Business
Placing to raise £1.73 million
Placing to raise £1.73 million.
About this update from Scancell Holdings Plc
[{"type":"text","content":"\n \n30 June 2011\n\n Scancell Holdings Plc \n\n Subdivision of share capital and Placing to raise £1.73 million \n\nScancell Holdings plc, (`Scancell' or the `Company') the developer of\ntherapeutic cancer vaccines, is pleased to announce the following:\n\n * The proposed subdivision of each Existing Ordinary Share of 1p into 10 new\n Ordinary Shares of 0.1p each (the \"Subdivision\"); and\n \n * A placing to raise £1.73 million, before costs, by means of the issue of\n 34,575,410 new Ordinary Shares at 5 pence per share (the \"Placing\") to fund\n the working capital of the Company.\n \nThe Directors consider the Placing and Subdivision to be in the best interests\nof the Company and its Shareholders as a whole. Since the Placing and\nSubdivision are conditional on the Company obtaining Shareholders' approval the\nDirectors have therefore convened a General Meeting for 10.45 a.m. on 25 July\n2011 in order to allow Shareholders to consider, and, if thought fit, approve\nthe Resolutions.\n\nProfessor Lindy Durrant, commented:\n\n\"We believe that, following completion of the Placing, we will have sufficient\nfunding to complete the Phase I trials of our melanoma treatment and to advance\nthe development of our series of new ImmunoBody® cancer vaccines to the\npre-clinical proof of principle stage. After the Phase I clinical trial has\nbeen completed, and if the data is positive, the Company will seek to generate\nrevenues from a commercial deal on the ImmunoBody® technology and will continue\nwith the Phase II clinical trial. A successful outcome should present Scancell\nas an excellent acquisition opportunity with an exit remaining firmly on the\nagenda following the completion of the Phase II trial, expected early 2013.\"\n\nEnquiries:\n\nScancell Holdings Plc + 44 (0)207 245 1100 \n \nProfessor Lindy Durrant/Dr Richard Goodfellow \n \nHansard Communications + 44 (0)207 245 1100 \n \nAdam Reynolds/Guy McDougall \n \nZeus Capital - Nominated Adviser + 44 (0)161 831 1512 \n \nRoss Andrews/Tom Rowley \n \nXCAP Securities Plc - Broker +44 (0) 207 101 7070 \n \nJohn Belliss/Parimal Kumar \n\nBelow are extracts from the Circular which will be sent to Shareholders today.\nThe full Circular will be available on the Company's website:\nwww.scancell.co.uk\n\n KEY STATISTICS \n\nExisting Share Capital\n\nTotal number of Existing Ordi...