Advanced Oncotherapy ups size of open offer as investors snap up shares

Advanced Oncotherapy PLC (LON:AVO) has bumped up the size of an open offer by 16% as investors clamoured for shares in the proton beam therapy specialist.

Issued at 40p per share, the amount raised through the offer went up £2.9mln from £2.5mln and follows £18.4mln Advanced Oncotherapy raised in July through debt and a share subscription to fund its new LIGHT cancer treatment system.

The company confirmed it expects to have everything on-site at its new Harley Street centre by the end of the year.

Most of the key parts of Advanced Onco’s LIGHT system for Harley Street have been manufactured, with attention now turning towards verification and validation as part of the regulatory process.

The company added it has been able to install its system without significant building alterations due to its modular design and relatively low weight.

Proton therapy is an extremely form of radiotherapy that avoids the damage to surrounding tissue caused by traditional treatments.

 Nicolas Serandour, chief executive, said: “Focusing on the high energy testing of the LIGHT proton therapy system in compliance with the highest standards for safety and product performance will allow us to secure the approval of the medical device file and to make LIGHT available for first patient treatment.” 

Serandour predicts 9,000 additional treatment rooms will be needed by 2040 to meet the demand for proton therapy with the market rapidly approaching an inflection point.

Losses in the half-year to June were £11.2mln (£11.5mln).

Shares rose 6% to 42.5p.

Story by ProactiveInvestors