A total of £14.4mln has come via investors, who paid 40p a share for new stock, which was at a premium to last night’s close. It has also agreed a loan facility with Nerano Pharma.
An update last month revealed the company was making good progress with hardware elements for its LIGHT System and is on track to treat its first cancer patient next year.
"With most hardware components already manufactured and in the process of being delivered at our integration site, I am delighted that we have been able to complete this significant fund raising, which will allow us to focus our resources on progressing the verification and validation needed to ensure first patient treatment by the end of 2020,” said chief executive Nicolas Serandour.
AVO’s LIGHT technology is based on work by ADAM, which AVO bought in 2013 from CERN – the world’s largest particle physics lab that built the Hadron collider.
The major plus point of proton therapy for cancer is that it can pinpoint tumours more precisely than traditional radiation treatment, which means less damage to surrounding healthy tissues.
Proton therapy facilities have traditionally been pricey and large, requiring a space the size of a football pitch to run.
But AVO thinks it has solved that problem, and LIGHT is being built to fit in the basement of the Harley Street townhouse.
Work is currently being carried out on the hardware at the firm’s other site at Daresbury in Cheshire.
So, component parts such as side-coupled drift tube linacs and coupled-cavity linacs are due for delivery there between now and the early fourth-quarter. Linacs are linear accelerators, which force particles to travel in straight lines.
At the same time, the treatment room is being prepared to receive the proton beam kit, while advanced software is being developed that will ensure the optimal performance of the technology.