£2.31million Open Offer for Scancell plc
12th March 2010
Zeus Capital are pleased to announce that they recently advised on Scancell Holdings plc’s fundraising of £2.3 million. The fundraising was structured as an underwritten open offer to allow all existing shareholders to participate. Zeus Capital have been corporate adviser to Scancell since June 2009.
Scancell is developing novel therapeutic vaccines for the treatment of cancer and infectious diseases based on its groundbreaking ImmunoBody® technology platform. Scancell’s first cancer vaccine SCIB1 is being developed for the treatment of melanoma and is expected to enter clinical trials in 2010.
The open offer was well supported with over 73% of the total funds raised being subscribed for by existing shareholders. The proceeds of the open offer will be used for working capital in the business and the Directors believe this will be sufficient to allow completion of the Phase I and Phase IIa Clinical Trial of SCIB1.
David Evans, Chairman of Scancell Holdings plc, commented:
“We are very pleased that the Open Offer has been so well supported by existing shareholders.
The net proceeds of the Open Offer, together with the existing funds held by or available to the Group, will be used to build on the progress achieved since the Company’s admission to PLUS and will be sufficient to allow completion of the Phase I and Phase IIa Clinical Trial of Scancell’s lead melanoma vaccine, SC1B1.”