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Scancell is cashed up and looking to extend its capabilities

The company, which has received tremendous support from its shareholders, expects to make further progress in the current year as it looks to broaden the reach of its platforms

DNA vaccine

Scancell Holdings PLC (LON:SCLP) said it made strong progress as a business in the year to the end of April, 2020.

The developer of immunotherapies for the treatment of cancer and infectious disease revealed in its full-year results that it ended the reporting period with £3.58mln cash, down from £4.56mln at the end of April 2019.

Since then, it has completed a £15mln fund-raising to fund its Phase 1/2 clinical trial for Modi-1 and the Phase 2 clinical trial for SCIB1, while it is currently in the process of raising up to £33mln to allow it to extend the utility of its Moditope, ImmunoBody and AvidiMab/TaG antibody products and platforms to accelerate and broaden its development pipeline of new potential novel therapies.

The company said the coronavirus (COVID-19) pandemic adversely affected the last six weeks of its financial year and as expected, has continued to have an impact on the company since the financial year-end, with some delays in some research activities including work on Modi-2 and Modi-3, while progress on antibodies being slower than originally planned.

The company is not yet revenue earning and thus is loss-making. The loss before taxation was little changed at £6.77mln compared to a loss of £6.71mln the year before.

"The COVID-19 pandemic has been a challenging time for many, and in order to use our expertise and resources to help in the global response, we initiated a research programme to develop a DNA vaccine for COVID-19, in collaboration with a consortium of scientists at the University of Nottingham and Nottingham Trent University.

"The vaccine aims to induce both durable T cell responses and virus neutralising antibodies, which we believe will give a more potent and long-lasting response than other vaccines in development, ultimately leading to better protection,” Cliff Holloway, the chief executive officer of Scancell said in the results statement.

Quick facts: Scancell Holdings PLC

Price: 11.6 GBX

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