Trinity Delta LIghthouse: Scancell
Trinity Delta view: 2024 is an important year for Scancell and investor attention is understandably centred on the therapeutic cancer vaccines programmes, with both the SCIB1 and Modi-1 programmes set to deliver important clinical milestones. However, today’s evaluation agreement reminds of the inherent value within the GlyMab and AvidiMab antibody platforms. The $1m upfront payment bolsters the current cash resources, which would be augmented further were a licensing deal struck in the future. Our risk adjusted NPV valuation for Scancell is £304m, or 33p per share. For context, the GlyMab platform (including the Genmab deal) accounts for 17.2% of the value.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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