Advanced Oncotherapy looks to collect £10m in DNCA-backed fundraiser

21st Dec 2018 10:40

(Sharecast News) - Cancer therapy developer Advanced Oncotherapy said it would issue 25m new ordinary shares at 40p each through direct subscription aimed at raising £10m.The AIM-listed firm has already received "firm commitments" from new and existing investors in the fundraiser, led by French investment firm DNCA which will pour a total of £4.8m into the business itself.Advanced Oncotherapy's placing price of 40p per ordinary shares represents a premium of 11% to its closing price on 19 December, while the shares themselves will represent 12.8% of the group's enlarged share capital.The group intends to use the proceeds for general working capital purposes as it continues the development and manufacturing of its first LIGHT system at Harley Street, as well as for software development and costs relating to its new testing and assembly site in Daresbury.As of 1040 GMT, Advanced Oncotherapy shares had picked up 1.69% to 36.10p.