Things are looking up for former UFO bassist Pete Way, who is getting back to music after surviving a prostate cancer scare. The influential musician, who has also toiled with Ozzy Osbourne, is working on a new solo disc and he's lured such rock greats as Slash and Nikki Sixx for guest turns.

The disc is called 'Walking on the Edge' and it's his first solo recording since 2007. Way tells Classic Rock magazine, "On my first solo album 'Amphetamine' I wanted to make the songs I always wanted to in UFO. I thought what's the point in doing the same stuff you do with your band? It was always my ambition to do something more rock. On this new album, Slash and Nikki Sixx play and I've got Guns N' Roses producer Mike Clink working with me at John Parr's studio … Working with these guys is amazing. I mean how many Grammy Awards can you get in one room?"

Way penned the songs for the disc before his cancer diagnosis, and while the subject matter is very personal, it doesn't really touch on his cancer battle. Instead, Way says it deals with his drug and alcohol addiction that he was finally able to kick four years ago.

"I wrote it before the cancer," says Way. "So the lyrics are really about my drug abuse, about which I'm very ashamed. Money and the needle is a very bad combination. I'm not proud of it, but maybe it will give somebody else the opportunity to just say no. At least then it will have achieved something."

The 63-year-old Way was just given the news that he was clear of cancer last week. He had stopped work on his album while dealing with the cancer, but is now back at work on completing the disc.