Advanced Oncotherapy PLC (LSE:AVO, OTC:AONCF) has raised £2mln for its LIGHT proton therapy system for cancer treatment from Odey Asset Management, which has subscribed for 8mln shares at 25p or a 6% premium to the market price.
Advanced added that it has also received £1.5mln through a loan from Nerano Pharma, which is controlled by Seamus Milligan who is a significant shareholder in the company.
The loan is repayable on 24 June 2022 and comes with warrants exercisable at 28.2p.
Advanced Onco said the money would be used to help meet its schedule of summer 2022 for having a fully operational LIGHT system.
Shares rose 4.3% to 24.5p.