Scancell: SCOPE readouts in sight; SCIB1 data in Q424
Key clinical data for the lead cancer vaccines are approaching, with the first readout expected during Q424 for SCIB1 in advanced melanoma. Scancell is aiming to show that SCIB1 can meaningfully improve outcomes for patients, targeting an ambitious >70% response rate (ORR). If this is achieved, this would vastly exceed current 50% ORRs, but is a realistic aim, in our view, given prior SCIB1 data. Results from the improved next-generation iSCIB1+ are expected H125. Assuming positive outcomes, Scancell is well-prepared to rapidly progress to a registrational Phase II/III trial, subject to sufficient finances. Important CPI combination data for Modi-1 in kidney cancer are also expected H125. Commercial prospects for both could be maximised through partnerships, and positive data could catalyse interest and discussions, in our view. Scancell’s antibody platforms, GlyMab and AvidiMab, provide attractive out-licensing opportunities. The current cash runway is into Q325, beyond key clinical data. Our updated Scancell rNPV valuation is £311m, or 33p per 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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