LONDON - Scancell Holdings plc (AIM: SCLP), a company specializing in cancer immunotherapies, announced today that it has completed a significantly oversubscribed placing and subscription, raising gross proceeds of approximately £10.3 million. The capital increase is intended to fund the progression of the company's lead cancer vaccine, SCIB1, and its next-generation counterpart, iSCIB1+.
The placing of 97,467,141 new Ordinary Shares was conducted by Panmure Liberum Limited and WG Partners LLP at an issue price of 10.5 pence per share. Additionally, a company director subscribed for 190,476 Subscription Shares at the same issue price. In total, the new Ordinary Shares issued represent about 10.5 percent of the existing Ordinary Shares.
Scancell also launched a Retail Offer through the Winterflood Retail Access Platform, aiming to raise up to an additional £1 million, with the offer set to close on the morning of December 9, 2024.
CEO Phil L'Huillier expressed gratitude towards the investors and optimism about the SCIB1 vaccine's potential, citing promising data from the SCOPE study which indicated an 80% progression-free survival rate and a 20% complete response rate for advanced melanoma.
The company also disclosed related party transactions involving substantial shareholders Redmile Group, LLC and Vulpes Investment Management, as well as CFO Sath Nirmalananthan, who have all conditionally subscribed for shares at the issue price.
An application has been made for the new shares to be admitted to trading on AIM, with trading expected to commence on or around December 10, 2024, contingent upon the admission's effectiveness.
This announcement is based on a press release statement and provides a factual report of Scancell Holdings plc's recent capital raise activities.
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