Advanced Oncotherapy Regulatory News (AVO)

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. MARKET SOUNDINGS WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS PREVIOUSLY BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND ALL SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

22 January 2021

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

Equity fundraise of c.£5.9m

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, is pleased to announce an equity fundraise of £5,913,416 before expenses. The fundraise has been effected through a direct subscription with the Company and a placing with certain clients of SI Capital (the "Fundraise") for a total of 14,783,540 new ordinary shares (the "Fundraise Shares") at a price of 40 pence per ordinary share (the "Issue Price").

The Fundraise will contribute to progressing the LIGHT system assembly, documentation, verification and validation activities in order to achieve Advanced Oncotherapy's aim of having its first LIGHT system fully operational with a 230MeV beam in 2021.

The Issue Price represents a discount of 2.1 per cent. to the average closing middle market price of an Ordinary Share over the past 30-day period. The Fundraise Shares will represent, in aggregate, approximately 4.2 per cent of the Company's share capital as enlarged by the issue of the Fundraise Shares. The Fundraise Shares will be fully paid and rank pari passu in all respects with the Company's existing Ordinary Shares.

In addition, a total of 17,500 new ordinary shares (the "Adviser Fee Shares") will be issued as non-cash consideration at the Issue Price in lieu of fees due to a financial adviser in connection with the Subscription. The Fundraise Shares and Adviser Fee Shares are being issued under the Company's existing share authorities.

Application will be made for 11,517,915 of the Fundraise Shares and all of the Adviser Fee Shares to be admitted to trading on AIM and it is expected that admission will take place on or around 29 January 2021 ("First Admission"). Application will be made for the remaining 3,265,625 Fundraise Shares to be admitted to trading on AIM and it is expected that admission will take place on or around 5 February 2021 ("Second Admission").

Upon First Admission, the Company's enlarged issued share capital will comprise 345,274,989 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 345,274,989. Upon second Admission, the Company's enlarged issued share capital will comprise 348,540,614 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 348,540,614. The aforementioned figures may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Nicolas Serandour, CEO of Advanced Oncotherapy, commented:

"We are pleased to announce this equity raise of £5.9m as we strive to ensure that our first commercial LIGHT system is fully operational during 2021. This transaction will bolster our working capital at a lower cost of capital than if we were to draw down further on our Nerano Pharma debt facility at this time. Despite the impact of the COVID-19 pandemic, we remain on track to deliver a LIGHT system with a clinically relevant 230MeV beam in the second half of 2021, a key milestone in our ambition to democratise proton beam therapy as a treatment for cancer."

- ENDS -

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM," based in Geneva, focuses on the development of a proprietary proton accelerator called, Linac Image Guided Hadron Technology (LIGHT). LIGHT's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with innovative technology as well as expected lower treatment-related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

Information to Distributors

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the Product Governance Requirements) may otherwise have with respect thereto, the Fundraise Shares have been subject to a product approval process, which has determined that the Fundraise Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, investors should note that: the price of the Fundraise Shares may decline and investors could lose all or part of their investment; Fundraise Shares offer no guaranteed income and no capital protection; and an investment in the Fundraise Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Fundraise. Furthermore, it is noted that, notwithstanding the Target Market Assessment, only investors who have met the criteria of professional clients and eligible counterparties have been procured. For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Fundraise Shares.