Business
Shareholder circular
Shareholder circular.
About this update from Scancell Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 9385T\n Scancell Holdings Plc\n 23 July 2020\n \n \n \n \n NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, JAPAN, THE RUSSIAN FEDERATION, THE REPUBLIC OF IRELAND OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW. \n \n THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR A SOLICITATION TO BUY SECURITIES IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR COMMITMENT WHATSOEVER IN ANY JURISDICTION.\n \n \n \n \n 23 July 2020\n \n Scancell Holdings plc\n (\"Scancell\" or the \"Company\")\n \n \n \n Shareholder circular\n \n Scancell Holdings plc (AIM: SCLP), the developer of novel immunotherapies for the treatment of cancer, announces that, further to its announcements on 22 July 2020 (\"Capital Raise Announcements\"), the Shareholder Circular, containing a Notice of General Meeting seeking the approval of Shareholders for the Capital Raise, is now available on the Company's website, www.scancell.co.uk. A copy of the Circular is today being posted to Shareholders. The Circular also includes information on the Open Offer. \n \n Confirmation of use of proceeds from the Capital Raise and expected cash runway\n \n \nIt is the Board's expectation that the net proceeds from the Capital Raise, in addition to existing cash resources and anticipated tax credits, will be used to:\n \n · strengthen the Company's balance sheet to support potential partnering discussions for the Company's antibody technology;\n \n · initiate clinical trials for Modi-1 Phase 1/2 and SCIB1 Phase 2; and\n \n ·continue initial COVID-19 vaccine development until non-dilutive funding or third-party partnering transaction.\n \n \nSubject to completion of the Capital Raise, the net proceeds of the Placing, the Subscription and the issue of the Convertible Loan Notes of approximately £12.1 million (and assuming receipt of a £2.5 million tax credit) are expected to provide the Company with working capital to at least the fourth quarter of 2022. The net proceeds of the Open Offer, to the extent it is subscribed for, will further extend t...