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Scancell completes oversubscribed fundraising to support coronavirus vaccine development

The cash will also be used to support the company's Modi-1 and SCIBI clinical trials

Scancell Holdings PLC - Scancell plans fundraising to support coronavirus vaccine development

Scancell Holdings PLC (LON:SCLP) said it has completed a "significantly oversubscribed" placing as part of plans to raise up to £15mln to support the continued initial development of a coronavirus (COVID-19) vaccine as well as clinical trials and partnering discussions for its antibody technology.

The immunotherapy developer raised around £2mln through the placing of 36.4mln new shares at a price of 5.5p each, in addition to £5mln raised through a subscription of 90.9mln new shares at the same price to healthcare investment group Redmile

READ: Scancell publishes new research highlighting potential of Modi-1 in hard-to-treat cancers

Scancell said it has also offered a subscription for convertible loan notes with an aggregate principal amount of £6mln and conversion price of 6.2p per share, with £5mln to be subscribed for by Redmile and £1mln to be subscribed for by Vulpes, one of its substantial shareholders.

The company is also planning to raise £2mln through an open offer at the placing price to qualifying shareholders.

"We are delighted with the outcome of this fundraise and would like to thank our existing shareholders, especially Vulpes, for their continued support of Scancell's unique approach to fighting cancer and we look forward to welcoming the Redmile Funds as new shareholders", said Scancell chief executive Cliff Holloway.

"The monies raised will strengthen our balance sheet, providing the company with further capital to support continuing partnering discussions for our antibody technology and initiate our planned future clinical trials for Modi-1 and SCIB1. The company is currently experiencing an exciting evolution, including our efforts towards a vaccine for [coronavirus], and we look forward to updating shareholders with future developments in due course", the CEO added.

In late afternoon trading, Scancell shares were down 4.4% at 6.55p.

 -- Adds results of fundraise and updates share price --

Quick facts: Scancell Holdings PLC

Price: 11.6 GBX

LSE:SCLP
Market: LSE
Market Cap: £94.57 m
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