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  • Support Spurs Candidates towards Clinical Development
    Cliff Holloway

Support Spurs Candidates towards Clinical Development

Feb 23 2021 Read 449 Times

Scancell, a developer of novel immunotherapies for the treatment of cancer and infectious disease, had raised £48 million (£46.1 million net proceeds) from the issue of shares and convertible loan notes. The company secured circa £2m of funding from Innovate UK to initiate a Phase 1 clinical trial (COVIDITY) for its COVID-19 Vaccine; a collaboration with Cobra Biologics to manufacture the vaccine was also agreed.

Susan Clement Davies was appointed as Non-Executive Director of the Company in September 2020, following Dr Alan Lewis standing down and post period Dr Gillies O'Bryan-Tear was appointed as Chief Medical Officer and Dr Robert Miller as Medical Director.

Loss for the 6-month period was £3.86m compared to £2.51m in 2019 while group cash balance at 31 October 2020 was £25.74m boosted from the April 2020 level of £3.58m. In early November 2020 the Company’s bank balance was further increased by net proceeds of £20.49 million raised from the issue of Convertible Loan Notes and an Open Offer to shareholders.

Cliff Holloway, Chief Executive Officer of Scancell said: “We are pleased to report a period of strong operational and financial progress for Scancell, having transformed the Group’s cash balance through two transactions with the support of our shareholders. 2021 is set to be an exciting year for the business. We continue to work towards developing an effective and differentiated vaccine against COVID-19, potentially active against new variants of the SARS-CoV-2 virus, whilst also making progress with our Moditope®, ImmunoBody® and AvidiMab™ platforms. We would like to thank our shareholders for their continued support over the past 6 months and look forward to utilising the proceeds raised to propel the business forward.”

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