Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) has extended the redemption dates of outstanding unsecured convertible loan notes held by Redmile Group by two years to 2027.
The £19.25 million of CLNs, which were issued in 2020, were due to be redeemed next August and November.
August 2027 will be the new redemption date for £1.75 million of nil rate unsecured CLNs and November 2027 for £17.9 million of 3% unsecured CLNs. The conversion price of 13p per ordinary share remains unchanged.
The cancer immunotherapies developer said that as part of the terms of the deed of amendment, approximately £0.5 million of the 3% unsecured CLNs will be redeemed in cash on or around this Friday, 5 July.
The Redmile funds and the company have also agreed that the interest on the remaining 3% unsecured CLNs will be deferred and accrued rather than settled yearly, which Scancell said was a net positive cash impact for the company in the medium term.