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Advanced Oncotherapy raises £15mln and focuses on regulatory approval for LIGHT

Work on the group's first proton beam therapy site in Harley Street has been halted due to coronavirus restrictions

Advanced Oncotherapy PLC -
Directors are subscribing for £190,000 worth of the shares on offer

Advanced Oncotherapy PLC (LON:AVO) has raised £15mln through a direct subscription with new and existing shareholders in the cancer treatment pioneer.

The issue price of 25p is in line with last night's closing price, with the group's directors subscribing for £190,000 worth of shares.

Advanced Oncotherapy said work on its first proton beam therapy site in Harley Street has been halted due to coronavirus restrictions, but it will use the money raised to get regulatory approval of its novel technology.

As a result of the virus disruption, however, it now expects the first person to be treated in 2021 rather than at the end of this year.

In a statement, Nicolas Serandour, Advanced Oncotherapy's chief executive said he was extremely pleased to have raised the money in the current difficult environment.

“The funds raised will allow Advanced Oncotherapy to continue with the key development activities needed to obtain regulatory approval for our first LIGHT system at the Daresbury Laboratory including documentation and software development. 

"The proton therapy market remains under-developed because of current high costs and a significant unmet medical need due to the rising population," he added.

Quick facts: Advanced Oncotherapy PLC

Price: 31 GBX

LSE:AVO
Market: LSE
Market Cap: £94.98 m
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Advanced Oncotherapy One2One Investor Presentation 29th October 2013-DUBLIN

Advanced Oncotherapy One2One Investor Presentation 29th October 2013-DUBLIN

on 10/29/2013

2 min read