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I think 3 patients were recruited to the SCIB1/Keytruda (pembrolizumab) arm of the trial. So could be 24 patients recruitied to the SCIB1/doublet CPI arm and 3 to the SCIB1/Keytruda which gives the total of 27. Or Violindog may well be right and it could be 27 recruited but only 24 dosed.
Looks like recruitment has slipped again. Originally it was meant to be complete by end of 2023 then it slipped to Q1 and now it's Q2.
After hours TR1 showing Tang Capital have bought just over 3% of Redx. This is the same Tang Capital that effectively scuppered Redx's RTO onto NASDAQ via the acquisition of Jounce.
https://www.londonstockexchange.com/news-article/REDX/tr-1-notification-of-major-holdings/16434979
Proactive interview with Andrew Newland highlights the work involved
https://www.youtube.com/watch?v=hxu_XmeIpDA
Johnny - thanks for that, appreciated
Moonparty,
Worth remembering that the combination arm of the Modi1 trial is only recruiting head and neck and renal cancer patients and originally intended to combine with a single checkpoint inhibitor. As at the end of January they were waiting for approval from the MHRA for a protocol amendment to change the setting of the renal cohort from 3rd line to first line and the combination from a single CPI to to the doublet therapy of Opdivo (PD-1) and Yervoy (CTLA4). Assume they are still waiting for this approval from MHRA and therefore not currently recruiting to the renal cancer cohort. So it may well be that they have only been recruiting to the head and neck cohort which means recruitment has been slower than expected. All we know is that as at July last year they had recruited and dosed 3 combination patients to the safety run in cohort 4. We don't know whether any further patients have been recruited since and if so how many.
As for the neoadjuvant study, as at the 30th January they had recruited a total of 2 patients. The first was a monotherapy patient. He/she had been dosed and resected and their tumour was undergoing analysis. A second patient had been recruited to the combination arm and was about to receive his/her first dose. I'm not sure what the interval is between dosing and surgery, perhaps someone else here can tell us, but I expect it's several weeks.
You'll note that all RNSs simply say early data from these arms will be reported in 2024 but I've listened again to the interims webcast and fortunately Lindy is a little more specific. It will be late this year - possibly Q3 but more likely Q4.
Given that they're only recruiting head & neck cancer patients at the moment, I'm pretty certain that there are no hidden reasons (positive or negative) for the lack of combination/neoadjuvant updates - they simply haven't recruited enough patients yet.
Nevertheless I hope that Scancell will at least provide a progress report on recruitment and possibly early safety data. Perhaps they will.
The Moditope patent wasn't delayed due to a discovery - the discovery of Moditope was made and as is absolutely normal in bio/pharma, the following period was spent gathering the evidence to support the patent application. We have been told that Moditope has an incredibly broad patent and it would be unthinkable for a company to hold up clinical trial updates (which only need to be very general) while they research and submit another patent application.
Ee
Modi patents were filed years ago - what possible IP related reason could there be for witholding Modi1 trial updates?
Yes you're absolutely right in that quote it most definitely refers to Moditope but in other places - SCOPE results presentation for example she uses the term for SCIB1. Perhaps she meant the ImmunoBody platform as a whole rather than SCIB1.
Ray - so what did she mean when describing SCIB1 as a potential universal vaccine?
Ee
Possibly but they also used that term for SCIB1 which of course is a melanoma only vaccine and nothing to do with citrullination so I still think Chelsea's off the shelf as opposed to personalised is the intended meaning. Quite right too to highlight the advantage of Scancell's vaccines over those generating so much interest and excitment from BioNTech/Moderna .
Chelsea, I agree - am pretty it's universal as distinct from personalised cancer vaccines.
WTP
Good spot but no, that SH01 relates to two different tranches of shares and are in addition to the 1m exercised by Richard Goodfellow. Number of share options being exercised this time - 120k @ 8.15p and 40K @ 5.25p. Total shares in issue now stands at 928979977.
You may remember that in May 2020 the senior management team took a 25% pay cut for 3 months due to Covid. At the same time they were all granted 1m share options each with a strike price of 8.15p. So John Chiplin, Cliff Holloway, Lindy Durrant, Sally Adams, Richard Goodfellow and Keith Green all have 1m options at 8.15p - could be any one of those but the small no. of shares involved makes me think that it's more likely to be other members of staff exercising options awarded as part of the Company's share incentive scheme.
