On 9 July 2013 the Board of Scancell announced details of a conditional Firm Placing in which it had conditionally raised gross proceeds of £4.5 million by means of a Firm Placing of 20,000,000 Firm Placing shares at 22.5 pence per share. In addition the Company announced that it was providing Qualifying Shareholders, who had not taken part in the Firm Placing, with an opportunity to subscribe, at 22.5 pence per share, for an aggregate of 8,888,888 Open Offer Shares to raise gross proceeds of up to approximately £2 million.
The Open Offer has now closed in accordance with its terms and Scancell is pleased to announce that the Open Offer was oversubscribed. The Company has received valid acceptances from Qualifying Shareholders in respect of 8,888,888 Open Offer Shares, representing 100 per cent. of the Open Offer Shares available under the Open Offer. In accordance with the terms and conditions of the Open Offer all applications made pursuant to the Open Offer (other than Excess Shares applied for under the Excess Application Facility) have been met in full and a scaling back exercise has been undertaken in respect of applications for Excess Shares. The Company has therefore raised gross proceeds of approximately £2 million through the Open Offer.
The Open Offer remains conditional, inter alia, upon the passing of the resolutions at the General Meeting on 1 August 2013 and upon First Admission occurring by 08:00 on 2 August 2013 (or such later time as the Company and Cenkos Securities plc may determine).
Application will be made to the London Stock Exchange for the admission of the Offer Shares which are subscribed for to trading on AIM. It is expected that First Admission, being the admission of the EIS Qualifying Shares, will occur and that dealings will commence at 08:00 a.m. on 2 August 2013 and Second Admission, being the admission of the Non-EIS Qualifying Shares, will occur and dealings commence at 08:00 a.m. on 5 August 2013.
This announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 9 July 2013
David Evans, Non-Executive Chairman of Scancell, said: “We would like to thank our shareholders for their continued support. The Company has already delivered substantial shareholder value as SCIB1 progresses through the clinic. We are confident that the expansion of the SCIB1 trial and the further targeted development of the Moditope platform that this additional funding will enable us to undertake will translate into significant tangible benefits for both patients and shareholders in the medium-term.”
Scancell Holdings Plc
David Evans, Non Executive Chairman +44 (0) 7740 084 452
Dr Richard Goodfellow, Joint CEO +44 (0) 7423 230 497
Simon Conway/Mo Noonan +44 (0) 20 7831 3113
Cenkos Securities plc:
Camilla Hume/Stephen Keys +44 (0) 20 7397 8900
Notes for editors
Scancell is developing novel immunotherapies for the treatment of cancer based on its ImmunoBody® and Moditope™ technology platforms. Scancell’s first ImmunoBody®, SCIB1 is being developed for the treatment of melanoma and is in Phase 1/2 clinical trials. Preliminary evidence from Part 1 of the study showing that SCIB1 produced an immune response which might be associated with clinical benefit in patients with malignant melanoma was released in December 2012.
Scancell’s ImmunoBody® vaccines target dendritic cells and 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.
Scancell has also identified and patented a series of modified epitopes that stimulate the production of killer CD4 that destroy tumours without toxicity. The Directors believe that the Moditope™ platform could play a major role in the development of safe and effective cancer immunotherapies in the future.
Mon, 19 Aug 2019 11:32:00
Discussions with US regulators have taken longer than expected, so Scancell will now focus its efforts on completing the UK arm of the trial before re-submitting its US application at a later date
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The immunotherapy specialist gave an update on progress for a “busy and productive” half-year.
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