12th Mar 2015 09:31
LONDON (Alliance News) - Biotechnology firm Advanced Oncotherapy PLC said Thursday it has agreed to a GBP2 million unsecured loan from Non-Executive Director Michael Bradfield, through his investment vehicle Fairford Capital Ltd, to help it fund the production of its first LIGHT machine.
The LIGHT machine is a proton therapy system for the treatment of cancer, based around technology the company acquired in 2013 with ADAM, a spin-off company from the European Organization for Nuclear Research, known as CERN, in Geneva.
The loan has a term of five months and an interest rate of 1.25% per month for the initial period. Advanced Oncotherapy said the loan will help it maintain the pace of production of the first machine as part of a longer-term financing strategy to develop a pipeline of potential opportunities.
"We are very pleased to have secured this loan from Fairford Capital. Michael has recently purchased shares and, through this transaction, he is providing additional support to the company as we continue to work towards delivering our key milestones on time," said Chief Financial Officer Nicolas Serandour in a statement.
Shares in Advanced Oncotherapy are trading down 1.1% at 4.55 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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