17th Apr 2014 10:09
LONDON (Alliance News) - Cancer treatment developer Advanced Oncotherapy PLC Thursday said it has raised about GBP6 million in a placing and subscription of 222.2 million shares at 2.7 pence each, money it will use to develop its LIGHT system for cancer treatment.
It is hoping that the system, which was developed at CERN in Switzerland, will be developed by the end of next year, and the funds raised will help it convert existing letters of intent into contracts. The letters of intent would be worth GBP170 million if converted into orders, it said.
"Subject to completing the installation of a LIGHT system in one of the sites for which the company is currently in discussions, it expects to commence treating patients during 2016," it said in a statement.
The company says its LIGHT, or Linac Image Guided Hadron Technology, system, will make proton cancer treatment more affordable for more people because the technology is smaller and cheaper than current proton treatment machines.
Advanced Oncotherapy placed the shares with institutional investors, while existing investors, as well as directors, subscribed for shares. The existing holders include Indian hospital company Kanoria and Alberto Colussi, who has converted a GBP800,000 loan into shares.
Its shares were down 4.8% at 2.76 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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