Scancell exercises option for Ichor's TriGrid 2.0

The AIM-traded firm said the exercise of the option would enable it to use the new TriGrid 2.0 as the delivery system for its planned Phase 2 checkpoint inhibitor combination study with SCIB1 in patients with advanced melanoma.

It said the study would be led by principal investigator Dr Keith Flaherty, director of the Termeer Center for Targeted Therapy at Massachusetts General Hospital and associate professor at Harvard Medical School.

Patient enrolment into the trial was expected to begin in the second half of 2018.

As expected, and in line with the company's commercialisation plans, an option fee would be payable within 30 days of exercise to Ichor, with further milestone payments due from the start of future Phase 3 clinical trials.

The company said it had also granted an extension of the period for exercise of the Tranche 2 share options - 3,184,620 ordinary shares - issued as part payment for the licence option, which would be immediately exercised by, subscribed for and allotted to Ichor, as part of its exercise of the commercial licence option.

Ichor reportedly agreed to hold those Tranche 2 shares for a period of at least two years from their date of issue.

“Ichor's proprietary TriGrid electroporation delivery system is a vital component for the delivery of our SCIB1 vaccine and in particular, to our upcoming US clinical study of SCIB1 in combination with a checkpoint inhibitor, which is expected to commence later this year,” said Scancell CEO Cliff Holloway.

“The exercise of this commercial option is a further key milestone in bringing this important new treatment to the market.”

Robert Bernard, president and CEO of Ichor, added that Scancell's strategy to induce high avidity T cells with its SCIB1 vaccine delivered by Ichor's TriGrid, coupled with a checkpoint inhibitor to enhance tumour destruction, was “exciting and promising” for improved patient outcome.

“Ichor is pleased that Scancell has joined its growing list of partners in the immuno-oncology field with their exercise of the commercial option for the TriGrid 2.0,” Bernard said.