Stifel has resumed coverage of biopharmaceutical company Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) with a repeat of its 'buy' recommendation and 30p target price - a significant premium to the current 11p share price.
The American investment bank cites Scancell's successful (and significantly upsized) £11.9 million capital raise as a major source for optimism going forward.
The issue of new stock, at a 10.2% discount to the prevailing market price, extends Scancell's financial runway to mid-to-late 2025.
This stability allows the immuno-oncology specialist to focus on pivotal clinical milestones in its SCOPE and ModiFY trials, with key data expected in 2024 and progression-free survival data from the SCOPE trial due in the first half of 2025, Stifel said in a note to clients.
Scancell's strategic focus now includes advancing its iSCIB1+ cohort recruitment and preparation for phase II/III registration studies. The recent capital infusion significantly reduces near-term financial concerns, positioning Scancell for potentially transformative progress in the upcoming 12-18 months, Stifel's note said.