Oxford, UK, 15 June 2005 - Scancell Limited announces the completion of its Rights Issue funding of £1.0m. The round was well supported by Scancell’s existing shareholders who include, Bioscience VCT, Oxford Capital Partners and the Oxford Technology VCTs.
Scancell will use the funds to advance its development programmes as it advances towards the clinic. Based in Biocity, Nottingham, UK, Scancell is one of the leading drug discovery companies focused on cancer therapeutics through the development of its antibody technology. Scancell was founded in 1997 as a spin out of the University of Nottingham by Professor Lindy Durrant.
Cancer remains one of the world’s most significant diseases. A key challenge in the fight against cancer is that many tumours continue to grow by successfully evading the body’s own natural defence mechanism - the immune system. Scancell’s mission is to overcome this breach in our defences by developing products that stimulate the immune system to treat or prevent cancer.
The Company has four therapeutic antibodies in development and a pipeline of improved cancer vaccines based upon its proprietary ImmunoBody® technology. Scancell has already secured major technology-validating collaborations with significant players in the sector including Celltech, Genmab and ISU.
Mike Capaldi, CEO of Scancell, said: “We are pleased to have received strong support from our shareholders. Despite the challenging environment for biotech funding, Scancell has successfully closed this round and is in discussions with a number of commercial partners.”
David Mott, Partner at Oxford Capital Partners, said: “Scancell have made strong scientific progress over the past 18 months and we are confident that the technology will deliver. The new funds will enable Scancell to reach several critical value milestones.”