Advanced Oncotherapy PLC plans to raise about £10 million through a direct subscription by investors.
The London-based company, which provides radiotherapy systems for cancer treatment, will issue 25 million ordinary shares at 40 pence apiece.
Advanced Oncotherapy said the fundraising is led by Paris-based multibillion pound private equity firm DNCA Finance, a unit of Natixis, which will invest £4.8 million, plus other new and existing investors.
The company intends to use the proceeds for general working capital purposes as it continues to develop its Linac Image Guided Hadron Technology system, a proton therapy system for treating cancer. The company will also use funds for software development and costs related to the testing and assembly site being set up at the U.K. government's Science and Technology Facilities Council in Daresbury.
Advanced Oncotherapy will seek stockholder approval for the shares, which will trade on the London's AIM exchange, at a general meeting to be held on Jan. 21, 2019.