Interim results show progress being maintained
Update | 31 January 2019
Scancell has reported H119 results in line with expectations. The cash position was £7.6m, with the net loss of £3.24m compensated for by the two equity raises, totalling £14.9m, over the past year. Development appears to be progressing well, with important clinical programmes expected to start patient recruitment during the next two quarters. Additionally, in January 2019 the management team has been strengthened by two important new hires. As detailed in our Initiation note, we value the company, using a risk-adjusted DCF model, at £82.0m, or 21.1p a share.
|Year-end: April 30||2017||2018||2019E||2020E|
|Adj. PBT (£m)||(4.5)||(4.9)||(8.6)||(7.6)|
|Net Income (£m)||(3.5)||(4.2)||(7.1)||(6.4)|
|Adj. EPS (p)||(1.4)||(1.3)||(1.8)||(1.6)|
31 January 2019
|Shares in issue||387.8m|
|12 month range||7.60-19.47p|
|Primary exchange||AIM London|
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.
Mick Cooper PhD
+44 (0) 20 3637 5042
+44 20 3637 5043
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