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.