Oxford, UK, 15 June 2005 - Scancell Limited announces the completion of its Rights Issue funding of £1.0m. The round was well supported by Scancell’s existing shareholders who include, Bioscience VCT, Oxford Capital Partners and the Oxford Technology VCTs.
Scancell will use the funds to advance its development programmes as it advances towards the clinic. Based in Biocity, Nottingham, UK, Scancell is one of the leading drug discovery companies focused on cancer therapeutics through the development of its antibody technology. Scancell was founded in 1997 as a spin out of the University of Nottingham by Professor Lindy Durrant.
Cancer remains one of the world’s most significant diseases. A key challenge in the fight against cancer is that many tumours continue to grow by successfully evading the body’s own natural defence mechanism - the immune system. Scancell’s mission is to overcome this breach in our defences by developing products that stimulate the immune system to treat or prevent cancer.
The Company has four therapeutic antibodies in development and a pipeline of improved cancer vaccines based upon its proprietary ImmunoBody® technology. Scancell has already secured major technology-validating collaborations with significant players in the sector including Celltech, Genmab and ISU.
Mike Capaldi, CEO of Scancell, said: “We are pleased to have received strong support from our shareholders. Despite the challenging environment for biotech funding, Scancell has successfully closed this round and is in discussions with a number of commercial partners.”
David Mott, Partner at Oxford Capital Partners, said: “Scancell have made strong scientific progress over the past 18 months and we are confident that the technology will deliver. The new funds will enable Scancell to reach several critical value milestones.”
Cliff Holloway, chief executive at Scancell Holdings Plc (LONSCLP), tells Proactive Investors they're raising up to £8mln through a placing and open offer – cash that will be used develop their three main drug candidates.
A placing and subscription at 12 pence a share will account for £6mln of the total.
The company also wants to include existing investors, so is planning a £2mln open offer of stock once the placing has been concluded.
Wed, 18 Apr 2018 12:18:00
In a separate announcement, the company said it was acquiring new technology from Nottingham University that will complement its current pipeline
Wed, 18 Apr 2018 13:15:00
The AIM-listed firm said its Moditope platform acts by stimulating the production of CD4+ T cells, which seek out and kill tumour cells that would otherwise be hidden from the immune system
Tue, 03 Apr 2018 05:40:00