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Scancell Holdings PLC - Oxford-based novel immunotherapies developer - Reports pretax loss of GBP4.4 million in the six months ended October 31, widened from GBP3.1 million the prior year. Group cash balance at October 31 was GBP25.7 million, compared to GBP3.6 million six months before. Says the balance was further increased by an open offer to shareholders that conditionally raised gross proceeds of GBP3.0 million at a price of 13 pence per share in October. Scancell says it secured GBP2 million of funding from Innovate UK to initiate a phase one clinical trial in 2021 for a Covid-19 vaccine.
"We are pleased to report a period of strong operational and financial progress for Scancell, having transformed the group's cash balance through two transactions with the support of our shareholders. We continue to work towards developing an effective and differentiated vaccine against Covid-19, potentially active against new variants of the SARS-CoV-2 virus, whilst also making progress with our Moditope, ImmunoBody and AvidiMab platforms," says Chief Executive Cliff Holloway.
Current stock price: 14.18 pence, down 5.5% on Friday
Year-to-date change: up 1.3%
By Zoe Wickens; zoewickens@alliancenews.com
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