Scancell: Transformational £15m capital raise closes
Scancell has raised c £15m (gross) in aggregate through the issue of new shares (via a placing, subscription, and open offer) and £6m in convertible loan notes (CLNs). The raise was underpinned by the £10m investment (£5m in equity, £5m CLNs) from new investor, Redmile Group LLC, a specialist healthcare and life sciences fund group. Redmile’s investment, coupled to support from existing cornerstone investor, Vulpes (£1m in equity, £1m CLN) provides important validation of Scancell’s technology platforms, and the clinical and commercial value they represent. Scancell now has the financial resources to enable it to progress the clinical opportunities outlined in our May 2020 Outlook. Following confirmation of shareholder approvals at the August 11th General Meeting, we update our rNPV model and reinstate our Scancell valuation. This is now £83.7m, equivalent to 13.3p/share (11.5p/share fully diluted).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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