Advanced Oncotherapy, the developer of a next generation proton therapy system for cancer treatment, has secured additional financing of £12.3m.
The money will support the continued manufacturing and testing of the company’s first LIGHT system to be installed at Harley Street, London.
The funding was secured in the form of a two-year debt facility with investment bank and financial services company Credit Suisse AG for £10m (the loan). A further £2.3m was raised as a direct subscription from Swiss institutional investors.
Nicolas Serandour, Advanced Oncotherapy chief executive officer, said: ‘The strengthening of our balance sheet during 2018 and early 2019 has placed us in a stronger position to secure additional non-dilutive funding at attractive financial terms.
‘We are very grateful for the support provided by equity and debt investors, all of which points to the huge opportunity our investors see for the introduction of our next-generation technology to the market. We are also grateful for the loan provided by Credit Suisse.
‘We are moving forward well with our plans to install the first working LIGHT system at the Science and Technology Facilities Council facility at Daresbury, with the integration of additional accelerating modules to allow high energy testing and ultimately regulatory approval.’
The loan has been secured against an aggregate amount of £10.5m by third-party pledgor Nerano Pharma Ltd, which has been issued with warrants to subscribe for 3,500,000 new ordinary shares in Advanced Oncotherapy with an exercise price of 100p, up until 23 April 2024.
Nerano Pharma is a company owned and controlled by Seamus Mulligan, a significant shareholder in the Advanced Oncotherapy.