneration Committee's policy of aligning the interests of key personnel and shareholders through appropriate incentive schemes, including the award of shares and share options. The vesting of the Options is subject to the continued employment of employees. Any shares that are issued by the Company as a result of the exercise of vested Options will be required to be held by the optionholders until 5 October 2023.

Following the grant of the Options, the Company has options outstanding over 29,924,324 new Ordinary Shares, which represents approximately 9.8 per cent. of the Company's issued ordinary share capital.

Details of the Option grants to PDMRs (including the Executive Directors) are set out in the requisite disclosure forms at the end of this announcement.

- ENDS -

Notes for Editors

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, 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 innovative technology as well as expected 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.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.