RNS26 Jan 2022 07:13
Interim Results for the 6 months ended 31 Oct 2021
Wed, 26th Jan 2022 07:00
RNS Number : 6301Z
Scancell Holdings Plc
26 January 2022
26 January 2022
Scancell Holdings plc
("Scancell" or the "Company")
Interim Results for the 6 months ended 31 October 2021
Strong operational progress with two programmes now in the clinic
Scancell Holdings plc (AIM: SCLP), the developer of novel immunotherapies for the treatment of cancer and infectious disease, announces its interim results for the 6 months ended 31 October 2021.
Highlights (including post period):
Vaccines:
· First subject dosed in the Company's COVID-19 vaccine Phase 1 clinical trial (COVIDITY) in South Africa, with 16 patients having been recruited to date.
· Selection of PharmaJet's Needle-free Injection System to administer the Company's two SARS-CoV-2 vaccine candidates.
· Modi-1 Phase 1/2 clinical trial application approved by the UK's Medicines and Healthcare Products Regulatory Authority (MHRA) and challenges previously associated with formulation of the citrullinated enolase peptide successfully resolved.
· Four clinical centres in the UK now operational in the Company's SCIB1 Phase 2 clinical trial and, post period, the first patient was dosed at Churchill Hospital, Oxford University Hospitals Trust.
Antibodies:
· Continued the development of a unique, rich pipeline of tumour-specific anti-glycan antibodies with the initial aim of generating early-stage clinical data, either alone or in combination with potential strategic partners.
· Applied AvidiMab™ technology to the Company's internal programmes to engineer and enhance potency of its anti-glycan antibodies, ImmunoBody® cancer products and COVID-19 vaccine candidates.
Corporate:
· Professor Lindy Durrant, founder, Board Director and Chief Scientific Officer of Scancell, appointed as Chief Executive Officer of Scancell Holdings plc in July 2021.
· Expanded the Group's R&D capabilities post period by taking new laboratory and office space in the Bellhouse Building at The Oxford Science Park.
Financial:
· The Company's capital structure has been improved through the extension of the redemption dates of the outstanding unsecured Convertible Loan Notes ("CLNs") issued by the Company in 2020.
· Reported profit for the 6-month period to 31 October 2021 of £3.2 million (versus 6-month period to 31 October 2020 loss of £3.86 million) benefited substantially from a non-cash gain to the holding value of the CLNs. The redemption dates for the CLNs were extended to 2025. The loss after tax excluding this gain was £3.96 million (versus 6-month period to 31 October 2020 loss of £3.86 million).
· Group cash balance at 31 October 2021 was £35.6 million (April 2021: £41.1 million).
Prof Lindy Durrant, Chief Executive Officer, Scancell, commented:
"We are please