30th Sep 2019 18:53
(Alliance News) - Cancer therapy developer Advanced Oncotherapy PLC on Monday reported a slightly widened half-year loss and said the final tranche of a fundraising effort has been increased by GBP400,000 due to investor demand.
In the six months to June 30, the company's pretax loss widened to GBP11.6 million from GBP11.5 million, with administrative expenses and finance costs rising.
Expenses increased by 2.6% year-on-year to GBP11.3 million from GBP11.0 million and finance costs totalled GBP588,638, up sharply from GBP173,239.
During the period, Advanced Oncotherapy conducted comparative studies of its Linac Image Guided Hadron Technology proton therapy treatment, which found that it is more cost effective and had "improved medical outcomes" than other proton therapy treatments.
In July, post-period end, the firm had announced that structural building work at the Harley Street refurbishment project in London was completed. Advanced Oncotherapy said the site is now ready for the "fit-out phase" which will see it move its LIGHT system to the building.
Advanced Oncotherapy said that due to increased demand, it issued 7.4 million new shares in the final phase of an equity fundraise. The stock will be priced at 40.00 pence each. This increases the last tranche of the financing to GBP2.9 million from GBP2.5 million, taking the total money raised to GBP18.8 million.
Shares in the company closed 6.1% higher at 42.44p each in London on Monday.
Executive Chair Michael Sinclair said: "We are delighted with the progress we have made over the first six months of 2019, on the technological as well as on the financial fronts.
"We believe the we have the necessary technology to deliver a system which offers more affordable, adaptive and precise proton therapy treatment. The LIGHT system is designed to have clear advantages over current proton therapy technologies in terms both of cost and clinical effectiveness. The additional funding we have received has contributed to de-risking the business model and provides a better position to pursue longer-term financing options."
By Eric Cunha; [email protected]
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