Advanced Oncotherapy has secured an additional c.£18.4m in funding through a new equity issue and loan facility.
The company said the funds would be used to progress the on-site verification and validation needed for regulatory approval of its next generation proton beam therapy LIGHT system, which is due to go live at its Harley Street site in 2020.
The bulk of the funding will come from the issue of 36,047,502 new ordinary shares at 40 pence per share, raising around £14.4m. In addition, the company has entered into a loan facility agreement with Nerano Pharma Limited for £4m.
Total funds raised by the company since September now stand at £27m in equity and £14m in loans. In July, it announced that construction of its flagship centre in Harley Street had moved to fit out stage and that good progress had been made in the technological development of its LIGHT system.
CEO Nicolas Serandour said: ‘With most hardware components already manufactured and in the process of being delivered at our integration site, I am delighted that we have been able to complete this significant fund raising, which will allow us to focus our resources on progressing the verification and validation needed to ensure first patient treatment by the end of 2020.
‘We appreciate the support of existing shareholders as well as new investors. The trust we receive from our investors reinforces our commitment to our long-term strategy of making our unique proton therapy technology available to patients around the world.’