RNS (from HYG re Scancell)7 Dec 2022 07:08
As at 5 December 2022, the unaudited NAV for an Ordinary share was 40p per share. This is an increase of 13p from the previously published unaudited NAV of 27p as at 30 September 2022 and is due to a significant increase in the share price of the Ordinary share pool’s largest quoted investment by value, Scancell Holdings Plc (“Scancell”), net of the associated performance fee accrual and running costs. AIM quoted investments made up 85% of the Ordinary share pool’s NAV as at 30 September 2022. The Ordinary share pool’s NAV fluctuates largely in line with the movement in its two AIM quoted investments. The share price of the Ordinary share pool’s other quoted investment, Arecor Therapeutics Plc, has remained relatively flat since 30 September 2022 at 240p per share as at 5 December 2022.
Scancell announced in October a licensing agreement with Genmab, an international biotechnology company, to develop and commercialise a Scancell investigational anti-glycan monoclonal antibody into novel therapeutic products. Under the agreement, Scancell is to receive an upfront payment as well as potential milestone payments of up to $208 million for each product developed and commercialised, up to a maximum of $624 million if Genmab develops and commercialises products across all defined modalities. Scancell will also receive royalties from Genmab on net sales of all commercialised products. In the same month, Scancell announced its first-in-human clinical trial, Modi-1 (ModiFY), had progressed successfully through cohort 1 and 2 and that the trial will progress onto cohort 3 safety testing. In November, the company announced a licensing agreement with Vaccitech plc to use their SNAPvax™ technology to formulate and manufacture its Modi-2 product. As a result of these developments, Scancell’s share price has increased from 12p as at 30 September 2022 to 23p as at 5 December 2022, representing a 92% increase.
We are pleased that the market is recognising the continuing developments at Scancell and have taken the opportunity to realise a further modest portion of our holding by selling 500,000 shares at 25p per Scancell share. Our remaining holding is 10.5 million shares and we continue to monitor the progress of Scancell closely
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