Trinity Delta Lighthouse: Scancell
Trinity Delta view: We have long held the view that Scancell has been under-funded and thiu not able to progress its promising technologies as rapidly as we would have liked. This sizeable injection of £33m is not simply a tangible endorsement of the inherent value of the various programmes but will allow management to focus on delivering against its stated goals and milestones in a more timely manner. We currently value Scancell at £83.7m, equivalent to 13.3p/share (11.5p/share fully diluted). We intend to update our valuation and forecasts this to reflect the fundraise following FY20 results (expected October 16). We do reiterate that this valuation is based on conservative assumptions and as yet attributes no value to the Avidimab platform or the COVIDITY programme.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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