Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF), the developer of novel immunotherapies for treating cancer and infectious disease, has confirmed that it has no banking relationship with either Silicon Valley Bank (SVB) or Silicon Valley Bank UK, and therefore no cash on deposit in them.
This announcement follows the closure of SVB by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver, and the statement by the Bank of England noting that it has placed SVB UK into resolution.
Scancell shares were stable in Monday’s pre-market trading session, adding 1.5% to 27p as of 7.30am.