Trinity Delta LIghthouse: Scancell
Trinity Delta view: Scancell’s upsized £10.3m fundraise, including to new specialist healthcare investors, extends the cash runway to H226, beyond key value inflection points for both SCIB1/iSCIB1+ and Modi-1, and also allows the time for Scancell to evaluate potential suitable out-licencing and partnering opportunities to optimally advance key assets from a position of strength. The fundraise reflects continued momentum at Scancell, with recent positive SCIB1 data, and hot on the heels of the second GlyMab deal with Genmab. As the prospects for the pipeline become clearer over the next 12-18 months, this should unlock value within Scancell that is currently underappreciated, in our view. As usual in such situations, we suspend our valuation and forecasts; for context our last published rNPV based valuation for Scancell was £311m.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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