Member Info for WeTookPelham

"...Also we don't really know what added value and how and how long it takes it might be a couple of weeks work it might be months or years who knows... though seems to be something around 'ADC' it could be something that came up in the research collaboration.... the word 'concluding' is interesting too as to me suggests it is not a case of deal we were getting is off..."

Yep "concluding" is another interesting phrase (but of course open to interpretation also)
But @crumbs - What is ADC??

Thanks, although that could be interpreted differently could in not? (and hence why I could not see it perhaps):

"...the Company intends to add further value" "Intends" being the key word here is it not?

You said "...the rns specifically states a commercial deal will not be concluded until we have more data"
IMO I would not say it "specifically" states that, "intends" seems quite vague to me? But open to interpretaion I guess.

Also, in that comment they do not mention Immunibody or Moditope, so they will almost certainly not wait on data to do a deal with those two then perhaps :)

@douve - "Botski, the rns specifically states a commercial deal will not be concluded until we have more data. So don't think todays rns is a red herring"

Where does it specifically say that Douve? Not having a go, but I can't see where it says that?
https://www.lse.co.uk/rns/SCLP/proposed-investment-by-redmile-and-open-offer-3q623fszzcs2uo2.html

"...- Gross proceeds of £33m will supplement the £15.1m cash balance at end-September 2020 and the £2m UKRI grant, providing management with the resources to achieve several near- and medium-term value inflection points."

"Several near..." Interesting phrasing no?

So as per my earlier question, is this to help leverage the first maBs deal do we think?

Is this the key bit?

"...The CLN will carry a modest interest rate of 3% and will not be convertible (at 13p) for two years unless Scancell is subject to a takeover or a NASDAQ listing. Under the Open Offer qualifying shareholders will be entitled to one new share for every 27 shares held (any excess can also be applied for)."

https://www.trinitydelta.org/research-notes/redmile-endorses-technologies-with-a-further-30m/

- Scancell has announced a proposed raise of up to £33m in additional funding at a price of 13p a share. Redmile Group will invest c £30m through an immediate £12.1m subscription in 93.1m new shares, with a further £17.9m as a convertible loan note (CLN) subject to shareholder approval. There is also an Open Offer of up to £3m (23.3m shares).

- The CLNs and Open Offer are conditional on a shareholder vote, expected on October 29, that requires a 75% majority. The CLN will carry a modest interest rate of 3% and will not be convertible (at 13p) for two years unless Scancell is subject to a takeover or a NASDAQ listing. Under the Open Offer qualifying shareholders will be entitled to one new share for every 27 shares held (any excess can also be applied for).

- The £30m funding is a strong endorsement of the value that Redmile, a knowledgeable and respected US life sciences investor, sees in Scancell’s technology platforms. It follows an initial £10m investment (£5m equity, £5m CLN) in August 2020, lifting Redmile’s existing holding from 14.5% to 25.5% following the new £12.1m equity subscription. Importantly, Redmile is known as an active and supportive shareholder that prefers value to be generated in-house rather than partnered too early. It is worth noting that Redmile is also invested in Redx Pharma (September 2020 Initiation).

- Gross proceeds of £33m will supplement the £15.1m cash balance at end-September 2020 and the £2m UKRI grant, providing management with the resources to achieve several near- and medium-term value inflection points.

- New funds will be used to extend the utility of Scancell’s three technology platforms (ImmunoBody, Moditope, and Avidimab/TaG antibody) to accelerate and broaden the R&D pipeline, and to maintain momentum with the COVID-19 DNA vaccine programme which is on track to start the Phase I COVIDITY trial in 2021. Scancell is also funded to progress SCIB-1, expected to initiate enrolment in the 25-pt Phase II melanoma trial by end-2020, and Modi-1, with clinical trial material being manufactured ahead of Phase I/II initiation planned for H121.

@shareguard - you're the expert RE Redmile and Redx here, does this seem to playing out here in a roughly similar pattern to you?

I think Redx were in a different position to Scancell at the time (?) but I wonder if the modus operandi is showing you the similar hallmarks? You seem reasonably convinced right?

@douve - "A good commercial deal cannot be looking imminent otherwise why further dillute?"

But isn't that exactly happened at Redx I.e. a huge deal after a similar investment by Redmile?

