16th Oct 2020 12:17
(Alliance News) - Scancell Holdings PLC's pretax loss widened slightly, the cancer treatment firm said on Friday, as development expenses inched higher.
Like last year, the company reported no revenue for the year ended April 30.
Its pretax loss stretched slightly to GBP6.8 million from GBP6.7 million. Development expenses inched up 12% to GBP4.7 million from GBP4.2 million.
"The Covid-19 pandemic has been a challenging time for many, and in order to use our expertise and resources to help in the global response, we initiated a research programme to develop a DNA vaccine for Covid-19, in collaboration with a consortium of scientists at the University of Nottingham and Nottingham Trent University. The vaccine aims to induce both durable T cell responses and virus neutralising antibodies, which we believe will give a more potent and long-lasting response than other vaccines in development, ultimately leading to better protection," Scancell said.
"Our shareholders have continued to support and show great interest in the company, demonstrated by the significant funds raised post period end. In August, we completed a fundraising for GBP15 million and in October we announced a capital raise for up to GBP33 million. This additional balance sheet strength will allow us to extend the utility of our Moditope, ImmunoBody and AvidiMab/TaG platforms to accelerate and broaden our development pipeline in a number of cancer settings, as well as supplement the non-dilutive funding from Innovate UK for the development of our Covid-19 vaccine, which is due to enter Phase 1 in 2021."
Scancell shares were 7.0% lower at 14.65 pence each in London on Friday shortly after midday.
By Eric Cunha; [email protected]
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