Scancell Holdings PLC (LON:SCLP) revealed it had raised a total of around £6.2mln from its open offer and share placing.
It received applications for 73.8% of the shares available under the open offer component, raising around £2.8mln. From the placing the firm brought in £3.4mln.
The cash will be used to accelerate the development of both the ImmunoBody and Moditope platform technologies that help the body’s own immune system fight cancer.
The fundraise was done in two tranches. A total of £3.4mln-worth of stock was placed at 17p a share, while existing shareholders were also given the opportunity to follow their money in what’s called an open offer.
John Chiplin, chairman of the group, said on Friday: "We will use the money raised to prepare for our SCIB1 ImmunoBody / checkpoint inhibitor combination study in melanoma, including applying for a US IND later this year, enabling the study to begin in 2017 and also to take our first Moditope product, Modi-1, into the clinic next year.
"We will continue to strengthen our board and management team and increase our focus on the US with the goal of becoming one of the leading cancer immunotherapy companies."
Scancell Holdings shares eased 1.47% to 16.75p on the day.