Trinity Delta Lighthouse: Scancell
Trinity Delta view: Scancell’s successful upsized >£10m placing removes financial uncertainty and, assuming similar success in the Open Offer, means the cash runway now extends to late 2025. This covers the important clinical milestones for both SCIB1 and Modi-1 programmes and could be extended further through the partnering or out-licensing of selected programmes from the GlyMab and AvidiMab antibody platforms. As usual in such situations we suspend our valuation and forecasts, but for context our last published rNPV based valuation for Scancell was £300.1m, equivalent to 36.7p/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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