Update on Secured Convertible Note Facility
20 March 2023
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy", "AVO" or the "Company")
Update on Secured Convertible Note Facility
Further to the Company's announcement on 1 March 2023, Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton therapy system for cancer treatment, announces that it has received the balance of funds, approximately £1.15 million, due under the secured convertible loan agreements entered into by the Company with investors and directors.
The balance of funds which have been received by the Company includes £500,000 that was due to be received from Michael Sinclair (Executive Chairman) by mid-March 2023.
As at the date of this announcement total funds of £4.975 million have been received from investors under the secured convertible loan note.
As announced on 1 March 2023, the Company is taking steps to raise additional financing including through raising further funds pursuant to the secured convertible loan facility.
Further updates will be provided as appropriate.
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Advanced Oncotherapy plc |
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Dr. Michael Sinclair, Executive Chairman |
Tel: +44 (0) 20 3617 8728 |
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Nicolas Serandour, CEO |
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Allenby Capital Limited (Nomad and Joint Broker) |
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Nick Athanas / Piers Shimwell (Corporate Finance) Amrit Nahal / Matt Butlin (Sales & Corporate Broking) |
Tel: +44 (0) 20 3328 5656 |
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SI Capital Ltd (Joint Broker) |
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Nick Emerson |
Tel: +44 (0) 1483 413 500 |
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Jon Levinson |
Tel: +44 (0) 20 3871 4066 |
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About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM," based in Geneva, focuses on the development of a proprietary proton accelerator called, Linac Image Guided Hadron Technology (LIGHT). LIGHT's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.
Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with innovative technology as well as expected lower treatment-related side effects.
Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.
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