9th Jan 2024 14:06
Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - Continues to work on its recapitalisation plan with an unnamed third party investor. Says discussions are at an advanced stage but has not entered into any binding agreements with the investor, nor received any funds. This comes after it signed a non-binding term sheet with the investor in October. The investor is expected to provide funding of up to USD80 million to meet the company's cashflow requirements through to the European certification of the LIGHT System. Notes the treatment of first patients with LIGHT is now targeted for 2024 with certification of the LIGHT System to follow thereafter. Anticipates the financing to be a mixture of equity and debt financing. The firm currently owes GBP28 million to trade and other unsecured creditors and GBP41 million of financial debt.
Current stock price: suspended at 1.75 pence
12-month change: down sharply from 1,300.00p
By Sabrina Penty, Alliance News reporter
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