10th May 2019 11:08
LONDON (Alliance News) - Advanced Oncotherapy PLC said Friday it has raised over GBP12 million through the combination of a debt facility and share subscription in order to continue to develop its cancer therapy system.
Advanced Oncotherapy secured a GBP10.0 million two-year secured debt facility from Credit Suisse AG. The facility has already been fully drawn down.
A further GBP2.3 million was raised through a subscription by institutional investors to 5.9 million shares at 40 pence each. Once admitted to trading - expected next Tuesday - Advanced Oncotherapy will have 200.4 million shares outstanding.
Advanced Oncotherapy will use the funds to continue to make and install its first LIGHT system at Harley Street in London. This is taking place ahead of the verification and validation activities that will be carried out at the testing facility at the Science & Technology Facilities Council site in Daresbury in Cheshire of the UK government.
"The strengthening of our balance sheet during 2018 and early 2019 has placed us in a stronger position to secure additional non-dilutive funding at attractive financial terms," Advanced Oncotherapy Chief Executive Officer Nicolas Serandour said.
"We are very grateful for the support provided by equity and debt investors, all of which points to the huge opportunity our investors see for the introduction of our next-generation technology to the market," Serandour added.
"We are moving forward well with our plans to install the first working LIGHT system at the STFC facility at Daresbury, with the integration of additional accelerating modules to allow high energy testing and ultimately regulatory approval", Serandour concluded.
Shares in Advanced Oncotherapy were 3.5% higher at 44.00 pence on Friday.
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