As of 30 April, the company had £2.7mln in the bank and it expects the coffers to need topping up as it prepares for a phase II trial of its SCIB1 skin cancer treatment over in the US.
“We are continuing to explore a number of funding options to ensure that we have the resources to progress these programmes through their next phase,” said chief executive Richard Goodfellow.
“The board believes that this funding could be best achieved following the execution of one or more partnerships on the ImmunoBody or Moditope platforms, on which significant progress has been made since the year end.”
Both platforms advancing
Scancell also told investors that it has made “significant progress” over the past year or so.
SCIB1 continues to produce “strong survival data” from its phase I/II clinical trial and compares favourably with ipilimumab – the current stand of care for late-stage melanoma patients – which has previously received approval in the US, Canada and the EU.
An investigational new drug (IND) application to the US Food and Drug Administration for a phase II study is expected to be submitted early next year, with patient enrolment planned also planned for 2018.
Modi-1 – the lead product from the Moditope platform – has also made “continued good progress” and Scancell said it is aiming to file a Clinical Trial Application (CTA) in the UK for the planned phase I/II clinical trial in breast cancer, ovarian cancer and sarcoma in 2018.
Boss hails ‘further significant progress’
“We have made further significant progress during the course of the past year on the development of our ImmunoBody and Moditope platforms,” said Goodfellow.
“We continue to report strong survival data in patients with Stage III/IV melanoma from our SCIB1 Phase I/II clinical trial, with survival times now exceeding five years in resected patients.”
He added: “Moditope is also progressing well with the identification of a new linked adjuvant for the first Modi-1 clinical trial in the UK in patients with breast cancer, ovarian cancer and sarcoma which is expected to increase the potency of the product up to 100-fold.”
For the year to 30 April, Scancell reported a loss of £3.5mln (2016: Loss of £2.6mln).
Since the end of the period, Scancell successfully raised £4.7mln through a share placing, with the funds to be used in the clinical development of Modi-1 and support the ImmunoBody platform pipeline.
The company has also been granted a European patent for tis DNA ImmunoBody technology, with similar awards in the US, Australia and Japan.
Scancell shares were down 8.8% to 12.68p in early deals on Wednesday.
--Updates for share price--