Advanced Oncotherapy has raised £6mln through an issue of shares to Odey Asset Management, which is already a significant shareholder.
At 25p, the issue price is a premium of 12.4% to yesterday’s close with the proceeds to be used in further development of the LIGHT proton therapy cancer treatment including the building of its first machine.
Advanced Onco recently reported a LIGHT accelerator had achieved operations at 230 MeV, or full capacity, for the first time.
Following the subscription Odey will have an 11.7% stake not including warrants to subscribe for a further 24mln shares also at 25p (£6mln) exercisable until 2027 that were part of the latest fundraising.
In a statement, Nicolas Serandour, Advanced Oncotherapy’s chief executive, said: “Odey Asset Management is one of the company's largest shareholders and we believe this additional investment is a significant endorsement of our plans.
“Having achieved our first fully operational LIGHT accelerator, as announced on 27 September 2022, these proceeds will be used to progress the commissioning and regulatory process for our first LIGHT machine.”