Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) has announced plans to raise up to £9.5 million to support its clinical programmes.
The funding round is made up of a placing of new shares at 10.5p each that will bring in at least £8.5 million and a retail offer of stock.
The new investment will be used to advance Scancell’s key cancer immunotherapy programmes.
This includes collecting clinical trial data for its SCIB1 and Modi-1 therapies, which are designed to treat melanoma and renal cell carcinoma respectively.
The company will also use the money for ongoing research, operational needs, and partnering discussions.
Scancell reported £9.1 million in cash reserves as of November 2024 and expects an additional payment from a recent partnership with biotech company Genmab (CSE:GEN) (estimated to be around $5 million).
Together with the new funds, the company believes it will have sufficient resources to continue development efforts until late 2026.
The placing is being conducted through an accelerated bookbuild process, with results to be announced shortly.
"The proposed new funding (alongside the recently announced upfront milestone payment from Genmab (CSE:GEN)) will allow Scancell to progress to the full clinical data of SCIB1 and the next generation iSCIB1+," said CEO Phil L'Huillier.
"This will allow us to prepare for the next stage of development, a Phase 2/3 adapted registration study, whilst extending cash runway to the second half of 2026."