Further re funding for first LIGHT system

RNS Number : 0490O

Advanced Oncotherapy PLC

30 September 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").  With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

Further re funding for first LIGHT system

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, is pleased to provide an update to its announcement of 7 August 2019 regarding funding for progressing verification and validation activity in order to obtain regulatory approval of its first LIGHT system.

The Company is pleased to announce that, due to additional investor demand, the final tranche of the equity fundraise announced on 7 August 2019 has been increased from £2.5 million to approximately £2.9 million. This will result in the issue of 7,364,162 new ordinary shares of 25 pence each ("New Ordinary Shares") at a price of 40 pence per share (the "Issue Price"). 72,912 of these New Ordinary Shares are being issued to a financial adviser in lieu of fees in relation to the fundraising.

Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place on or around 7 October 2019.

Total Voting Rights

Upon Admission, the Company's enlarged issued share capital will comprise 237,592,656 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 237,592,656. The aforementioned figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

Advanced Oncotherapy Plc			www.avoplc.com
Dr. Michael Sinclair, Executive Chairman			Tel: [phone]
Nicolas Serandour, CEO
Allenby Capital Limited (Nominated Adviser & Joint Broker)
Nick Athanas / Liz Kirchner / Nicholas Chambers				Tel: [phone]
Stifel Nicolaus Europe (Joint Broker)
Jonathan Senior			Tel: [phone]
Walbrook PR (Financial PR & IR)		Tel: [phone] or [e-mail]
Paul McManus / Anna Dunphy	Mob: [phone] / Mob: [phone]

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy in the treatment of cancer, which harnesses the very best in modern technology. Advanced Oncotherapy's R&D team, ADAM, in Geneva, focuses on the development of a proprietary proton accelerator - LIGHT (Linac Image Guided Hadron Technology). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a compact and truly modular unit, offering significant cost advantages. LIGHT also delivers proton beams in a way that facilitates greater precision and electronic control, which are not achievable with currently available alternative technologies.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology, offering better health outcomes and lower treatment related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton or particle therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of cutting edge, cost-effective systems for particle therapy.

 

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