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(Correcting that the open offer is ongoing and has not been finalised.)
LONDON (Alliance News) - Cancer immunotherapies developer Scancell Holdings PLC on Wednesday said it has raised GBP3.4 million through a placing, and has launched an open offer to raise up to a further GBP3.8 million.
The company has raised GBP3.4 million through the placing of 20.0 million shares at 17.0 pence per share, slightly more than the GBP3.0 million it had targeted.
Scancell has launched an open offer of 22.4 million shares at the same price to raise up to GBP3.8 million. This open offer is ongoing, and the results of the open offer will be announced March 31.
Scancell shares were down 12% to 17.90p on Wednesday.
"This placing and open offer will fund important next steps for the pipelines of both of our ImmunoBody and Moditope platform technologies as well as strengthening the board and management as Scancell enters the next chapter in its growth," said Scancell Chairman John Chiplin.
Several directors of the company bought shares as part of the placing. Co-Chief Executives Lindy Durrant and Richard Goodfellow, Non-Executive Chairman John Chiplin, Non-Executive Director Matthew Frohn, Non-Executive Director Kate Cornish-Bowden and Development Director Sally Adams all bought 58,823 shares apiece.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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