Scancell Holdings PLC (LON:SCLP) said it has raised £30mln to fund the further development of its potential cancer immunotherapies and a possible vaccine for coronavirus (COVID-19).
An additional £3mln open offer will provide existing investors with the chance to acquire new stock in the business.
The US specialist healthcare investor, Redmile Group, is subscribing for £12.1mln of new equity at 13p, as well as issuing £17.9mln of loan notes that can be converted into shares at the same price.
Scancell said the new financial backing will allow it to “extend the utility” of the company's ImmunoBody, Moditope and AvidiMab/TaG antibody products and platforms to “accelerate and broaden its development pipeline of new potential novel therapies”.
“The board believes that broadening and deepening the company's development pipeline will add significant value to the business and the proceeds of the capital raise will be transformative in our ability to achieve these goals,” Scancell chief executive Cliff Holloway said in a statement.
AIM-listed Scancell is at the vanguard of advances in the emerging field of immuno-oncology.
The ImmunoBody platform spawned the company’s most advanced cancer drug candidates, SCIB-1 and SCIB-2. It is also developing MODI-1 and MODI-2 from the Moditope platform.