Panmure Liberum said Scancell Holdings PLC's (AIM:SCLP, OTC:SCNLF) latest clinical update has strengthened the case for its cancer vaccine programme, arguing that “significant value is building” as the company moves toward a pivotal phase III trial.
The broker reiterated its buy rating and 32p target price following new readouts from the phase II SCOPE study and encouraging feedback from regulators, including the US Food and Drug Administration.
The new data, to be presented at the ESMO Immuno-Oncology Congress, show Scancell’s iSCIB1+ vaccine, used alongside standard immunotherapy, continues to outperform existing treatment alone.
Progression-free survival (the length of time before a cancer worsens) reached 74% at 16 months for patients with certain immune-system markers, a 28% improvement versus the benchmark therapy.
The difference between the two groups has widened over time, which Panmure Liberum described as “impressive” and supportive of partnership discussions.
The SCOPE trial also suggests 80% of melanoma patients can be identified in advance as likely to respond, simplifying recruitment for the phase III study and increasing the chance of success.
Regulators appear comfortable with Scancell’s proposed design: a single global, placebo-controlled trial of about 460 patients using progression-free survival as the primary measure. The FDA has indicated alignment on dose, delivery method and endpoints.
The broker said Scancell has enough cash to operate into the second half of 2026, giving it time to conclude “multiple activities currently underway”, including ongoing talks with potential development partners.
It expects first patients to be recruited in the third quarter of 2026, noting that the strong safety profile and widening efficacy signal should attract further interest.