Vaccines developer Scancell Holdings will receive the £2.85m of deferred consideration from the sale of a portfolio of antibodies in 2006.
Scancell has received confirmation from Cephalon Inc that the condition for the payment has been satisfied because the first patient is being treated.
After allowing for bonuses and other payments the net cash received by Scancell will be £2.4m.
This will be enough cash to complete phase I and II clinical trials of melanoma vaccine, SCIB1.
At 6p a share, up 0.62p, Scancell is valued at £11.7m.
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