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Makes sense to increase their acreage before announcing the assay results. Grab prospective land before the herd arrives…..

Ray,

My impression from the AGM is that the Modi trial results have been delayed to allow for a longer data period re PFS etc, either for reasons of deal-doing (eg needing to mature the mono-therapy data to 24 months or whatever) or perhaps to gain access to the CVLP for further trials?

Crusty,

It was plain from the AGM that they have a large number of active discussions ongoing. In my view, they will cover almost the full range of possible deal structures - and any of the outcomes are possible, depending on which the board deems to be the most advantageous way to proceed for shareholders. I personally think a sale of some portion of part of the assets for cash (or carry, to use oil and gas terminology, through the next phase of trials) is the most likely. For example, iSCIB1+ might be developed in a 60/40 partnership with a GSK, with GSK funding a regulator-agreed phase 3 trial design in order to earn their way to the 40%. Such deals might include an 18 month option to take the whole product for some appropriately-large number, in the success case.

That is just an example - but any of the three platforms could be used in that way……or, indeed, partnered for cash that can then be used to develop one of the other platforms.

16th too close to Christmas IMO - you lose the market impact of any good news after next week, because institutions often won’t open new positions and liquidity dries up.

Also potentially significant that the trade was at a month end. I remember when L&G lost a fund management mandate in another stock I held and they were required to convert it all into cash by a particular month end (also November, if I recall correctly). Existing holders took them out of their remaining biggish block at a big discount of about 20% and the share price bounced back immediately when they were out.

Different circumstances here, as the selling has been managed better - but the removal of the overhang would increase any response to good news, potentially materially.

The Don was my hero too, tf. The whacking of United was at Selhurst (I recall it well as I was too ill to go and had to give my ticket to a friend 🙄)…..just as it will be in tomorrow’s 7-1 win😜

Meanwhile, I see this comment:

“ Today is 24th November 2025. Four years since my urology appointment informing me I had incurable metastatic kidney cancer.

I don’t feel like I have incurable cancer any more and it’s not a worry.”

I’d love to know how many other Modi-1 trial patients are as positive…..

The more time passes, the greater the likelihood. With Christmas now looming, I think a Data & Corporate Update is on the cards for 9th December ish.

Good opportunity for S Chari to average down a bit, even though the rupee has weakened substantially against GBP?

Indeed. Another opportunity missed for Reeves to do something positive for the country. Maybe Wes could bang the growth drum for her?

Yup Balerno. But perhaps the Budget may hang out the welcome sign? As you heard me say to Phil, the government certainly needs to find some “wins”.

Yes…..Starmer, Streeting and the relevant junior health ministers are all well-informed. Remember at the AGM Calum Scott was reportedly so busy in making urgent regulatory applications for trials that he couldn’t attend the AGM despite having come down to London to do so. I think Modi-1 will also be put into the CVLP programme - and perhaps Modi-2 in due course.

….enough time and money has been wasted on personalised vaccines. We need to accelerate the process of actually treating cancers.

Personally I will be expecting to hear the Chancellor talk about measures to stimulate UK cutting-edge research (into cancer therapies in particular). I would also not be surprised if a state agency were to take a stake in companies with promising technologies that the NHS was playing a significant role in accelerating the development of.

Anyone still think Crusty is a “glass half full” kind of guy?…..

Burble,

“I guess like any biotech, it's understanding where you will be able to demonstrate to investors/partners that there is value and potential and not spreading yourself too thinly across multiple indications without the finances to progress these all forward to meaningful inflection points“

One thought occurs to me on this. It is now some four years since Scancell decided to focus heavily on what they could finance. But, since then, we have had massive developments in AI. I think it is entirely possible that Scancell already have dozens, possibly hundreds, of ideas for product/indication combinations which could be developed using one or other of their platforms - and so there is a massive potential research pipeline there in nascent form, which is slowly being assembled in pre-clinical studies.

In my opinion there is absolutely nothing whatsoever in the price for this - but if we have two safe and effective platforms that have then potential to be built on with large numbers of other vaccine/ indication/setting combinations then the potential upside could be enormous. I am sure that will not be lost on well-resourced pharma companies…..or, indeed, on desperate governments trying to deliver positives from their NHS….

Worthwhile taking a look at that piece, as it is a very lucid explanation of the two platforms.

My takeaways:

1. Stress on durability of response of iSCIB1+

2. Clear explanation that 80% of global population are responsive to iSCIB1+….and that these individuals are genetically predictable via a test.

3. Clear intent to use the durability of response to offer patients with resectable tumours the possibility of a “cure” that will prevent recurrence.

4. A reminder that Modi-1 is only the first vaccine produced from that platform……and interesting that she checked through all four arms of the study, even though the focus is on H&N and renal (which latter point may well account for the change in analyst estimates of market size)

5. Further confirmation that the focus is on working with all major regulators on iSCIB1+ trial design, for H2 next year.

All welcome to hear, as Dr Varawalla wasn’t at the AGM.

And, I suspect, all part of a “come and get me” campaign targeting the dozen or so companies that are in some sort of continuing discussions (as we know from the AGM).

Would be nice to have some assay results early next week, just as the first test ends in Perth and there are millions of UK eyeballs on Western Australia…..

“ And now remember that much more is possible with monotherapy. That is also within the realm of possibility.”

Phil was putting heavy stress on the monotherapy data at the AGM. That is what will produce the highest shareholder value.

I also note some here complain about the lack of attention to Avidimab. Phil was clear (despite what some suggest) that there are only three platforms in the group, but Avidimab is core to Scancell (and by implication not a platform that can be separately disposed of. It does add value to everything though - and is one reason why a whole company deal is most likely in due course (post GT spinout).

My answer to Chester’s 11:47 is yes.

The Minister of Power will address this security conference in Goa on the 14th….

……https://m.facebook.com/story.php?story_fbid=pfbid0eHb4b5DVbBbQN7ygr82rRDKSZqv67W3KHwPzf5TMhLacnnWZpr1DcE1KvF3hcEbPl&id=100064567157451

Do you think they’d notice a white bloke in swimming trunks listening in?

There was one slide with redacted info. I can 100% guarantee you it will still be redacted because all the redacted info remains and will remain commercially sensitive, Specifically the redacted bits categorise the status of their various deal discussions with named counterparties.