Shares in Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) jumped 10% in early trading after the life sciences group announced that an international biotechnology company will evaluate its anti-glycan monoclonal antibody developed using Scancell's GlyMab platform.
The unnamed company will pay $1 million within 30 days for seven months of exclusive evaluation rights.
"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," said Scancell CEO, Professor Lindy Durrant.
The GlyMab platform targets sugar motifs on cells, which change when normal cells become cancerous. This allows for the creation of antibodies that specifically target tumor-associated glycan motifs. Scancell's antibody portfolio includes five novel monoclonal antibodies in early-stage development, with the potential to discover more using this unique methodology.
The agreement includes an option for the unnamed company to license the antibody after the exclusive evaluation period.
The shares were 0.9p at 10.3p.