Proactive Investors - Run By Investors For Investors

Advanced Oncotherapy pulls in £6.4mln from Swiss investors

Private banks and healthcare groups took part in the share placing
Workers at CERN
The proton accelerator used by Advanced Oncotherapy was licensed from CERN, the European Organisation for Nuclear Research

Advanced Oncotherapy PLC (LON:AVO), the developer of proton beam systems used to treat cancer, has completed a share placing with Swiss investors that brought in £6.41mln.

Shares were issued at 49p each, which was a modest discount to last night’s closing price of 51p, with a number of prominent private banks and healthcare providers buying into the company.

READ: Advanced Oncotherapy on track with development of its LIGHT system

The cash injection from the fundraise, which was organised by Geneva-based Synergy Wealth Management, will be used for “general working capital purposes” as the company continues to develop its LIGHT proton beam system.

LIGHT stands for Linac Image Guided Hadron Technology. The AVO kit is cheaper and smaller than the current units, which are almost prohibitively expensive.

It has the ability to propel protons at the speeds generated by much larger machines.

The proton accelerator used by Advanced Oncotherapy was licensed from CERN, the European Organisation for Nuclear Research, which is currently hunting the ‘God particle’.

Shares well bid

The shares, which were 16.5p a year ago, are currently changing hands for 53.5p each, up 5%.

Today, the business is worth £87mln, reflecting the progress that has been made in recent months.

In June, it told investors that work to develop the first centre for the LIGHT system, on London’s Harley Street, was progressing to plan.

The first patients are expected to be treated in the second half of 2020. AVO is also in discussions for a second site in Birmingham and is assessing a number of potential sites in the US, Europe, Asia and the Middle East.

View full AVO profile View Profile

Advanced Oncotherapy PLC Timeline

Article
September 28 2018

Related Articles

Weight loss
January 07 2019
A deal with Indian firm Zeon Lifesciences in January is the ninth deal the firm has secured for the weight loss product
pills
April 12 2019
The biotechnology company is developing a platform of unique drugs designed to prevent serious gastrointestinal damage and bleeding caused by chronic naproxen use
Nemaura Medical Inc CEO Dr Faz Chowdhury
November 05 2018
The medtech company is eying explosive growth with sugarBEAT, on the cusp of launching in the UK, followed by the rest of Europe in 2018
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use