TIDMAVO
RNS Number : 5877Y
Advanced Oncotherapy PLC
10 May 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain
10 May 2019
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
GBP10m debt facility and GBP2.345m direct subscription
secured
Funding to support continued integration of final LIGHT system
modules
Advanced Oncotherapy (AIM: AVO), the developer of a next
generation proton therapy system for cancer treatment, announces
that it has secured additional financing for a total amount of
GBP12.345 million (the "New Funds") in the form of a two-year
secured debt facility with Credit Suisse AG ("Credit Suisse") for
GBP10 million (the "Loan") and a direct subscription raising a
total of GBP2.345 million (the "Subscription") from predominately
Swiss institutional investors.
The New Funds will support the continued manufacturing and
testing of the Company's first LIGHT system to be installed at
Harley Street (London, UK) ahead of verification and validation
activities that will be carried out at the Company's testing and
assembly site at the UK Government's Science and Technology
Facilities Council ("STFC") at Daresbury.
The Loan
The Loan has been fully drawn down immediately. The interest
rate payable on the Loan is 2 per cent. above LIBOR per annum and
the Loan is repayable in full in cash at the end of the 24-month
period. The Loan is otherwise subject to Credit Suisse's standard
terms and conditions.
The Loan is secured against an aggregated amount of GBP10.5
million, Nerano Pharma Ltd[1] ("Nerano Pharma") acting as Third
Party Pledgor having placed GBP10 million in a pledged account,
with the remaining GBP0.5 million placed in a pledged account by
the Company.
As part of the agreement, Nerano Pharma has been issued with
warrants to subscribe for 3,500,000 new ordinary shares in Advanced
Oncotherapy with an exercise price of 100p, exercisable up until 23
April 2024 as well as a legal charge over the lease agreement
between the Company and Howard de Walden Estates Ltd for the
141/143 Harley Street site.
The Subscription
Pursuant to the Subscription, the Company will issue 5,862,500
new ordinary shares of 25 pence each ("Ordinary Shares") in the
capital of the Company at a price of 40 pence per share
("Subscription Shares") being the price at which the equity
fundraise completed in January 2019 was conducted. The Subscription
Shares have been subscribed for by predominately Swiss
institutional investors. Completion of the Subscription is expected
to occur by 14 May 2019, with a long stop date of 20 May 2019.
Application will be made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM on or around
14 May 2019 ("Admission").
The Subscription Shares will, once issued, represent 2.9% of the
enlarged issued share capital of the Company and are being issued
utilising the Company's existing share authorities.
Total voting rights
Following Admission, the Company's enlarged issued share capital
will comprise 200,428,592 Ordinary Shares, with voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore,
the total number of Ordinary Shares in the Company with voting
rights will be 200,428,592. This figure may be used by shareholders
in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change in their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
[1]Nerano Pharma Ltd is a company owned and controlled by Seamus
Mulligan, a significant shareholder in the Company
Nicolas Serandour, CEO of Advanced Oncotherapy, said:
"The strengthening of our balance sheet during 2018 and early
2019 has placed us in a stronger position to secure additional
non-dilutive funding at attractive financial terms.
"We are very grateful for the support provided by equity and
debt investors, all of which points to the huge opportunity our
investors see for the introduction of our next-generation
technology to the market. We are also grateful for the Loan
provided by Credit Suisse.
"We are moving forward well with our plans to install the first
working LIGHT system at the STFC facility at Daresbury, with the
integration of additional accelerating modules to allow high energy
testing and ultimately regulatory approval."
For further information, please contact:
Advanced Oncotherapy Plc www.avoplc.com
Dr. Michael Sinclair, Executive Tel: +44 (0)20 3617 8728
Chairman
Nicolas Serandour, CEO
Allenby Capital Limited (Nominated Adviser Tel: +44 (0)20 3328 5656
& Joint Broker)
Nick Athanas / Liz Kirchner / Nicholas Chambers
Stifel Nicolaus Europe (Joint Broker) Tel: +44 20 7710 7600
Jonathan Senior
Walbrook PR (Financial PR & IR) Tel: +44 (0)20 7933 8780 or avo@walbrookpr.com
Paul McManus / Anna Dunphy Mob: +44 (0)7980 541 893 / Mob: +44
(0)7876 741 001
About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy is a provider of particle therapy in the
treatment of cancer, which harnesses the very best in modern
technology. Advanced Oncotherapy's R&D team, ADAM, in Geneva,
focuses on the development of a proprietary proton accelerator -
LIGHT (Linac Image Guided Hadron Technology). LIGHT accelerates
protons to the energy levels achieved in legacy machines but in a
compact and truly modular unit, offering significant cost
advantages. LIGHT also delivers proton beams in a way that
facilitates greater precision and electronic control, which are not
achievable with currently available alternative technologies.
Advanced Oncotherapy will offer healthcare providers affordable
systems that will enable them to treat cancer with an innovative
technology, offering better health outcomes and lower treatment
related side effects.
Advanced Oncotherapy continually monitors the market for any
emerging improvements in delivering proton or particle therapy and
actively seeks working relationships with providers of these
innovative technologies. Through these relationships, the Company
will remain the prime provider of cutting edge, cost-effective
systems for particle therapy.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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