Advanced Oncotherapy PLC (AIM:AVO), the developer of the next-generation proton therapy system for cancer treatment, has raised £1.37mln from existing investors under its secured convertible note agreement.
This brings the total funds raised under the agreement to £6.345mln.
The additional funding will provide the company with a cash runway out to the end of May while it continues to raise further financing.
Directors, including chairman Dr Mike Sinclair, have invested more of their money into the business via the convertible.
Sinclair said: "Previously achieving a world first in accelerating protons in a linear manner to reach clinical energy levels validated the talent, dedication and skill of our team.
"That this has not been reflected in the market value of our company speaks volumes about the market for early-stage medtech stocks in our current jurisdiction. Your board is determined to address this challenging paradox."