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Advanced Oncotherapy raises £10mln at a premium

The fundraising is led by Paris-based DNCA Investments which is investing £4.8mln; small change for a company with more than £23bn assets under management

harley street
The new shares will represent 12.8% of the enlarged share capital of the company

Advanced Oncotherapy PLC (LON:AVO) is raising £10.0mln as it presses ahead with the building of its next-generation LIGHT proton therapy system on Harley Street.

Investors taking part in the fundraising, including Paris-based DNCA Investments, are paying 40p a share – an 11% premium to Thursday’s closing price.

READ: AVO improves performance of LIGHT system

As well as funding the continued development of the first LIGHT system, the money will also pay for software development and costs relating to the new testing and assembly site being set up at a science park in Cheshire.

In its last stock exchange announcement in October, AVO announced it had doubled the power of the proton beam in the LIGHT system.

Quick facts: Advanced Oncotherapy PLC

Price: 27 GBX

LSE:AVO
Market: LSE
Market Cap: £82.72 m
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