Interim results show encouraging progress
Update | 31 January 2020
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).
|Year-end: April 30||2018||2019||2020E||2021E|
|Adj. PBT (£m)||(4.9)||(6.7)||(7.7)||(8.8)|
|Net Income (£m)||(4.2)||(5.6)||(6.4)||(7.2)|
|Adj. EPS (p)||(1.3)||(1.5)||(1.4)||(1.6)|
31 January 2020
|Shares in issue||465.4m|
|12 month range||3.80-9.25p|
|Primary exchange||AIM London|
Scancell is a clinical-stage immuno-oncology specialist that is developing three 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.
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