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Advanced Oncotherapy Mulling Equity Issue To Help Fund Development

Mon, 20th Apr 2015 06:45

LONDON (Alliance News) - Advanced Oncotherapy PLC Monday said it didn't know why its shares rose sharply last week, but said it is currently mulling an equity issue to help fund the completion of its first proton therapy machine and to accelerate the development of further machines in its pipeline.

Its first proton therapy LIGHT machine is due to be fully assembled and tested by the end of 2016.

Advanced Oncotherapy rose 13% on Friday, building on the gains made Thursday. It closed at 16.10 pence a share, having started the week at about 10p a share.

In a statement the company said it "confirms that it is not aware of any fundamental reasons for this and that there has not been any change in the company's activities since the last update on 2 April 2015. However, the company is currently considering an equity issue to complete its first proton therapy LIGHT machine which is due to be fully assembled and tested by the end of 2016 and to accelerate the development of further machines in its pipeline."

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1