LONDON (Alliance News) - Scancell Holdings PLC said Tuesday that it has raised GBP1.2 million through an open offer of 10.1 million shares at a price of 12.0 pence per share.
Shares in the immunotherapy developer were up 2.3% at 12.22 pence on Tuesday.
Originally, the open offer was expected to raise up to GBP2.0 million through the issue of a maximum of 16.7 million shares.
The conclusion of the open offer means that Scancell has raised a total of GBP8.7 million, including the placing of 57.4 million shares and subscription of 5.0 million shares in mid-April at the same price.
Net proceeds will be used for Scancell's SCIB1-checkpoint inhibitor phase 2 combination study in the fourth quarter of 2018; to support Cancer Research UK's SCIB2 development programme; a first-in-human study of Modi-1 in the first half of 2019; and pre-clinical Modi-2 development work.
Two directors have taken part in the placing.
Non-Executive Director Kate Cornish-Bowden subscribed for 10,928 shares, meaning she now holds 114,751 shares in total.
Development Director Sally Adams acquired 3,095 shares, giving her a total of 61,918 shares in the company.
"We would like to take this opportunity to once again thank our shareholders, both existing and new, for their continued support. The monies raised will enable us to progress the next phase of clinical development of our innovative cancer treatments," said Chief Executive Cliff Holloway.
Scancell Holdings now has 384.6 million shares issued overall.
Scancell Holdings (SCLP)