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Scancell Holdings

  • BY: Andrew Hore |
  • POSTED: 01/08/2010 |

Vaccines developer Scancell Holdings joined Aim on 30 July 2010.

The shares ended the first day’s trading on Aim at 85.5p each, which values Scancell at £13.6m. The closing price on Plus-quoted on 28 July was 72.5p.

Scancell’s ImmunoBody technology uses an engineered human monoclonal antibody to both target and activate key cells that stimulate an immune response against cancers.

The initial focus is on a melanoma vaccine called SCIB1. The phase I/II clinical trial for SCIB1 commenced in June and phase I results should be available by the middle of 2011. This should demonstrate the safety and tolerability of the treatment. The full study report should be complete in 2012.

Scancell joined Plus-quoted on 24 September 2008 and raised £1.41m gross at 60p a share Scancell raised £2.5m at 45p a share earlier this year and it is not raising any more cash at the time of its AIM introduction. Scancell has raised £10m since 1999.

Liquidity has been a problem for all these Plus-quoted companies and Scancell recognises that it won’t change just by moving to AIM. Commercial director Dr Richard Goodfellow says that he believes that there are things that Scancell can do to free up some shares in order to improve liquidity. He says that there are potential buyers if shareholders can be persuaded to sell.

Dr Goodfellow believes that Scancell has enough cash to complete the phase I trial. The strategy is to prove the technology and then sell the company.

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