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Scancell Raises £1.3 Million ($2.34M; €2M) in New Funding Round

27th April 2004

Nottingham, UK – 27th April 2004 – Scancell Ltd, the Nottingham, UK based cancer therapeutics company, announced at its annual general meeting (AGM) today the successful completion of a further round of private equity funding totalling ~£1.3 million. Bioscience VCT, and Oxford Technology 3 VCT, an existing investor, acted as co-lead investors for the round. Other new investors in this round included Oxford Capital Partners and Cherwell Capital. Several of Scancell’s existing investors also made additional investments in the company.

The new funding will allow Scancell to accelerate the development of its leading products and to move to dedicated laboratories at the new BioCity Healthcare and Bioscience Innovation Centre in Nottingham, UK.

Commenting on the funding Dr Mike Capaldi, Scancell’s new CEO said:

“Scancell is very pleased to have succeeded in securing this investment in the current difficult market conditions. The company has already demonstrated its ability to develop new products and close commercial deals. The new investment will allow the company to bring its products closer to the clinic and to further develop its ImmunoBody® programme. We are also very excited about the move to BioCity, which will significantly help our growth plans.”

Dr Paul Nicholson, the Chairman of BioScience VCT, said:

“We are pleased to have made an investment in Scancell. The company has built a strong team to lead the development of its antibodies and its platform technologies and we look forward to supporting the company’s progress.”

Lucius Cary, Director of Oxford Technology 3 VCT, and the Managing Director of Seed Capital Ltd, the Investment Adviser to the Oxford Technology 3 VCT added:

“We are very pleased to have invested further in Scancell and continue to support the company and the research of its founder, Professor Lindy Durrant. This is a company that has developed a diverse pipeline of anti-cancer targets and platform technologies and assembled an outstanding team to deliver these to the clinic.”

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