2nd Aug 2018 13:37
LONDON (Alliance News) - Advanced Oncotherapy PLC said Thursday it has raised GBP6.4 million in gross proceeds via placing shares with new investors based in Switzerland and certain directors.
The company, which develops proton therapy systems for cancer treatment, has issued 13.1 million new shares at 49 pence per share. Shares in the company were trading 4.9% higher at 53.50 pence each, giving it a market capitalisation of GBP83 million.
Placing proceeds will be used by the company for general working capital purposes, for software development and costs relating to the new testing and assembly site being installed at the UK government's Science & Technology Facilities Council at Daresbury, England.
The funding will also be used for development extending beyond the key milestone of creating a beam capable of treating superficial tumours, which remains on track to be completed by the end of third quarter of 2018.
The company said non-executive Directors Nick Plowman, Henri Vanni, and Hans Van Celsing have agreed to subscribe in total for 540,204 shares.
Plowman subscribed for 306,122 shares and now owns 4.1 million company shares in total. Vanni bought 204,082 shares and owns 1.9 million shares in total. Celsing purchased 30,000, which is his entire shareholding.
Related Shares:
AVO.L