RE: Nasdaq12 Jul 2024 10:29
Talk of listing on the NasDaq is partly posturing and partly having some clear routes to more development money.
Looking at the Scope trial in isolation, if the data for iSCIB+ shows continued low or no toxicity and the ORR is above 70% across this now 100% non selective cohort of patients, it will absolutely be chosen for the Registration Trial.
That trial is 100 patients Phase2 and 300 patients in Phase3 over 18 months.
Submission and Approval could mean that it’s up and running by April / May 2025 and completion by Late 2026.
We don’t currently have £60m to £100m of funds to do such a huge trial, so what are the possible routes to that amount of funding. Let’s assume great data in the next 4 months translates to an SP around 25p.
A ) A new fund raise and open offer at 20p issuing around 400,0000,0000 new shares.
B ) A very quick transfer to List on the Nasdaq is possible and probably using the same volume of dilution to achieve the required funds.
C ) Partner up with a Pharma or Biotech big enough to fund that Registration Trial meaning that Scancell has to give away the vast majority of future revenue. That is countered by them taking on the lions share of the Risk and Scancell having a stronger balance sheet.
D ) The whole Immunobody platform is sold to the highest bidder.
Having all these positions covered and the CLN’s kicked out of the way to 2027 means that any serious approaches will need to have big numbers attached or Scancell shrug their shoulders and politely say we’re going it alone.
It’s all about the data but everything that is happening now tells us that the data is well above just average.