Key highlights for biotech group Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF)’s financial year ending 30 April 2023 included a positive data reading arising from SCIB1’s Phase-2 (SCOPE) trial for advanced melanoma and progress in phase 1/2 of the Modi-1 clinical trial (ModiFY).
Modi-1 is the first vaccine based on Scancell’s Moditope platform, while the ModiFY study is a first-in-human clinical trial for patients with triple-negative breast cancer, ovarian cancer, head and neck cancer, and renal cancer.
In the antibodies space, the GlyMab and AvidiMab platforms are providing potential out-licensing opportunities, with active discussions ongoing with pharmaceutical and biotech companies.
On the corporate front, Jean-Michel Cosséry was appointed as non-executive chairman, bringing over 25 years of healthcare experience and a sustained global track record of success, while Sath Nirmalananthan was brought in as chief finance officer.
Group cash balance at the end of the period was £19.9 million, representing a cash runway through to early 2025.
Looking forward, the company remains confident that it will achieve its near-term clinical milestones in the SCIB1 and ModiFY trials, given the “significant clinical and commercial milestones achieved in the period (and) positive early efficacy data”.
"Throughout the year, we have continued to deliver strong progress across the business and have achieved a number of significant milestones,” said professor Lindy Durrant, chief executive of Scancell.
“With a bolstered leadership team, sufficient cash in place to fund our current strategy and with further key data from both the SCOPE and ModiFY trial anticipated during 2024, I believe we are well placed to achieve the potential of our treatments for patients whilst also creating and delivering significant long-term value for our shareholders."