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, was not received by the end of March 2024 as previously anticipated. The company and the investor are working towards receiving this funding during April 2024, although there is no guarantee of its receipt or the timing thereof.

As part of the proposed financing transaction, the company would need to restructure its financial liabilities to provide a long-term financing solution. This transaction would also be subject to approval by shareholders and consent from certain other stakeholders. The company has negligible cash resources and significant debt levels, and it is in advanced discussions with a third-party investor for a short-term loan facility to provide additional bridge financing while the proposed financing transaction progresses.

The company's shares remain suspended from trading on AIM, and without access to the additional capital proposed by the investor, the company may become insolvent and be placed into administration. Advanced Oncotherapy PLC will make further announcements at the appropriate time.