Scancell communication- They also answer emails1 Nov 2020 09:05
'The Redmile Funds are managed by Redmile Group, LLC, which is an established and supportive US-based specialist healthcare and life sciences investment firm that focuses on making investments globally in public and private companies in the sector and has invested in excess of £225 million in UK companies
Votes received against these resolutions were from a very small number of shareholders, but did include one of the Company's larger shareholders
General Meeting adjourned to 10:00 a.m. on 5 November 2020 to allow additional shareholders the opportunity to vote on the Resolutions'
'Cliff Holloway, CEO of Scancell said "The additional funds from the proposed New Convertible Loan Notes would allow Scancell to accelerate its development pipeline by advancing multiple programmes from its different platform technologies in parallel. Importantly, this would mitigate risk versus our current, more sequential approach to asset development. Further, the additional capital would provide the Company with greater flexibility for any corporate development and partnering activities it may wish to undertake and thereby maximise the potential to increase shareholder value. I encourage those shareholders who have not yet voted to consider the merits to the Company of the additional funding from the New Convertible Loan Notes and to make use of the extended voting deadline for the adjourned General Meeting."'
Following completion of the Subscription, the Company currently has an unaudited cash balance of approximately £25 million. However, the Board believes that the proceeds of the New Convertible Loan Notes, if received, would significantly further strengthen its balance sheet and provide additional flexibility to further extend the utility of the Company's ImmunoBody®, Moditope® and AvidiMab™/TaG antibody products and platforms to accelerate and broaden its development pipeline of new potential novel therapies. The Board believes that a strengthened balance sheet affords the ability to extract maximum value from this expanded development pipeline by advancing several lead programmes to the clinic in parallel. To achieve this the Company needs to expand its development and clinical operations capabilities to meet time critical milestones. Further, as outlined in the Capital Raise Announcement and the Circular, the additional capital from the issue of the New Convertible Loan Notes will provide the Company with greater flexibility regarding the execution of its development plans to ensure both optimal development and commercialisation strategies can be pursued and to limit the potential impact on the Company of economic pressures caused by COVID-19.'
'The Directors are aware of a number of shareholders who have indicated that they would vote in favour of the Resolutions if more time was available. In aggregate, votes to date have been received in respect of approximately 59 per cent. of the issued share capital of the Company. Taking all of the above in
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