Advanced Oncotherapy has dropped taking legal measures against Sinophi Healthcare Limited (Sinophi), as the companies have agreed to terminate the purchase from March and October 2015.
In January the company said it would take appropriate action against Sinophi for unexpectedly exiting a purchase deal.
Advanced Oncotherapy will continue on its own for its LIGHT proton therapy system in China and other countries in South East Asia. The company said it will itself talk with hospitals, clinics, and again engage in finding potential distribution partners and advisory bodies, such as the UK’s Department for International Trade, in the region.
Upon ending the deal with Sinophi, Advanced Oncotherapy said it has repaid the deposit of $250,000 received on September 18, 2015.
The company expects strong demand for its proton therapy system which is in finishing stages.
Nicolas Serandour, CEO of Advanced Oncotherapy, said: “Whilst it is disappointing that we have had to terminate our arrangements with Sinophi, I am pleased that we have reached an amicable agreement and as a management team we are able to focus our full attention on manufacturing our first LIGHT system. China and South East Asia remain exciting prospective markets for our technology and 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.”