1st May 2015 08:06
LONDON (Alliance News) - Advanced Oncotherapy PLC said Friday it has raised GBP20 million in a share placing of 262.5 million new shares at 8 pence each, which it will use to support the installation of its first LIGHT cancer treatment system in London.
Shares in Advanced Oncotherapy are trading down 7.8% at 8.41 pence Friday morning.
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 first unit is expected to be installed in Harley Street, London, by the end of 2016 with the first patient treatments expected in 2017.
GBP7 million of the funds raised will be used to support the development of the first machine, GBP7 million for working capital, GBP3 million to fund support systems for the first machine, and GBP3 million to fund the patient-facing systems of the machine.
The company has secured seven letters of intent with a value of over GBP200 million in the public and private sectors in the UK and US, with companies including BMI Healthcare Ltd and Spire Healthcare Group PLC, to deliver the system.
"The raising of these funds now allows us as a management team to focus solely on delivering this ground breaking technology to the UK to this timeline, and we believe our success in doing so will generate significant value for shareholders," said Chief Executive Officer Sanjeev Pandya in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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