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LONDON (Alliance News) - Scancell Holdings PLC on Thursday said its loss widened in the first half of its year on mounting administrative expenses as its development of Moditope continues.
Shares in Scancell were down 7.9% at 6.89 pence on Thursday.
Scancell, which develops cancer therapies, posted a pretax loss of GBP3.7 million versus GBP2.4 million the year before for the six months to October 31.
This was due principally to administrative expenses, which more than doubled to GBP1.8 million from only GBP854,756 the year before.
At present, Scancell is in its development stage and does not produce revenue. During the six month period, the company was granted a patent in Europe for its Moditope technology, protecting its Moditope vaccines.
Moditope is a selective immunotherapy that stimulates the immune system to attack tumours and overcomes the immune suppression created by the tumours themselves.
The company has entered a research collaboration with the Karolinska Institute in Sweden to explore the potential of Moditope for the development of multiple cancer therapies.
The company raised GBP8.0 million over the period, including GBP1.1 million from an open offer in May and a GBP6.9 million placing at the end of its previous financial year.
As at October 31, the company's cash balance stood at GBP7.6 million, dropping from GBP10.3 million at the end of April.
"We are pleased to report another six months of progress at Scancell. The funds raised at the end of the previous financial year and the beginning of this period will allow us to focus on initiating the planned phase 2 clinical trial for our lead ImmunoBody, SCIB1, and to advance our Moditope products, Modi-1 and Modi-2, towards the clinic," said Scancell Chief Executive Cliff Holloway.
Post period end, the company appointed a new head of research and new head of manufacturing.
"With our new hires and recent funding, we believe we are in a strong position to progress our pipeline of immunotherapy products through the next stage of development," Holloway added.
