Modi-1 successful in first part of Phase I/II trial
Update | 21 February 2023
Scancell’s Modi-1 has successfully completed the monotherapy arm of the ModiFY Phase I/II trial, generating important results for the Moditope oncology vaccine platform. The first element of ModiFY showed Modi-1 was safe and well tolerated. There were encouraging, albeit early, signals of efficacy despite the advanced disease status of all patients. 23 patients have been treated to date, with 14 patients evaluated; of these 14, one has had a partial response and seven have stable disease. These data are particularly promising and support continuation into the monotherapy expansion phase and, importantly, the initiation of the checkpoint inhibitor (CPI) combination arm. The outcome of combination treatment cohorts will help define Modi-1’s clinical and commercial positioning. These data drive increased confidence in the Moditope platform, leading to an uplift in our rNPV valuation to £300.1m, or 36.7p (from £269.6m, or 32.9p/share previously).
|Year-end: April 30||2021||2022||2023E||2024E|
|Adj. PBT (£m)||(17.7)||(11.9)||(17.6)||(24.0)|
|Net Income (£m)||(15.5)||(2.1)||(15.7)||(21.9)|
21 February 2023
|Shares in issue||818.4m|
|12 month range||10.5p-29.4p|
|Primary exchange||AIM London|
Scancell is a clinical-stage immuno-oncology specialist that has four broadly applicable technology platforms. Two are therapeutic vaccines, Moditope and ImmunoBody, and two are antibody based, GlyMab and AvidiMab.
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