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(Alliance News) - Scancell Holdings PLC on Tuesday said it has completed its equity capital fundraise, raising a total of GBP15.0 million.
The cancer treatment developer said it raised GBP9.0 million through the issue of 163.8 million shares in a placing, subscription and open offer. It also raised GBP6.0 million from a subscription by the Redmile Funds and Vulpes for convertible loan notes
In July, Scancell announced plans to raise GBP15 million via a share subscription, placing, open offer and loan notes issue, adding that the proceeds will be used for strengthening its balance sheet, support clinical trials for Modi-1 Phase 1/2 and SCIB1 Phase 2; and continue initial Covid-19 vaccine development.
Following admission of the new shares, the company's share capital will comprise 629.1 million shares.
Shares in Scancelll were trading 0.1% higher at 6.91 pence each on Tuesday afternoon in London, giving it a market capitalisation of GBP31.8 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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