Scancell Holdings plc, (PLUS:SCLP), the developer of therapeutic cancer vaccines, announces that, following the Open Offer to shareholders dated 5 March 2010, the options granted to ICHOR Medical Systems Inc (‘ICHOR’) referred to in the Open Offer circular relate to a total of 796,156 ordinary shares in the Company, representing five per cent. of the Company’s diluted issued share capital following the Open Offer. The subscription price payable upon exercise of the options is 45p (being equal to the price payable under the Open Offer). The subscription price represents a discount to the closing middle market price of the Company’s ordinary shares on 28 June 2010 of approximately 21.74 per cent. The options were granted under a License and Supply Agreement (‘the Agreement’) dated 13 July 2009 made between Scancell and ICHOR.
Under the terms of the Agreement, ICHOR agreed to supply its TriGrid™ electroporation device for Scancell’s pre-clinical and forthcoming clinical studies with SCIB1 and gave Scancell an option to license TriGrid™ for commercial use on achievement of certain milestones and payment of royalties.
In return, ICHOR was granted options to subscribe for ordinary shares in the Company. The options will vest as follows: 159,231 options vest on regulatory approval being granted to start clinical trials in the UK (which has already occurred); 318,462 options will vest on starting the first Phase II clinical trial; and 318,463 options will vest on completing the first Phase II clinical trial. Each tranche of the options may be exercised at any time in the five year period after the relevant vesting date.
The Directors of the issuer accept responsibility for this announcement.
For further information contact:
Professor Lindy Durrant, (CEO) - Scancell Holdings Plc:
John Bick/Kirsty Corcoran - Hansard Communications
Ross Andrews/Tom Rowley - Zeus Capital
Scancell is developing novel therapeutic vaccines for the treatment of cancer and infectious diseases based on its groundbreaking ImmunoBody® technology platform. Scancell’s first cancer vaccine SCIB1 is being developed for the treatment of melanoma and has recently entered clinical trials.
Treating cancer by vaccination allows small non-toxic doses of a vaccine to be administered to a patient, stimulating an immune response. Effective cancer vaccines need to target dendritic cells to stimulate both parts of the cellular immune system; the helper cell system where inflammation is stimulated at the tumour site; and the cytotoxic T-lymphocyte or CTL response where immune system cells are primed to recognise and kill specific cells.
A limitation of many cancer vaccines currently in development is that they cannot specifically target dendritic cells in vivo. Several groups have demonstrated successful vaccination by growing dendritic cells ex vivo, pulsing them with tumour antigens and re-infusing them. However, this procedure is patient specific, time consuming and expensive. Scancell has developed its breakthrough patent protected ImmunoBody® technology to overcome these limitations.
An ImmunoBody® is a human antibody or fusion protein engineered to express helper cell and CTL epitopes from tumour antigens over-expressed by cancer cells. Antibodies are ideal vectors for carrying T cell epitopes from tumour antigens as they have long half-lives and can effectively target dendritic cells via their Fc receptors, allowing efficient stimulation of both helper and CTL responses.
The Immunobody® technology can be adapted to provide the basis for treating any tumour type and may also be of potential utility in the development of vaccines against hepatitis, HIV and other chronic infectious diseases.
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