18th Nov 2013 10:25
LONDON (Alliance News) - Scancell Holdings PLC Tuesday said it has been granted an extension of its option to commercialise Ichor's Trigrid electroporation delivery system with Scancell's SCIB1 ImmunoBody vaccine for the treatment of melanoma.
In a statement, Scancell said the option had been due to expire in July next year, but has now been extended to July 2016 in exchange for Scancell agreeing to waive a two-year lock period following the exercise of an initial tranche of share options over 1,592,310 Scancell shares.
Under the initial deal, Ichor had the option to subscribe for nearly 1.6 million shares when regulatory approval to start clinical trials for the treatment was received, then 3.2 million shares when the first Phase II clinical trial for the joint cancer treatment was started, and another 3.2 million shares when the trial was completed. Tranches one and two have already vested.
"Ichor's proprietary TriGrid electroporation delivery system is central to our current studies on SCIB1. We are delighted to have extended the option agreement to commercialise the technology with the company beyond July 2014," Scancell joint Chief Executive Richard Goodfellow said in a statement.
"It enables us to continue to evaluate its potential to effectively deliver our vaccine now that we have decided to expand the Phase1/2 clinical trial on SCIB1 to include a further 13 patients on an 8mg dose and the need to continue treating patients being placed on long term maintenance therapy," he added,
Scancell shares were down 9.1% at 27.26 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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