Advanced Oncotherapy in £24 million investment agreement

26th May 2016 13:35

(ShareCast News) - Advanced Oncotherapy has signed a £24m investment agreement with a fund advised by Metric Capital Partners LLP, pushing its shares up more than 7%.Metric Capital will invest the money in a financing facility to support Advanced Oncotherapy's provision of vendor financing for the installation of its first LIGHT machine at its London Proton Therapy Centre in Harley Street.Advanced Oncotherapy is a developer of next-generation proton therapy systems for cancer treatment.Of the £24m, £11m would be received shortly following signing, and the second tranche of £13m would be available for draw-down on completion of a £25m cash or capital injection to fund the development of a manufacturing base.Should these milestones not be achieved by end-March 2017, the initial £11m tranche would become repayable by September 2017.