Advanced Oncotherapy PLC (LON:AVO)

Advanced Oncotherapy PLC (LON:AVO)


Share Price
38.50 p
Change
0 (0.00 %)
Market Cap
£77.17 m
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Advanced Oncotherapy PLC RNS Release

Proposed Direct Subscription to raise £10.0m


RNS Number : 2008L
Advanced Oncotherapy PLC
21 December 2018
 

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

 

Proposed Direct Subscription to raise £10.0 million

 

 

Advanced Oncotherapy (AIM: AVO), the developer of a next-generation proton therapy system for cancer treatment, announces that it intends to issue 25,000,000 new ordinary shares of 25 pence each ("Subscription Shares") in the capital of the Company at a price of 40 pence per share (the "Price") through a direct subscription (the "Subscription") raising £10.0 million for which it has received firm commitments from new and existing investors. The Subscription is conditional upon the passing of certain resolutions, in order to allow the directors to issue the Subscription Shares, for which Shareholder approval will be sought at a general meeting of the Company scheduled on 21 January 2019. A circular containing the notice of the general meeting will be posted to shareholders by Monday 24 December.

 

It is expected that application will be made for the Subscription Shares to be admitted to trading on AIM after the General Meeting.

 

The Price represents a premium of 11% to the closing share price on 19 December 2018. The Subscription Shares will, once issued, represent 12.8% of the enlarged issued share capital of the Company.

 

This fundraising is led by Paris-based DNCA Investments which is investing £4.8 million. With £23.1 billion assets under management[1], DNCA Investments specializes in a conviction-driven investment approach.

 

Following the successful achievement of its key milestone of firing a beam capable of treating superficial tumours, the Company intends to use the proceeds of the Subscription for general working capital purposes as the Company continues the development and manufacturing of its first LIGHT system to be installed at Harley Street (London, UK), as well as for software development and costs relating to the new testing and assembly site being set up at the UK Government's Science and Technology Facilities Council in Daresbury.

 

 

 

Advanced Oncotherapy Plc

www.avoplc.com

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO

 

 

 

Stockdale Securities (Nomad & Joint Broker)

 

Antonio Bossi / Edward Thomas

Tel: +44 20 7601 6100

 

 

Stifel Nicolaus Europe (Joint Broker)

 

Jonathan Senior / Ben Maddison

Tel: +44 20 7710 7600

 

 

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or [email protected]

Anna Dunphy

Mob: +44 7876 741 001

 

 

About Advanced Oncotherapy Plc www.avoplc.com

 

Advanced Oncotherapy is a provider of particle therapy in the treatment of cancer, which harnesses the very best in modern technology. Advanced Oncotherapy's R&D team, ADAM, in Geneva, focuses on the development of a proprietary proton accelerator - LIGHT (Linac Image Guided Hadron Technology). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a compact and truly modular unit, offering significant cost advantages. LIGHT also delivers proton beams in a way that facilitates greater precision and electronic control, which are not achievable with currently available alternative technologies.

 

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology, offering better health outcomes and lower treatment related side effects.

 

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton or particle therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of cutting edge, cost-effective systems for particle therapy.

 

 

[1] As of 30 September 2018 ; assets under management ("AUM) may include notional assets, assets serviced, gross assets and other types of non-regulatory AUM.


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