Advanced Oncotherapy PLC, the developer of LIGHT, a next-generation proton therapy system for cancer treatment, has provided an update on its financing discussions and financial position. The company has been working on a recapitalization plan with a third-party investor, with discussions making progress. However, unexpected delays have been encountered, and the initial tranche of funding, expected to be around $15 million, has not been received as of the date of the announcement.

The company is carefully managing its working capital position and creditors, with the investor making an advance payment of CHF50,000 towards the general working capital requirements. Advanced Oncotherapy PLC also remains in advanced discussions with a third-party investor regarding a short-term loan facility to provide additional short-term bridge financing while the company progresses on the proposed financing transaction.

The company has emphasized that without access to the additional capital proposed to be provided by the investor, it is unlikely to be able to continue trading and would very likely become insolvent and be placed into administration. The company's shares remain suspended from trading on AIM, and further announcements will be made at the appropriate time.

Advanced Oncotherapy PLC, headquartered in the UK with offices in London, Geneva, The Netherlands, and the USA, is focused on providing particle therapy with protons. The company's proprietary proton accelerator, Linac Image Guided Hadron Technology (LIGHT), aims to deliver proton beams with greater precision and electronic control, offering healthcare providers affordable systems to treat cancer with innovative technology and lower treatment-related side effects.