Scancell shares slip as losses widen in first half

Cancer immunotherapies developer Scancell Holdings issued its interim results for the six months ended 31 October on Thursday, reporting a loss of £3.24m, widening from £2.02m year-on-year.

The AIM-traded firm said its cash balance as at period end was £7.6m, down from £10.3m at the start of the half.

It did raise a total of £8.0m net of expenses during the six months, which comprised £1.1m raised in an open offer to shareholders in May, and a placing of £6.9m at the end of the previous financial year.

On the operational front, Scancell was granted a patent in Europe for its ‘Moditope’ technology, which the board said provided “broad protection” for its pipeline of Moditope vaccines.

It also expanded its strategic research collaboration with the Rheumatology Unit at the Karolinska Institute, to explore the potential of Moditope to develop multiple immunotherapeutic agents for a range of different cancers.

Pre-clinical development was underway with Modi-2, including progress made in the characterisation of specific homocitrullinated peptides for clinical development, the board reported, where there was the potential to address different cancer indications to Modi-1, including tumours with a “particularly immunosuppressive” environment.

Scancell and Ichor continued to work with the FDA during the half-year to provide the additional information requested in response to the Investigational New Drug application submitted for the SCIB1 Phase 2 checkpoint inhibitor combination study, the board confirmed.

The company also exercised its option to a worldwide commercial licence for the use of Ichor Medical Systems' ‘TriGrid 2.0’ electroporation delivery system with SCIB1, which would enable Scancell to use the system for its planned Phase 2 checkpoint inhibitor combination study with SCIB1.

Since the period ended, the board confirmed the appointments of Dr Samantha Paston as head of research, and Dr Adrian Parry as head of manufacturing.

“We are pleased to report another six months of progress at Scancell,” said chief executive officer Cliff Holloway.

“The funds raised at the end of the previous financial year and the beginning of this period will allow us to focus on initiating the planned Phase 2 clinical trial for our lead ImmunoBody, SCIB1, and to advance our Moditope products, Modi-1 and Modi-2, towards the clinic.”

Holloway said the company was working closely with Ichor and the FDA to provide the additional information requested for the initiation of its Phase 2 checkpoint inhibitor combination study of SCIB1 in patients with advanced melanoma.

“With our new hires and recent funding, we believe we are in a strong position to progress our pipeline of immunotherapy products through the next stage of development.”

As at 0914 GMT, shares in Scancell Holdings were down 4.88% at 7.11p.