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 in discussions with an investor regarding a proposed financing transaction, which has encountered delays. The initial tranche of funding, expected to be around $15 million, has not yet been received, with the company and the investor working towards receiving it by the end of May 2024. However, there is no guarantee of the funding being received or its timing. The proposed financing transaction would also require the company to restructure its financial liabilities and would be subject to approval by shareholders and consent from certain stakeholders.

The company's board is hopeful of a satisfactory outcome but acknowledges the uncertainty of the proposed financing transaction proceeding. Without access to the additional capital proposed to be provided by the investor, the company may face insolvency and be placed into administration, as it is unlikely to continue trading. As a result, 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, focuses on providing particle therapy with protons through its proprietary proton accelerator, Linac Image Guided Hadron Technology (LIGHT). The company aims to offer healthcare providers affordable systems that enable the treatment of cancer with innovative technology and lower treatment-related side effects.

For more information, visit www.avoplc.com.