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LONDON (Alliance News) - Scancell Holdings PLC said Friday it has raised GBP6.1 million in a placing and open offer of shares, which was first announced in March 2013.
Scancell said it will use the funds to accelerate the development of both its ImmunoBody and Moditope platform technologies.
The company raised GBP3.4 million through the placing of 20.0 million shares at a price of 17.00 pence per share, and a further GBP2.7 million through an open offer of 16.0 million shares at the same price.
Shares in Scancell were up 2.5% at 16.91 pence on Friday.
Details of the placing and the open offer were first announced on March 9, 2013, when Scancell said it had conditionally raised GBP3.4 million in a placing and was providing shareholders with the opportunity to subscribe for 22.5 million new shares, to raise up to GBP3.8 million.
Scancell said on Friday the open offer had received subscriptions for 71% of the total 22.5 million shares available.
"We would like to thank our existing shareholders for their continued support, as well as welcoming new investors, at this important time in the company's evolution. We will continue to strengthen our board and management team and increase our focus on the US with the goal of becoming one of the leading cancer immunotherapy companies," Non-Executive Chairman John Chiplin said.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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