21st Aug 2020 10:41
(Alliance News) - Advanced Oncotherapy PLC on Friday said it has drawn down the first USD10 million of its debt facility with Nerano Pharma Ltd.
This is part of a financing agreement announced in Jun,e giving Advanced Oncotherapy access to further funding for its LIGHT proton therapy system, a treatment for cancer. The agreement involves an interest-bearing secured convertible facility with Nerano Pharma Ltd - a financing vehicle owned by Seamus Mulligan - for up to USD30 million.
In relation to this first draw down, London-headquartered Advanced Oncotherapy paid a commitment fee of USD600,000 to Nerano Pharma. The USD10 million will help further the development of LIGHT.
Previously announced funding agreements for LIGHT also include a EUR20.0 million unsecured debt facility agreement with existing supplier VDL ETG Precision BV, a subsidiary of VDL Groep BV.
Shares in Advanced Oncotherapy were down 1.5% at 32.00 pence each in London on Friday morning.
By Anna Farley; [email protected]
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