22nd Jan 2021 11:52
Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - Raises GBP5.9 million before expenses through a placing and subscription for 14.8 million shares at a price of 40 pence per share. Notes the fundraise was through a direct subscription with Advanced Oncotherapy and the placing was with clients of stock broker SI Capital. Advanced Oncotherapy says the proceeds will contribute to progressing of its Light system assembly, documentation, verification and validation activities, so it can see its first Light system fully operational with a 230MeV beam in 2021.
"This transaction will bolster our working capital at a lower cost of capital than if we were to draw down further on our Nerano Pharma Ltd debt facility at this time. Despite the impact of the Covid-19 pandemic, we remain on track to deliver a Light system with a clinically relevant 230MeV beam in the second half of 2021, a key milestone in our ambition to democratise proton beam therapy as a treatment for cancer," says Chief Executive Nicolas Serandour.
Current stock price: 42.51 pence for 141.9 million market capitalisation
Year-to-date change: up 18%
By Zoe Wickens; [email protected]
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