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Advanced Oncotherapy raises £2.7mln in equity funding

New funds will support ongoing verification and validation activities.

Advanced Oncotherapy PLC - Advanced Oncotherapy raises £2.7mln in equity funding

Advanced Oncotherapy PLC has raised £2.7mln in a share subscription deal with the funds set to boost progress with the company’s LIGHT technology.

It is selling 6.8mln shares priced at 40p each.

The company said the new funds will support ongoing verification and validation activities in order to obtain regulatory approval of its first LIGHT system.

The proton beam therapy specialist in September raised over £20mln via an open offer share sale and a share placing as it focussed on the first LIGHT installation at a facility on Harley Street.

The company added it has been able to install its system without significant building alterations due to its modular design and relatively low weight.

Proton therapy is a form of radiotherapy that avoids the damage to surrounding tissue caused by traditional treatments.

Quick facts: Advanced Oncotherapy PLC

Price: 37.5 GBX

LSE:AVO
Market: LSE
Market Cap: £91.44 m
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