Immunotherapy specialist Scancell Holdings Plc (LONSCLP) has raised £6.9mln net of expenses in a discounted placing and share subscription, with the cash to be used develop its three main drug candidates.
The stock was sold to investors at 14p, 31% below last's night's close.
The combined proceeds will be used to fund a phase II trial of the company’s lead drug, SCIB-1, in combination with a checkpoint inhibitor to treat late-stage melanoma.
Cancer Research UK
Cash will also be deployed to support the Cancer Research UK development of SCIB2 for non-small-cell lung cancer.
And it will be used to begin a first-in-human study of Modi-1 in patients with triple-negative breast cancer, ovarian cancer and sarcoma planned to start in the first-half of next year.
In a separate announcement, Scancell said it had acquired a number of unique monoclonal antibodies to tumour-associated glycans that have the potential, when coupled with a method of activating the immune system, to provide a new class of cancer immunotherapy.
“We believe this platform complements our existing ImmunoBody and Moditope platforms, significantly broadening the strength and potential of Scancell's immunotherapy pipeline," said chief executive Cliff Holloway.
-- Updates with placing completion details, share price --