By Sabela Ojea
Advanced Oncotherapy PLC said Wednesday that it is aiming to raise 37.4 million pounds ($51.8 million) via the issue of 93.5 million new subscription ordinary shares at a premium price to strengthen its balance sheet.
The developer of therapy systems for cancer treatment said each share has been issued at a price of 40 pence a share, which represents a 17% premium to the average closing middle market price of its ordinary shares over the past month and a 13% premium to the company's closing price as of Tuesday.
The London-listed company said an additional 6.5 million new shares with an aggregate value of GBP2.6 million have also been issued, comprising the supplier fee shares, director fee shares, bonus shares, and the adviser fee shares.
"The company intends to use the net proceeds of the subscription to progress the assembly, documentation, verification and validation activities whilst also purchasing the remaining components of the first Light system including payments due to Cosylab for its services provided under the development agreement," it said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
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