Scancell Holdings Plc, (PLUS:SCLP), the developer of therapeutic cancer vaccines, is pleased to announce it has raised £207,000 (before expenses) by way of a placing of 460,000 New Ordinary Shares of 0.1p each (‘Placing Shares’) at a price of 45p (the ‘Placing’) with the Aspire Fund. The net proceeds of the Placing, together with the proceeds of the Open Offer that was completed on 29 March 2010, will be used to fund the working capital requirements of the Company to take its lead melanoma vaccine, SC1B1, through Phase I and Phase IIa Clinical Trials.
Admission and commencement of dealings in the New Ordinary Shares to be issued under the Placing are expected to take place at 8.00 a.m. on 15 April 2010. There will be a total of 15,873,326 Ordinary Shares in issue following Admission of the Placing Shares.
David Evans, Chairman of Scancell Holdings plc, commented:
“Following the recent successful fundraising, I am delighted that the Aspire Fund has now also decided to become a significant shareholder in Scancell. The investment represents further recognition of the work of our CEO Lindy Durrant in the development of SC1B1.”
Melanie Perkins, Lead Manager of the Aspire Fund said:
“This investment is extremely exciting and we are thrilled to have the opportunity to support such a vital enterprise that may have the opportunity to save so many lives. The Aspire Fund seeks to support and encourage female entrepreneurship and Scancell is an excellent example of women leading the way in diverse and important fields of work.”
The Directors of the issuer accept responsibility for this announcement.
For further information contact:
David Evans, Chairman - Scancell Holdings Plc - +44 (0) 774 008 4452
Professor Lindy Durrant, CEO - Scancell Holdings Plc - +44 (0)207 245 1100
Kirsty Corcoran / John Bick - Hansard Communications - +44 (0)207 245 1100
Ross Andrews / Tom Rowley - Zeus Capital - +44 (0)161 831 1512
About the Aspire Fund (www.capitalforenterprise.gov.uk)
Established in November 2008, the £12.5m Aspire Fund targets support for women-led businesses with an objective to increase the number of successful female entrepreneurs within the UK, ensuring that those with real potential to succeed are not held back through a lack of growth capital. The Fund is able to make investments of between £100k and £1m, providing up to 50% of capital in a funding round alongside other private investors. The Aspire Fund is managed by Capital for Enterprise Ltd (CfEL) on behalf of the Department for Business Innovation and Skills (BIS).
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 is expected to enter clinical trials in 2010.
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.
The 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.