Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) said an international biotechnology company will evaluate an anti-glycan monoclonal antibody developed using Scancell's GlyMab platform.
The unnamed business will pay $1 million in the next 30 days to secure a seven-month exclusivity over the asset. The agreement includes an option to licence the antibody.
"We are very pleased to announce this agreement today with a leading international biotechnology company," said Scancell CEO, Professor Lindy Durrant.
"This is now the second anti-glycan monoclonal antibody generated via our proprietary GlyMab® platform to be evaluated, the first now being developed under a commercial licence agreement.
"This provides further validation of the potential of our antibody platform to create novel, differentiated antibody products.
"Whilst the agreement is for an initial exclusive evaluation period, there is an option to licence, and we look forward to providing the market with any updates in due course."
Scancell's GlyMab platform targets sugar motifs on cells (rather than proteins), which change when normal cells become cancer cells.
This innovative approach allows the development of antibodies targeting tumour-associated glycan motifs.
Scancell's antibody portfolio includes five novel monoclonal antibodies in early-stage development, potentially identifying many more using this unique methodology.