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(Alliance News) - Novel cancer immunotherapies researcher Scancell Holdings PLC on Friday said interim loss narrowed on lower administrative expenses.
In the six months to October 31, the company's pretax loss narrowed to GBP3.1 million from GBP3.7 million. Administrative expenses were chopped by 39% to GBP1.1 million from GBP1.8 million.
Development expenses edged 7.3% higher to GBP2.0 million from GBP1.8 million, numbers showed.
During the period, the company received an investment from Vulpes Life Sciences Fund, which bought 77.6 million shares in Scancell at 5.00 pence each, a 17% stake.
Scnacell shares were 1.0% lower at 6.93 pence each in London on Friday morning.
Chief Executive Cliff Holloway said: "We are pleased to report another six months of progress at Scancell, which included welcoming Vulpes Life Science Fund as a new significant shareholder. We have also further advanced our product pipeline and commenced the UK arm of our SCIB1 Phase 2 trial in melanoma.
"Our new AvidiMab platform has generated significant interest and we have signed three agreements with different partners to evaluate its potential, that if successful, could translate into important commercial deals."
By Eric Cunha; ericcunha@alliancenews.com
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