TIDMSCLP
RNS Number : 8917E
Scancell Holdings Plc
11 May 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION. NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM
ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
11 May 2017
Scancell Holdings plc
("Scancell" or the "Company")
Placing raises GBP5.0 million,
Issue of Equity
and
PDMR shareholding
Scancell Holdings plc (AIM: SCLP), the developer of novel
immunotherapies for the treatment of cancer, is pleased to announce
the completion of the Placing announced earlier today (the "Placing
Launch Announcement").
A total of 50,499,999 Placing Shares have been conditionally
placed by Panmure Gordon at a Placing Price of 10.0 pence per
Placing Share to raise a total of approximately GBP5.0 million for
the Company (before expenses). The Placing Shares represent
approximately 19.3 per cent. of the existing Ordinary Shares of the
Company. The Placing Price represents a discount of approximately
12.1 per cent. to the middle market closing price of an Ordinary
Share as at 10 May 2017, being the last practicable date prior to
the publication of the Placing Launch Announcement. The Placing,
which was oversubscribed, has received support from both new and
existing shareholders.
The net proceeds of the Placing of approximately GBP4.7 million
(after fees and expenses) will be used to support the Company's
clinical development pipeline of novel cancer immunotherapies, in
particular to initiate clinical development of the first product
from the Moditope(R) platform, Modi-1, and to continue to support
the pipeline arising from the ImmunoBody(R) platform.
Panmure Gordon (UK) Limited is acting as Financial Adviser,
Nominated Adviser and sole Bookrunner to the Company in relation to
the Placing.
Issue of Equity
The Placing Shares will be issued credited as fully paid and
will, on issue, be identical to and rank pari passu in all respects
with the existing Ordinary Shares, including the right to receive
all dividends and other distributions thereafter declared, made or
paid following the date of Admission.
Completion of the Placing remains conditional upon the Placing
Agreement having become unconditional in all respects and on
Admission. Application will be made to the London Stock Exchange
for the admission to trading on AIM of the 50,499,999 new Ordinary
Shares to be issued under the Placing. It is expected that
Admission will become effective and that dealings in the Placing
Shares on AIM will commence at 8.00 a.m. on 16 May 2017.
The total number of Ordinary Shares following Admission will be
312,058,098 with each Ordinary Share carrying the right to one
vote. The above figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in Scancell under the
FCA's Disclosure and Transparency Rules.
PDMR shareholding
Dr John Chiplin, a PDMR of the Company, has today subscribed for
Placing Shares pursuant to the Placing at the Placing Price. The
number of Placing Shares subscribed for by Dr Chiplin, and his
resulting shareholding on Admission, is set out below:
Number Number
of Number of Percentage
Ordinary Percentage of Placing Ordinary of Ordinary
Shares of existing Shares Shares Shares
currently Ordinary subscribed held on on
Name held Shares for Admission Admission
----------------- ----------- ------------- ------------ ----------- -------------
Dr John Chiplin 58,823 0.02% 1,041,177 1,100,000 0.35%
----------------- ----------- ------------- ------------ ----------- -------------
Capitalised terms used in this announcement have the meaning as
defined in the Placing Launch Announcement unless otherwise
stated.
The information contained within this announcement constitutes
inside information stipulated under MAR. The person responsible for
arranging the release of this announcement on behalf of the Company
is Dr Richard Goodfellow, a director of the Company.
- ENDS -
For more information, please contact:
Scancell
Dr John Chiplin, Executive Holdings
Chairman plc +1 858 900 2646
+44 (0) 20 3727
Dr Richard Goodfellow, CEO 1000
Freddy Crossley/Duncan Monteith +44 (0) 20 7886
(Corporate Finance) Panmure Gordon 2500
Tom Salvesen (Corporate
Broking)
+44 (0) 20 3727
Mo Noonan/Simon Conway FTI Consulting 1000
Notes for Editors
About Scancell
Scancell is developing novel immunotherapies for the treatment
of cancer based on its ImmunoBody(R) and Moditope(R) technology
platforms.
Scancell's first ImmunoBody(R), SCIB1, is being developed for
the treatment of melanoma. Data from the Phase 1/2 clinical trial
demonstrate that SCIB1, when used as monotherapy, has a marked
effect on tumour load, produces a melanoma-specific immune response
and highly encouraging survival trend without serious side effects.
In patients with resected disease there is increasing evidence to
suggest that SCIB1 may delay or prevent disease recurrence.
Scancell's ImmunoBody(R) vaccines target dendritic cells and
stimulate both parts of the cellular immune system: the helper cell
system where inflammation is stimulated at the tumour site and the
cytotoxic T-lymphocyte or CTL response where immune system cells
are primed to recognise and kill specific cells.
Pre-clinical data on a combination of SCIB1 or SCIB2 and
checkpoint inhibition (blockade of the PD-1 or CTLA-4 immune
checkpoint pathways) have shown enhanced tumour destruction and
significantly longer survival times than when either treatment was
used alone. Experimental data suggests that the high avidity T
cells induced by ImmunoBody(R) vaccines increase expression of
PDL-1 on the tumour cell surface, thereby making the tumours more
sensitive to checkpoint inhibitor drugs. Re-challenging animals
with tumour cells after SCIB1 treatment resulted in 100% survival
suggesting that ImmunoBody(R) induces a powerful memory response.
Such an effect has not been observed with checkpoint
inhibitors.
Scancell has also identified and patented a series of modified
epitopes that stimulate the production of killer CD4+ T cells that
destroy tumours without toxicity. The Directors believe that the
Moditope(R) platform could play a major role in the development of
safe and effective cancer immunotherapies in the future.
Important Notice
This Announcement has been issued by, and is the sole
responsibility, of the Company. No representation or warranty
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by
Panmure Gordon or by any of its affiliates, directors, officers,
employees, advisers or agents as to or in relation to, the accuracy
or completeness of this Announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed. Panmure Gordon has not authorised the
contents of, or any part of, this Announcement.
Panmure Gordon, which is authorised by the FCA, is acting
exclusively for the Company and no-one else in connection with the
Placing and will not regard any other person as a client in
relation to the Placing and will not be responsible to anyone other
than the Company for providing the protections afforded to its
clients or for providing advice in relation to the Placing or any
other matter referred to herein. Its responsibilities as nominated
adviser and broker to the Company are owed to the London Stock
Exchange and the Company and not to any other person including,
without limitation, in respect of any decision to acquire Placing
Shares in reliance on any part of this Announcement.
There are matters set out within this announcement that are
forward-looking statements. Such statements are only predictions,
and actual events or results may differ materially. For a
discussion of important factors which could cause actual results to
differ from forward-looking statements, refer to the Company's
Annual Report and Accounts for the period ended 30 April 2016.
Neither the Company nor Panmure Gordon undertakes any obligation to
update publicly, or revise, forward-looking statements, whether as
a result of new information, future events or otherwise, except to
the extent legally required. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
announcement. No statement in this announcement is or is intended
to be a pro t forecast or pro t estimate or to imply that the
earnings of the Company for the current or future nancial periods
will necessarily match or exceed the historical or published
earnings of the Company. The price of shares and the income from
them may go down as well as up and investors may not get back the
full amount invested on disposal of the shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUARARBNAVAAR
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