RE: Redmile17 Oct 2020 15:49
From redmile raising number one:
'The Company has entered into three non-exclusive research agreements with leading antibody technology companies in Europe, the USA and China to evaluate the Company's anti-TaG mAbs including those enhanced with the AvidiMab™ technology. TaGs can be targeted by several other tumour cell killing approaches, including antibody drug conjugates (ADC), redirected T-cells, and also adoptive cell therapies such as chimeric antigen receptor (CAR) T cells. Under the terms of the collaboration and research agreements, Scancell and its partners will evaluate the potential of the anti-TaG mAbs, in these various formats. The Company expects these collaboration and research agreements could transition into potential partnerships. Advanced commercial discussions are currently underway with a global biotech with initial commercial collaboration potentially to be in the form of granting a partner an option to a future licence.'
'The net proceeds from the Capital Raise, in addition to the Company's existing cash resources and anticipated tax credits, will be used to:
· strengthen the Company's balance sheet to support potential partnering discussions for the Company's antibody technology;
· support clinical trials for Modi-1 Phase 1/2 and SCIB1 Phase 2; and
· continue initial COVID-19 vaccine development until non-dilutive funding or third-party partnering transaction.'
From raising number two:
'The Capital Raise will provide the Company with significant additional balance sheet strength and will allow the Company to 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. In particular, proceeds from the Capital Raise are expected to be used to:
· Initiate and advance new and existing ImmunoBody® and Moditope® programmes, such as Modi-2, which is currently in pre-clinical development
· Expand the Company's resources and capabilities in development and clinical operations to expedite programmes to the clinic and broaden their potential clinical utility
· Build on existing antibody expertise to further advance the preclinical development of the TaG antibodies, including as antibody-drug conjugates ("ADC")
· Supplement the Innovate UK funding for the rapid development of a COVID-19 vaccine
· Broaden the Company's intellectual property portfolio.'
'Avidimab™ platform and the TaG antibodies update
With the additional funds available from the Capital Raise, the Company intends to add further value to both the Avidimab™ platform and the TaG antibodies before concluding any licensing deals.'
From finals:
'Commercial discussions were initiated with one of the evaluation parties towards a partnering transaction for one of the TaG antibodies; however, with the additional funds available from the October Capital Raise, the Company now intends to add further value
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