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Subdivision of share capital and Placing to raise £1.73 million

30th June 2011

Scancell Holdings plc, (‘Scancell’ or the ‘Company’) the developer of therapeutic cancer vaccines, is pleased to announce the following:

  • The proposed subdivision of each Existing Ordinary Share of 1p into 10 new Ordinary Shares of 0.1p each (the “Subdivision”); and
  • A placing to raise £1.73 million, before costs, by means of the issue of 34,575,410 new Ordinary Shares at 5 pence per share (the “Placing”) to fund the working capital of the Company.

The Directors consider the Placing and Subdivision to be in the best interests of the Company and its Shareholders as a whole. Since the Placing and Subdivision are conditional on the Company obtaining Shareholders’ approval the Directors have therefore convened a General Meeting for 10.45 a.m. on 25 July 2011 in order to allow Shareholders to consider, and, if thought fit, approve the Resolutions.

Professor Lindy Durrant, commented:

“We believe that, following completion of the Placing, we will have sufficient funding to complete the Phase I trials of our melanoma treatment and to advance the development of our series of new ImmunoBody® cancer vaccines to the pre-clinical proof of principle stage. After the Phase I clinical trial has been completed, and if the data is positive, the Company will seek to generate revenues from a commercial deal on the ImmunoBody® technology and will continue with the Phase II clinical trial. A successful outcome should present Scancell as an excellent acquisition opportunity with an exit remaining firmly on the agenda following the completion of the Phase II trial, expected early 2013.”

Enquiries:
Scancell Holdings Plc
Professor Lindy Durrant/Dr Richard Goodfellow
+ 44 (0)207 245 1100

Hansard Communications
Adam Reynolds/Guy McDougall
+ 44 (0)207 245 1100

Zeus Capital - Nominated Adviser
Ross Andrews/Tom Rowley
+ 44 (0)161 831 1512

XCAP Securities Plc - Broker
John Belliss/Parimal Kumar
+44 (0) 207 101 7070

View the full report (PDF file opens in a new window)

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