Proton therapy specialist Advanced Oncotherapy has announced a £7.7 million equity fundraise through direct subscription.
The developer of proton therapy systems said it would use the funds to strengthen its balance sheet and help progress its “LIGHT” system so that it is fully operational with a “230MeV beam” by 2021.
The latest fundraise brings the total raised by the company in 2020 to £22.6 million.
The issue price represents a discount of 13% to the average closing middle market price of an ordinary share over the past 30-day period and the subscription shares will represent, in aggregate, approximately 7.7% of the company’s enlarged issued share capital.
Nicolas Serandour, chief executive of Advanced Oncotherapy, said: “We are pleased to announce this additional fundraising…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.”
Date published: October 26, 2020