Proton beam therapy specialist Advanced Oncotherapy (AVO) has raised £7.7m through a direct subscription.
The company said in a statement the funds raised will further strengthen its balance sheet and help progress its LIGHT system to ensure it is fully operational by 2021.
Nicolas Serandour, CEO of AVO, said: ‘We are pleased to announce this additional fundraising, which brings the total we have raised this year to £22.6m, and we thank our new and existing shareholders for their support of the company.’
It made progress towards technical completion during the half year, including manufacturing hardware for the patient positioning system and delivery of technical files for the certification process.
AVO reported losses of £11.1m (H1 2019: £11.m), with net assets increasing to £49.6m for the six months ended 30 June 2020 (H1 2019: £37.4m).