Scancell Holdings PLC (LON:SCLP) said it has “significantly strengthened” its cash position which it noted will accelerate its pipeline of novel therapies for cancer and advance its vaccine candidate for coronavirus (COVID-19).
In its results for the six months ended October 31, 2020, the developer of immunotherapies said it ended the period with £25.7mln in cash compared to £3.6mln in April last year, while post-period another £20.5mln had been raised from the issue of convertible loan notes and an open offer to shareholders.
In the figures, the pre-revenue company reported a pre-tax loss for the period of £4.3mln compared to £3.08mln in the prior year.
Looking ahead, Scancell said the additional funding is “transformational” and will enable it to move forward on a number of fronts including moving its COVID-19 vaccine candidate through planned clinical trials, accelerating and broadening its development pipeline of novel therapies, expanding its resources and capabilities in development and clinical operations and broadening its intellectual property portfolio.
"We are pleased to report a period of strong operational and financial progress for Scancell, having transformed the group's cash balance through two transactions with the support of our shareholders. 2021 is set to be an exciting year for the business”, Scancell chief executive Cliff Holloway said in a statement.
“We continue to work towards developing an effective and differentiated vaccine against COVID-19, potentially active against new variants of the SARS-CoV-2 virus, whilst also making progress with our Moditope, ImmunoBody and AvidiMab platforms. We would like to thank our shareholders for their continued support over the past 6 months and look forward to utilising the proceeds raised to propel the business forward", he added.