Business
Proposed Placing to Raise up to £5.0 million
Proposed Placing to Raise up to £5.0 million.
About this update from Scancell Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 7910E Scancell Holdings Plc 11 May 2017 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\n \n11 May 2017\n \nScancell Holdings plc\n(\"Scancell\" or the \"Company\")\n \nProposed Placing to raise up to £5.0 million\n \nFunds raised will be used to initiate the clinical development of Modi-1, the first product from the Moditope® platform, and to continue to support the ImmunoBody® platform pipeline\n \nScancell Holdings plc (AIM: SCLP), the developer of novel immunotherapies for the treatment of cancer, today announces a proposed placing of new Ordinary Shares in the Company (the \"Placing Shares\") with existing and new institutional and professional investors to raise up to £5.0 million, before expenses, for the Company (the \"Placing\").\n \nThe net proceeds of the Placing will be used to support the Company's clinical development pipeline of novel cancer immunotherapies, in particular to initiate clinical development of the first product from the Moditope® platform, Modi-1, and to continue to support the pipeline arising from the ImmunoBody® platform. The Placing is within the Company's existing allotment authorities granted at its prior annual general meeting.\n \nThe Chairman of the Company is expected to participate in the Placing with the intention to acquire approximately one million Placing Shares.\n \nDr Richard Goodfellow, Chief Executive Officer of Scancell, commented:\n \n\"We continue to make significant progress with both our ImmunoBody® and Moditope® platforms and believe that success in further clinical studies should add significant value to the Company.\n \n\"This proposed funding will principally allow us to begin clinical development of Modi-1, the lead product from our Moditope® platform. Compelling pre-clinical data suggests that Modi-1 should be effective in up to 90% of patients with triple negative breast cancer, up to 95% of patients with ovarian cancer and up to 100% of patients with sarcoma. We expect to begin a phase I/II study in sarcomas, breast and ovarian cancers in Q3 2018 with first efficacy and safety data expected in Q3...