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LONDON (Alliance News) - Immunotherapy firm Scancell Holdings PLC on Tuesday said it is well funded to progress its range of proposed cancer immunotherapies.
Scancell is developing immunotherapies for cancer based on its ImmunoBody and Moditope technology platforms. It has three main drug programmes: melanoma treatment SCIB1, non-small cell lung cancer treatment SCIB2, and breast cancer, ovarian cancer, and sarcoma treatment Modi-1.
Scancell posted no revenue for the 12 months to April 30, and its pretax loss widened slightly to GBP4.9 million from GBP4.5 million as administrative and development expenses both rose.
As of April 30, cash was GBP10.3 million compared to GBP2.7 million a year prior. Since then, it raised GBP4.7 million in May and then GBP1.1 million in a further open offer.
Chief Executive Cliff Holloway commented: "It has been a strong period for Scancell as we continue to make significant progress with our pipeline of cancer immunotherapies.
"The fundraisings this financial year have given us the necessary funds to progress our ImmunoBody platform pipeline, and to continue to advance Modi-1 towards the clinic."
Holloway continued: "SCIB1 has demonstrated impressive survival data to date, and operational and regulatory activities are underway for the initiation of the international SCIB1 checkpoint inhibitor combination phase two study in patients with melanoma."
Shares were 7.5% lower on Tuesday at 11.56 pence each.
