Advanced Oncotherapy plans to raise £10m through direct subscription

Advanced Oncotherapy has announced plans to raise £10m through a direct subscription of 25 million shares.

The company, whose next generation proton beam therapy technology is due to go live in London’s Harley Street in 2020, said it had received firm commitments from new and existing investors, who will pay 40 pence per share – a premium of 11% on the closing share price of 19 December.

The fundraising is led by Paris-based DNCA Investments, an investment firm with £23.1bn assets under management, which is investing £4.8m. 

Once issued, the subscription shares will represent 12.8% of the enlarged issued share capital of the company.

The subscription is expected to be approved by shareholders at a general meeting scheduled for 21 January, after which they will be admitted for trading on AIM.