Shares in Advanced Oncotherapy PLC (LON:AVO) went radioactive on Monday after one of its non-executive directors, a well-respected industry veteran, invested another £250,000 of his own money into the company.
AVO has issued 833,333 new shares to Dr Nick Plowman – who is the UK’s senior radiologist – at a price of 30p each; an almost 50% premium to Friday’s closing price of 21p.
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Cambridge-educated Plowman is a senior physician at both St Bartholomew’s Hospital and Great Ormond Street and has decades of experience in the clinical radiotherapy field.
He has been around the AVO setup for a little while now having taken up the position of chairman of the company’s medical advisory board in October 2013 before being appointed to the main board as a non-exec earlier this year.
During his four year relationship with the firm Plowman has built up a significant stake and, after today’s dealings, holds 3.47mln shares representing 4.58% of the issued share capital.
Today’s purchase is the latest in a series of director dealings, which has seen AVO board members pump thousands of pounds of their own money into the proton therapy cancer treatment specialist.
Shares gained 14% on Monday morning to trade at 23.9p.