Moonparty -
RG has already exercised one tranche so this is the second. I think he has approx. 600k left.
Johnny,
Thanks for spotting this in the first place and then finding the answer - great research.
Ruck,
Sorry have only just seen your 12.07. As square10 has said retail investors have a choice - either sell at the best price they can get or keep holding. Both Redx and C4X are putting in place a matched bargain facility run by JP Jenkins in order to help investors buy/sell after delisting. Essentially you let them know how many shares and the price and they'll try to match the trade for you. However you can't deal directly with them, it has to be via your broker and there is no guarantee the facility will remain in place in the long run.
If Scancell were to go down this route there would be a third option and that would be simply to vote against the delisting.
1/2
I wanted to comment on Jouang1's post last night. C4X and Redx's delistings are really significant events and everyone who is long on any AIM bio, not just Scancell should be asking themselves the same question. Although it's popular because it's what we'd like to believe, simply stating that it won't happen to Scancell because it runs a tighter ship and has more chances of deals is not the answer IMO.
C4X and Redx are two of the most successful bios on AIM when it comes to deals. They both have signed several deals with big pharma worth up to $2.5 billion and have already banked nearly $115m in milestones and up front payments. Before anyone leaps to Scancell's defence, they are both operating in a very different space to Scancell. They create best in class small molecules - much easier to cut a deal if your developing a molecule that is superior to an existing FDA approved product than if your going after completely novel and unproven targets. So both companies have a proven track record of creating commercially attractive molecules and the expectation of further deals. C4X is sitting on a pile of cash and Redx have a cash runway to 2025 but with additional near term milestones expected.
Whether to remain listed on AIM boils down to a simple cost/benefit analysis and both bios believe the scales have tipped in favour of being run as a private company where they say they'll have access to a much wider pool of specialist investors. Valuations on AIM mean that they'd either have to accept massive dilution with every round of funding or they'll have to reduce costs by scaling back on R&D thereby hampering development of their pipeline. The fact that the redemption date for the Redx CLNs held by Redmile and Sofinnova is fast approaching (Aug 2024) and that they both have a seat on the Redx board must surely have been a factor in the timing of this decision and worth noting this line from their RNS:-
'the limited liquidity in the Ordinary Shares makes it challenging for Shareholders of any size to acquire additional Ordinary Shares or dispose of any Ordinary Shares in the market at an attractive price'
2/2
Having said all of that, the original question was whether Scancell differs from Redx and I think it does for the following reasons:-
1) Scancell are funded through to 2025 inflection points. Crucially the redemption date for Redmile's CLNs isn't until the back end of 2025 and they can't convert before this date. This means that Scancell can afford to wait and see whether market conditions improve
2) Scancell have nearly 930m shares in issue and the bulk are held by retail investors. C4X and Redx have just 252m and 389m shares in issue with a much lower percentage of these held by retail investors. This matters because in order to delist a minimum of 75% of votes are needed and I'm not sure Scancell could achieve that as most retail investors would likely vote against delisting.
3) Both C4X and Redx are further down the deal making road and this combined with the space they are operating in may make it easier for them to raise cash as a private company thus tipping the scales a bit further towards delisting
For all of the above reasons and simply a gut feeling that I can't imagine Lindy Durrant going down that route I think Scancell's situation is different. For sure though Redmile will want to see an exit route here. They may agree to extend the CLNs further and there are other possible scenarios (NASDAQ listing, sale etc.) but one way or another 2025 really is an important year for Scancell.
Apologies for the long post but we focus so much on the science on this bb and it's easy to overlook or underestimate the commercial/financial/corporate issues and bios delisting and the poor performance of the AIM market is something that we should be discussing in an open and balanced way. All IMO of course.
Flightman,
The shareholders making up that 84% will be Redmile and Sofinnova who both have a representative on Redx's board and obviously will have backed the move. It will be interesting to see whether either have picked up any of Polar's stock.
Chester,
It's one of the Scancell threads on ADVFN - think PoG stands for pot of gold so obviously created by someone with a sense of humour!
Moonparty,
The AACR abstract submission deadline was around the first week in Jan and so the data in the abstract probably comes from end of Dec at the latest. We have no idea how many patients have now been recruited or indeed whether the SCIB1 study is already fully recruited.
We will have to wait and see whether Lindy includes more recent updated results in her presentation.