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(Alliance News) - Immunotherapy firm Scancell Holdings PLC on Tuesday said its loss widened on higher development costs, while it is making strong progress on advancing its immunotherapies.
For the 12 months to the end of April, Scancell posted no revenue, and the pretax loss widened to GBP6.7 million from GBP4.9 million the year before, as development expenses rose 45% to GBP4.2 million and administrative costs by 24% to GBP2.6 million.
As at April 30, Scancell's cash balance was GBP4.6 million, compared to GBP10.3 million the same date the year before.
During the period, Scancell made "considerable" progress. Regulatory and ethical approval was granted for the UK arm of the SCIB1 phase two clinical trial, while patents have been granted in Europe and Japan for the company's Moditope technology.
Meanwhile, pre-clinical development is underway with Modi-2, and progress has been made in the characterisation of homocitrullinated peptides allowing the therapy to address tumours with a particularly immunosuppressive environment.
"We have made strong progress this year in advancing our pipeline of novel immunotherapies. Importantly, post period, we were pleased to initiate the UK arm of the SCIB1 phase two trial, whilst disappointed with the need to withdraw our investigational new drug application to achieve this," said Chief Executive Cliff Holloway.
"We intend to resubmit the IND at the earliest opportunity. We have expanded our R&D team and established a clinical advisory board who will inform the clinical strategy for the planned Modi-1 trial in several solid tumour indications," Holloway added.
