Multi-millionaire hedge fund manager Crispin Odey’s investment company has backed a £6mln fundraiser by Advanced Oncotherapy PLC (AIM:AVO).
Odey Asset Management stumped up £4.5mln as it and other supporters of the group subscribed for new shares at a 19% premium to Monday’s close.
The equity comes with a warrant attached exercisable above 25p a share.
The cash injection will help get the AVO’s next-generation proton beam therapy system up and running.
Its LIGHT technology is far smaller but as effective as the current proton treatments for cancer.
Its first commercial base will be on Harley Street, the heart of London’s medical district.
Backing from Odey will be seen as a significant third-party validation for AVO and its strategy.
Odey is one of the City’s best-known and most outspoken hedge fund managers with a penchant for courting controversy.
Respected for his considerable investment nous, he is a Marmite figure in the Square Mike who made tens of millions during the carnage of the financial crisis and Brexit.