Scancell Holdings widens full year loss on US investment

(ShareCast News) - Scancell Holdings, a developer of novel immunotherapies for the treatment of cancer, has reported a third consecutive full year loss due to the costs involved in its expansion in the US.The firm has seen a 3% increase in its operating loss over the last three years. The loss was £2.58m for the year ending 30 April 2016 compared to £2.41m in the previous period. The firm attributed this to the additional corporate costs incurred in preparing and developing opportunities within the US.Post-period the firm has expanded its operations with new offices in San Diego in the US as well as Oxford in the UK to support its growth plans.The group's cash balance was £6.52m at 30 April 2016, compared to £3.06m in the previous period, and net assets rose to £9.99m from £6.75m in the previous period.The company's placing and open offer involving both existing and new shareholders raised £6.2m during the period.Despite its losses, the firm was positive on the development of its cancer treatment. The clinical trial for its SCIB1 treatment continues to deliver significant survival data in patients with stage III/IV cancer. Out of the 20 patients with resected tumours who participated in the trial, 19 remain alive.The firm also continues to make progress in the development of its lead product Modi-1 by collaborating with Karonlinska Institutet to explore the role of citrullination in cancer.Newly appointed executive Chairman Dr John Chiplin said: "We now have the opportunity to transform the business from a small UK-based and largely scientifically-based enterprise into an international force in immuno-oncology. We remain committed to driving this process forward in the US and elsewhere, and to realising the value that has been accumulating over recent years, both for the benefit of our shareholders and cancer patients."The share price fell 4.12% to 16.30p at 16:16 BST on Friday.