Advanced Oncotherapy PLC (LON:AVO) hopes to raise up to £4mln in an open offer of shares at £1 each - a modest discount to Thursday’s closing price.
The fundraise is part of a larger financing plan “supported by banks and strategic partners” and helps the company tap into a £24mln facility provided by the private equity group Metric Capital.
The cash will be used to bankroll the manufacture and installation of Advanced Oncotherapy’s ground-breaking LIGHT proton therapy machine at a centre in Harley Street, bringing the cutting edge cancer treatment to London.
LIGHT, which stands for Linac Image Guided Hadron Technology, is cheaper and smaller than the current units, which are almost prohibitively expensive.
The LIGHT system has the ability to propel protons at the speeds generated by much larger machines.
The proton accelerator used by Advanced Oncotherapy was licensed from CERN, the European Organisation for Nuclear Research, which is currently hunting the "God particle".