Bryan, Garnier & Co announces the successful follow-on offering of £20m for Advanced Oncotherapy plc
Share the transaction
London, May 18th, 2015 – Bryan, Garnier & Co, the pan-European investment bank for growth companies, announces the successful follow-on offering of £20 million for Advanced Oncotherapy plc, the developer of next-generation proton therapy systems for cancer treatment. Bryan, Garnier & Co acted alongside Westhouse Securities.
Advanced Oncotherapy (AIM: AVO), has raised approximately £20 million net of expenses, to continue the development of its LIGHT system for cancer treatment, with the first unit expected to be installed in Harley Street, London, by the end of 2016 and first patient treatments expected in 2017.
The LIGHT (Linac for Image Guided Hadron Therapy) system is being developed by Advanced Oncotherapy and ADAM (a spin off from CERN acquired in 2013): the Company is focused on delivering a new generation unit which will accelerate protons to the energy levels achieved in legacy machines but in a unit that has a lower cost and is more compact. The compact configuration of the LIGHT system allows it to deliver proton beams in a way that facilitates a greater precision and electronic control which is not achievable with older technologies.
The company has placed 262,500,000 new ordinary shares to existing and new institutional investors, of 1 penny each (the “New Shares”) at 8 pence per New Share to raise £20 million net of expenses. This follow-on offering was oversubscribed and follows the first commercial sales contract signed with Sinophi in March, 2015 for China LIGHT installation for $40 million.
The net proceeds will be used by Advanced Oncotherapy to:
- support the development of a complete LIGHT accelerator and complete its first installation of a LIGHT machine at its Harley Street site in London;
- fund Company working capital;
- fund support systems for the first LIGHT machine;
- fund patient facing systems of the machine.
Sanjeev Pandya, CEO of Advanced Oncotherapy, said: “I am delighted that we have received such support from both our existing shareholders and a larger institutional following as part of this fundraising. We are now well funded to ensure the successful delivery of our first LIGHT system which we expect to install in our prime UK location of Harley Street. We are on target to install our next-generation proton therapy system in the heart of London by the end of next year offering patients this life-changing treatment in 2017. The raising of these funds now, allows us as a management team to focus solely on delivering this ground breaking technology to the UK to this timeline and we believe our success in doing so will generate significant value for shareholders.”
Olivier Garnier, Managing Partner at Bryan, Garnier & Co, added: “Advanced Oncotherapy exemplifies the fast growing healthcare companies Bryan Garnier & Co aims to accompany in their various corporate finance needs. This successful transaction confirms our expertise in the healthcare as well as our pan-European reach. Cumulated placements managed by Bryan, Garnier & Co in healthcare exceeded 1b€ over the past 24 months.”
For more information, please contact:
Olivier Garnier
Managing Partner
ogarnier@bryangarnier.com | +33 1 56 68 75 29
Hervé Ronin
Partner – Healthcare
hronin@bryangarnier.com | + 33 1 70 36 57 22
About Advanced Oncotherapy Plc
Advanced Oncotherapy is a UK company based in London which develops next-generation proton therapy systems for cancer treatment. It is listed on AIM on the London Stock Exchange (stock symbol: AVO). Advanced Oncotherapy’s team based at CERN (European Centre for Nuclear Research) in Geneva focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit whose cost and size are significantly below industry standards. This compact configuration delivers proton beams in a way that facilitates a greater precision and electronic control which is not achievable with older cancer treatment technologies. Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. As a result, Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.