Scancell Holdings PLC - Oxford, England-based developer of immunotherapies for treatment of cancer and infectious disease - Raises GBP10.7 million from the placing and subscription of 97.0 million new shares at 11 pence each. The placing is run by Stifel Nicolaus Europe Ltd and WG Partners LLP. Scancell also plans an open offer of shares at the same price to raise up to another GBP2.0 million. Scancell says the placing was oversubscribed and upsized as a result. After the London market close on Thursday, Scancell had announced plans to raise just GBP6 million in the placing. It says the raise was led by "new institutional and life science specialist investors".
"The funds raised today will further drive the company's progress with its lead programmes, including SCIB1, which recently demonstrated an unprecedented objective response rate of 85% in patients with unresectable melanoma in initial data from the Scope study, and Modi-1 through its next clinical steps," says Chief Executive Officer Lindy Durrant.
Current stock price: 11.30p, up 3.0% in London on Friday for GBP92.5 million market capitalisation
12-month change: down 50%
By Tom Waite, Alliance News editor
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Scancell Holdings (SCLP)