@shareguard - "...I was in Redx too very similar pattern they come in with an offer to buy the company just before a major deal with Astra Zeneca I sold out cheap with them but not this time"

Wow...so in a matter of weeks between Redx getting Redmile funding, AstraZeneca came in!
Redmile know what they are doing! As mentioned, is this Redmile purely providing leverage for a similar deal then?

https://pharmaphorum.com/news/redx-shares-soar-after-ipf-drug-deal-with-astrazeneca/

https://www.investegate.co.uk/redx-pharma-plc--redx-/rns/proposed-financing-of--30m-and-notice-of-gm/202006300700064498R/

"...Alderley Park, 30 June 2020 Redx (AIM: REDX), the drug discovery and development Group focused on cancer and fibrosis, today announces a proposed financing package to raise $30 million through the issue of $29 million of sterling denominated convertible loan notes (the "Loan") to funds managed or advised by Redmile Group ("Redmile") and Sofinnova Partners (through its investment fund Sofinnova Crossover I SLP) ("Sofinnova"), two specialist healthcare and life sciences investment firms (the "Lenders") and a direct share subscription by Sofinnova of £812,000 for new ordinary shares."

(How similar does that sound??? Mmm....)

@compoundinterest - yes, is this now following the the Redx Pharma investment pattern by Redmile?

"...The conclusion is interesting .. looking forward to LD putting it to shareholders (and everyone else) in her own words .. via an on line agm probably !??"

Yes, be good to here Professor Durrant speak about this in her own words.

But speaking of the AGM..."still" no date???

Is this the paper RE FG2811?

https://www.scancell.co.uk/Data/Sites/1/media/docspres/2811-bsi-liverpool.pdf

Typo - *Paint not ain't

Please don't tell me knowelsi is painting the recruitment of 3 X new scientists as bad news? Lol. Now I have heard it all. And people say I ain't him/her in a bad light lol.
I may have to hit the unfilter button for this one :)

@ivyspivey - "...Great to see the recruitment drive by SCLP re the 3 research roles and certainly a heavy commitment to the future here and to ease the workload of others.So that is a big positive and thanks WTP for highlighting it."

Yes, that's what really intrigued me, comparatively speaking, for a bio with the number of scientific staff Scancell currently has, this is a big commitment, and IMO a statement of intent, a statement that they are growing and need more scientific hands on deck/expertise.

It's good to see where Redmile's (and Innovate's) is going to.

Also, maybe it was just me, but I was a little surprised how the job descriptions spoke in so much detail and mentioned the platforms specifically by name. A lot of descriptions are left vague. I guess when you have the patents you can say what you want?

C7 - I just did a Google search for Scancell in the last 24 hours. I used to do this quite often but got out of the habit.
I wasn't job hunting, far too thick for those roles.

From Wikipedia:
"Contract Research Organization or Clinical Research Organization, for pharmaceuticals"

@shareguard - yeah I saw that too, but didn't fully understand what the role was exactly, and why Scancell isn't mentioned specifically like the other roles? Hence didn't mention it but it does sound like Scancell doesn't it?

"...We’re working with a rapidly-growing CRO that could be the home you’re looking for. Over the last four years, they’ve increased their headcount by more than 400%, and on the back of that have secured significant investment to drive their future plans."

Yeah what is CRO?

@RW - "...So when those posts are filled that's going to be how many PhD holders on the staff?"

Good point, but also I can't imagine they've taken on 4 x scientific posts in one go before? Unless someone knows better? And isn't it like a 20/25% increase in scientific staff compared to existing?

I'm intrigued by number of posts, what goosed and Bermuda are saying about post no.3 and also the timing.

It's almost like they need more hands on deck/something is brewing in the background ;)

Reason i think the job specs are of real interest (and should be read) is because what they might imply, esp role No.3 however I don't have the science knowledge to appreciate the nuances of the job specs.

It seems however Goosed and Bermuda shorts have answered this over on ADVFN, and I've lifted their chat lock, stock & barrel (I belive their copyright lawyers are on the phone as we speak :))

09/10/2020
14:33 Yes, nice find by WTP and well spotted gooosed. Research scientist no. 3 definitely the interesting one - does this bode well for the BioNTech collaboration? 'Key responsibilities: Produce lentiviral CAR constructs, transduce T cells and assess their target killing potential in vitro and in vivo Essential skills/requirements: PhD in immunology, the role would suit a newly qualified PhD level scientist with proven lentiviral/CAR T cell or TCR analysis experience Evidence of published work in a CAR T cell/TCR-related field .............etc. etc.
bermudashorts
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09/10/2020
14:22 Interesting find by WeTookPelham on LSE : "Research Scientist 3 (CAR-T cell immunology)" Https://jobs.newscientist.com/en-gb/job/1401720180/research-scientist-3-positions-available-/ Anyone know if this particular position relates to AvidiMab or Moditope ?
gooosed