26th Oct 2020 10:14
(Alliance News) - Advanced Oncotherapy PLC said Monday it intends to raise GBP7.7 million through a subscription, the proceeds of which will go towards strengthening the company's balance sheet and ensure its first LIGHT system is fully operational in 2021.
The London-based provider of proton therapy for cancer treatment said it will issue 25.7 million shares to clients of SI Capital and other investors at a price of 30 pence each.
The issue price reflects a 18% discount to the company closing price on Friday at 37p. The newly issued shares will represent 7.7% of its enlarged issued share capital.
Shares in Advanced Oncotherapy were 14% lower at 31.65 pence on Monday in London, giving it a market capitalisation of GBP97 million.
"We are pleased to announce this additional fundraising, which brings the total we have raised this year to GBP22.6 million, and we thank our new and existing shareholders for their support of the company. As we highlighted at our recent investor day, despite the delays caused by the Covid-19 pandemic we have made strong progress with construction in Daresbury and remain on track to have a fully operational LIGHT system with a 230MeV beam, which is required to treat patients, in 2021," said Chief Executive Officer Nicolas Serandour.
Following the issue, Advanced Oncotherapy will have 333.4 million shares issued overall.
By Dayo Laniyan; [email protected]
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