Scancell loses out on Cancer Research UK grant

Scancell's Project Blueprint, a proposal to eradicate established tumours with unique cancer vaccines, was shortlisted for the £60m grant but lost out to the likes of Brigham and Women's Hospital, Harvard Medical School, the Dana-Farber Cancer Institute, Harvard University and the University of California.

The AIM-listed firm's proposal - which was submitted alongside BioNTech, Genentech and ISA Pharmaceuticals - was aimed at investigating the potential of cancer vaccines based on treatment with Modi-3 - a Scancell product developed from its Moditope platform.

Chief scientific officer Lindy Durrant said: "We would like to congratulate the winners of Cancer Research UK's Grand Challenge, and to thank Cancer Research UK for putting the challenge forward to some of the best researchers in the world."

"The shortlisting of our proposal represents a significant scientific endorsement of Scancell's technology and the team remains committed to meeting the challenges of improving cancer vaccines for all patients."

As of 1200 GMT, Scancell shares had tumbled 15.03% to 8.12p.