Business
Result of open offer
Result of open offer.
About this update from Scancell Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8053T Scancell Holdings Plc 01 April 2016 \n\n01 April 2016\n \nScancell Holdings Plc\n(\"Scancell\" or the \"Company\")\n \nResult of the open offer\n \nOn 9 March 2013 the Board of Scancell announced details of a Placing in which it had conditionally raised gross proceeds of £3.4 million by means of a Placing of 20,000,000 Placing shares at 17 pence per share. \n \nIn addition, the Company announced that it was providing Qualifying Shareholders with an opportunity to subscribe, at 17 pence per share, for 22,495,068 new Ordinary Shares to raise gross proceeds of up to approximately £3.8 million by way of the Open Offer. \n \nThe Company has received subscriptions in respect of 16,048,593 new Ordinary Shares, representing 71.3 per cent. of the new Ordinary Shares available under the Open Offer. All applications made pursuant to the Open Offer including the Excess Shares applied for under the Excess Application Facility have been met in full. The Company has therefore raised gross proceeds of approximately £2.7 million through the Open Offer.\n \nJohn Chiplin, Non-Executive Chairman of Scancell, said: \"We are delighted that, through our Placing and Open Offer, the Company has successfully raised £6.1 million. We would like to thank our existing shareholders for their continued support, as well as welcoming new investors, at this important time in the Company's evolution. As a result of this fundraising we are now able to accelerate the development of both our ImmunoBody® and Moditope® platform technologies. We will use the money raised to prepare for our SCIB1 ImmunoBody® / checkpoint inhibitor combination study in melanoma, including applying for a US IND later this year, enabling the study to begin in 2017 and also to take our first Moditope® product, Modi-1, into the clinic next year. We will continue to strengthen our Board and management team and increase our focus on the US with the goal of becoming one of the leading cancer immunotherapy companies.\"\n \nFor further information please contact:\n \n\n\n\n\nScancell Holdings Plc\nDr Richard Goodfellow, Joint CEO\nProfessor Lindy Durrant, Joint CEO\n\n\n+44 (0) 20 3727 1000\n\n\n\n\n\n\n\n\n\n\n\n\nPanmure Gordon (No...