Proton Partners set to float on NEX

Proton Partners International, the holding company of a group behind oncology centres across the UK, has confirmed plan to float on the NEX Exchange.

Insider Media reports the company made an application today for admission of its shares to trading on NEX. Admission is currently expected to occur on February 28th.

Proton Partners International was formed on World Cancer Day February 4th 2015 by the company’s chief executive, Mike Moran, and its chief medical officer, Professor Edward Karol Sikora, in order to challenge conventional thinking on how best to provide leading edge cancer treatment in the UK, including proton beam therapy which was previously only available outside the country.

Since incorporation the company has raised approximately £142m in equity and secured debt facilities of £27m, enabling it to build its oncology centres, which offer a range of cancer treatments including radiotherapy, chemotherapy, imaging and ancillary wellbeing services. The first patients received proton beam therapy at the cancer centre in Newport in April 2018.

In 2018 Proton Partners completed the construction of centres in Bedlington, Northumberland, and Reading, which are now open for treatment and are expected to offer proton beam therapy from spring 2019 and late summer 2019 respectively.

The construction of the building that will house the group’s fourth centre in Liverpool is due to be completed in 2019, with operations commencing when further funds have been generated for fit out and commissioning.

Conditional on admission, Proton Partners International has received a direct subscription of £20m from various funds managed by Woodford Investment Management (Woodford Funds). The Woodford Funds have also given a commitment to subscribe for further ordinary shares up to a value of £80m within eighteen months from admission at the request of the company.

Mike Moran said “Our application to admit to trading on the NEX Growth Market is a reflection of the progress our company has made in four years. We have built and opened three of the most advanced cancer centres in the UK offering high energy proton beam therapy. Moving to a more structured public market environment is part of our long-term growth strategy and a development we have been planning since last year.”

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