(Sharecast News) - Immunotherapy developer Scancell announced a licensing agreement with the Nasdaq-listed Genmab on Tuesday, to develop and commercialise a Scancell investigational anti-glycan monoclonal antibody into novel therapeutic products.
The AIM-traded firm said Genmab was granted the exclusive right to develop and commercialise the antibody in multiple novel potential therapeutic products for "any and all" potential disease areas, excluding cell therapy applications.
It said it would be eligible to receive upfront and potential development and commercialisation milestone payments, as well as royalties on products sold.
The Scancell anti-glycan monoclonal antibody was described as a humanised antibody, using the company's novel anticancer 'GlyMab' platform.
It said it was one of five monoclonal antibodies currently in Scancell's antibody portfolio, providing a "rich reservoir" of potential products for its own in-house clinical development and also for further deals.
"This licence agreement with Genmab provides strong validation for our proprietary GlyMab platform and our ability to utilise this technology to support the creation of novel, differentiated antibody products," said chief executive officer Lindy Durrant.
"Genmab is a leader in the field of antibody therapies for cancer and we are very pleased to be working with them to progress this novel antibody product through clinical development and commercialisation."
At 1412 BST, shares in Scancell Holdings were up 21.14% at 15.9p.
Reporting by Josh White at Sharecast.com.
Scancell Holdings (SCLP)