Oxford vct3 May 2018 08:29
""Scancell Holdings Plc (Scancell), listed on the AIM market of the London Stock Exchange, is your Company's second largest holding.� Scancell has had some very positive news flow during the course of the reporting period, including reporting various partnerships with the likes of Cancer Research UK and BioNTech.� Cliff Holloway joined as the new CEO in January 2018; he has worked successfully with chairman John Chiplin in the past.� We are particularly pleased to see non-dilutive forms of funding being brought to bear as Scancell takes its various exciting products forward.� A �5�million placing was completed in May 2017, though OT1 could not participate in this placing due to restrictions imposed by VCT rules.� Post the year end, there was a further investment round in April 2018.� OT1 was subject to the same VCT constraints and therefore was again unable to participate in the round.� Scancell will use the proceeds of the placing and open offer to support clinical trials for SCIB1, SCIB2 and Modi-1 and pre-clinical work for Modi-2.
The bid price of Scancell's shares used for the calculation of the Company's net asset value on 28�February 2018 was 14.0p, the same level as at the end of the previous reporting year.
Together with the Company's net current assets, Select Technology and Scancell make up just over 87% of OT1's portfolio as at 28 February 2018, a similar proportion as at the same date in 2017.""