Advanced Oncotherapy PLC (AIM:AVO), the developer of next-generation proton therapy systems for cancer treatment, announced a prospective recapitalisation and funding plan to raise up to £110mln comprising a debt-to-equity conversion, secured loan and equity fundraising.
Though this prospective capitalisation plan is subject to certain conditions being met, the company said its board is “hopeful” of a satisfactory outcome.
Full details of the prospective plan outline an equity fundraising of up to £73.5mln, a debt-to-equity swap of up to £37..4mln, and financing provided by Nerano Pharma.
Advanced Oncotherapy’s AIM-listed shares have been suspended since 30 June, when the group announced that its £8mln funding was no longer available, putting the group in a “highly constrained financial position”.
In light of the financial position of the company, Advanced Oncotherapy's annual report and accounts for the year ended 31 December 2022 are not capable of being published at the current time.
Various elements of the prospective recapitalisation plan are subject to shareholder approval per Rule 21 of the Takeover Code.
Advanced Oncotherapy’s shares remain suspended from trading on AIM.