Trinity Delta LIghthouse: Scancell
Trinity Delta view: Data from the SCOPE study are reassuring and pave the way for the planned randomised adaptive Phase II/III trial. Assuming continuing positive results at week 25 for both Cohorts 1 and 3, investor attention will understandably centre on the funding of this potentially pivotal study. Our forecast cash runway extends to Q325, beyond these SCIB1/iSCIB1+ milestones and Modi-1 data in H125; however, our cash assumptions do not include any potential licensing deals for the GlyMab and/or AvidiMab antibody platforms. We note that the seven-month evaluation deal with an unnamed partner could result in option exercise in Q125, which could trigger a similar upfront payment and licence deal to that struck with Genmab in October 2022. Our current risk adjusted NPV valuation for Scancell is £311m, equivalent to 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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