Last checked at 10 Jul 2013 07:00
ADVANCED ONCOTHERAPY Plc
("Advanced Oncotherapy" or "the Company")
Issue of Equity
Advanced Oncotherapy (AIM: AVO) announces that it has conditionally placed 16,666,667 new ordinary shares (the "New Ordinary Shares") of the Company at a subscription price of 3 pence per New Ordinary Share to raise £0.5 million before expenses. The subscription price represents an 85% premium to the closing mid-market share price on 9 July 2013. The shares have been placed with two investors, one in Switzerland and one in the United Kingdom, and the money will be used to pay down debt.
Application has been made for the New Ordinary Shares to be admitted to trading on AIM and it is expected that trading will commence on or about 15 July 2013. The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of the Company.
On admission, the Company will have 401,077,035 ordinary shares in issue.
Advanced Oncotherapy's Chief Operating Officer, Dr Sneh Khemka, said of the placing: "This further investment in the Company, at a premium to the market price, is further testament to investors' confidence in our products and strategy. By paying down debt with the proceeds, we are increasing further the financial stability of the Group".
For further information, please visit www.advancedoncotherapy.com or contact:
Michael Sinclair, Chief Executive | Sandy Jamieson | Jon Levinson/Lucy Williams | Simon Hudson |
Advanced Oncotherapy Plc | Libertas Capital Corporate Finance Ltd | Peterhouse Corporate Finance | Tavistock Communications |
(NOMAD & Joint Broker) | (Joint Broker) | (Financial PR & IR) | |
+44 20 3617 8739 | +44 20 3697 9495 | +44 20 7469 0930 | +44 20 7920 3150 |
About Advanced Oncotherapy Plc
1. AVO is a provider of radiotherapy services that harnesses the best in modern technology. As a result, we offer cancer patients affordable access to innovative treatments with proven better health outcomes.
2. AVO's acquisition of ADAM, a company spin off from CERN (The Large Hadron Collider), focuses on the development of a proprietary radiation technology called LIGHT. This technology offers patients and providers the benefits of proton beam therapy at significantly reduced capital and running costs.
3. AVO's subsidiary company, Oncotherapy Resources Ltd, offers an exclusive mobile service for intraoperative radiotherapy (SD-IORT). This form of radiotherapy is used in a variety of cancers, notably breast cancer, and offers a convenient, safe and effective alternative for the patient. It is currently available in the UK from Spire Healthcare and BMI Healthcare Hospitals.
4. Through its shareholding in Advanced Proton Solutions (APS), AVO is involved in the development of the first comprehensive proton beam therapy centre in London to treat both NHS and private patients. This is the first of its kind in the UK, and will offer treatment options to UK cancer patients that have rarely been available in the past.
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