Trinity Delta Lighthouse: Scancell
Trinity Delta view: The first-in-human trial of Scancell’s Modi-1 vaccine is a key step that could provide important information on the safety and immunogenicity of this novel approach, with the latter providing valuable early indications of potential efficacy. Assuming a smooth roll-out to the other study centres and no recruitment issues, early safety and immunogenicity data should be available by H222, and early efficacy results during 2023. Scancell has four novel inter-related technology platforms: ImmunoBody, Moditope, Glymabs, and AvidiMab. The ImmunoBody and Moditope oncology vaccines offer different approaches to treat intractable cancers both as monotherapy and in combination with agents such as CPIs. We value Scancell using an rNPV model and the Moditope programme is the largest contributor to our 29.1p/share (24.2p fully diluted) valuation, accounting for 11.9p (9.9p fully diluted). Successful clinical outcomes with Modi-1 would validate the Moditope platform and would lead, in our view, to material upside.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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