Scancell Holdings Plc, (PLUS:SCLP), the developer of therapeutic cancer vaccines, today announces an Open Offer of 5,137,775 New Ordinary Shares at a price of 45 pence per New Ordinary Share to raise approximately £2.31 million, before expenses, to fund the working capital requirements of the Company. The Directors believe that the net proceeds of the Open Offer, together with the existing funds and facilities available to the Company, will be sufficient to allow completion of the Phase I and Phase IIa Clinical Trial of Scancell’s lead melanoma vaccine, SC1B1, with completion expected in 2012.
An Open Offer Document containing details of the Open Offer is being posted to shareholders later today and will be available on this website.
David Evans, Chairman of Scancell, commented:
“We are pleased to be able to offer existing shareholders the opportunity to participate in this fully underwritten fundraising. The net proceeds of the Open Offer, together with the existing funds held by or available to the Group, will be used to build on the progress achieved since the Company’s admission to PLUS and will be sufficient to allow completion of the Phase I and Phase IIa Clinical Trial of Scancell’s lead melanoma vaccine, SC1B1.”
The Directors of the issuer accept responsibility for this announcement.
For further information contact:
Professor Lindy Durrant - Scancell Holdings Plc - +44 (0)207 245 1100
John Bick/Kirsty - Hansard Communications - +44 (0)207 245 1100
Ross Andrews - Zeus Capital - +44 (0)161 831 1512
Expected Timetable of Principal Events:
close of business on 3 March 2010 - Record Date for the Open Offer
5 March 2010 - Announcement of the Open Offer
5 March 2010 - Posting of the Open Offer document and the Application Forms
3.00 pm on 24 March 2010 - Latest time and date for splitting Application Forms (to satisfy bona fide Market Claims only)
1.00 pm on 26 March 2010 - Latest time and date for receipt of completed Application Forms and payment in full under the Open Offer
7.00 am on 29 March 2010 - Expected time and date of announcement of results of the Open Offer
8.00 am on 30 March 2010 - Admission and dealings in the New Ordinary Shares commence
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