Scancell Holdings PLC (LON:SCLP) said in its interim results that it has the cash to advance its pipeline of immunotherapy products.
The group ended the six month period to the end of October with a positive cash balance of £7.6mln, down from £10.3mln a year earlier.
The pre-revenue company saw its loss before tax widen to £3.67mln from £2.39mln the year before.
Scancell's focus for the immediate future is to initiate the planned Phase 2 clinical study for its lead ImmunoBody, SCIB1, and to advance its lead Moditope vaccine, Modi-1, towards the clinic.
A positive outcome from both or either of these studies should represent significant value to shareholders, said John Chiplin, the company’s chairman.
READ: Scancell says it is working closely with US regulators ahead of phase II study of cancer immunotherapy
"We are pleased to report another six months of progress at Scancell,” said Cliff Holloway, the chief executive officer of Scancell.
“We are working closely with Ichor and the FDA to provide the additional information requested for the initiation of our Phase 2 checkpoint inhibitor combination study of SCIB1 in patients with advanced melanoma,” he added.