Scancell: Interim results show encouraging progress
Scancell reported H120 results in line with expectations. The highlight of the period has been the three collaborations struck with the AvidiMab platform. The UK arm of the delayed SCIB1 Phase II combination study in melanoma is now set to start patient recruitment; a new US IND is being actively pursued. Development appears to be regaining momentum; with the Modi-1 Phase I/II clinical trial expected to start during 2020, and a SCIB2 study (run by Cancer Research UK) is planned. The end-October 2019 cash position was £5.8m, with the £3.1m net loss offset by a £3.8m equity raise. We value Scancell, using a risk-adjusted DCF model, at £82.0m (17.2p/share).Scancell Holdings is engaged in the discovery and development of novel vaccines for the treatment of cancer based on its proprietary immuno-oncology platforms, ImmunoBody®, and Moditope®. Co.'s ImmunoBody® consist of SCIB1 melanoma vaccine, and SCIB2 lung cancer vaccine. Co. has a collaboration partnership to evaluate the use of its SCIB2 to treat non-small cell lung cancer. Co.'s Moditope® technology is a vaccine platform that targets neo-epitopes to overcome immune suppression induced by tumour cells. Co.'s Moditope® product, Modi-1 consists of two citrullinated vimentin peptides and one citrullinated enolase peptide for the treatment of breast cancer, ovarian cancer and sarcoma.
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