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Immunotherapy group Scancell PLC (LON:SCLP) has seen strong support from institutions for a fund raise to develop its two lead platform technologies.
A hot area of cancer research at present, immunotherapy uses the body's own internal biological defences to ward off the disease with the ultimate hope to build up long-term resistance.
This tumour-specific T-cell technique in particular has been given a major boost by results from recent studies, but Scancell, is targeting the disease long before it reaches the stage of patients in these recent trials.
Its vaccine platform, Immunobody, can be designed to target a particular cancer. Moditope, meanwhile, is a peptide-based vaccine platform that stimulates the production of killer CD4+ T cells that induce anti-tumour activity without toxicity.
The proceeds of the placing, at 17p, will support both product lines. The firm placing raised £400,000 more than expected at £3.4mln, while an open offer aims to raise a further £3.8mln.
John Chiplin, Scancell’s chairman, said: "We are also excited to be progressing the first pipeline product from our Moditope platform, Modi-1, into the clinic.
“Part of the funds raised are earmarked for finishing the necessary work to allow Scancell to file a Clinical Trial Application in the UK for the planned Phase 1/2 clinical trial in triple negative breast cancer/ovarian cancer that we expect to begin next year."