Advanced Oncotherapy PLC - London-based provider of proton therapy for cancer treatment - Updates on financing discussions and current financial position. Signs non-binding term sheet with a third-party investor. Investor is expected to provide funding of up to USD80 million to meet the company's cashflow requirements through to the European certification of the LIGHT System. Notes the treatment of first patients with LIGHT is now targeted for 2024 with certification of the LIGHT System to follow thereafter. Anticipates the financing to be a mixture of equity and debt financing.
Company also says talks on bridge financing are ongoing and has raised GBP200,000 via a short-term four-month unsecured loan agreement with a new investor, and raised GBP150,000 from an existing investor under its secured convertible loan note agreement.
Current stock price: suspended at 1.75 pence
12-month change: down sharply from 1,925p
By Jeremy Cutler, Alliance News reporter
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Advanced Oncotherapy (AVO)