Oxford, United Kingdom

Scancell is a clinical-stage immuno-oncology specialist that is developing two innovative and flexible therapeutic vaccine platforms. ImmunoBody and Moditope induce high avidity cytotoxic CD8 and CD4 responses, respectively, with the potential to treat various cancers.

Investment Perspective

Scancell reported H120 results in line with expectations. The highlight of the period has been the three collaborations struck with the AvidiMab platform. The UK arm of the delayed SCIB1 Phase II combination study in melanoma is now set to start patient recruitment; a new US IND is being actively pursued. Development appears to be regaining momentum; with the Modi-1 Phase I/II clinical trial expected to start during 2020, and a SCIB2 study (run by Cancer Research UK) is planned. The end-October 2019 cash position was £5.8m, with the £3.1m net loss offset by a £3.8m equity raise. We value Scancell, using a risk-adjusted DCF model, at £82.0m (17.2p/share).

Market information

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US IND for SCIB1 gives Phase II study the green light
Lighthouse | 03 Feb 2020
Interim results show encouraging progress
Update | 31 Jan 2020
Third collaboration for AvidiMab platform
Lighthouse | 20 Jan 2020

Recent News

SCIB1 IND application approved
03 Feb 2020
H120 interim results
31 Jan 2020
Third agreement signed for antibody platform
20 Jan 2020
Second agreement signed for AvidiMab platform
16 Dec 2019