Advanced Oncotherapy PLC (AIM:AVO), the developer of the next generation of proton therapy for cancer, said it is considering the sale of the business to a Nasdaq-listed ‘corporate vehicle’ as part of a strategic review of the business.
It is one of the funding options being considered to complete its first LIGHT system and begin treating patients later this year.
AVO said it has begun a formal sale process, appointing WH Ireland as its financial adviser.
“The board intends to review potential partners with the technical expertise, strategic mindset and financial backing to help Advanced Oncotherapy accomplish its near-term operational objectives and enable the company to continue to prosper in the long-term whilst maximising value for all stakeholders,” the company said in a stock exchange statement.
Currently, there are no discussions ongoing, and neither has there been an approach from a potential bidder.
In the update, investors were reminded the company raised almost £5mln last month through a secured convertible loan note. AVO added that it is in discussions to raise additional financing.