Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) hailed a period of significant progress, including a major licensing agreement with Genmab (CSE:GEN) worth up to US$624mln per product, as it unveiled its interim results.
The deal, announced in October, will allow the US giant to develop and commercialise an anti-glycan monoclonal antibody. Scancell said it provided strong validation for its platform.
In a statement accompanying its financials for the six months ended October 31, the group, a specialist in immunotherapies for cancer and other diseases, also highlighted strong clinical progress with ongoing ModiFY and SCOPE trials, with further safety, immune and clinical response data expected in 2023.
Additionally, Scancell has in-licensed the SNAPvax technology from Vaccitech (NASDAQ:VACC) to formulate and manufacture Modi-2, with the aim of initiating a phase I clinical study in cancer patients during the first half of next year.
Financially, the group is solidly placed with £24mln in the bank as of the period-end, providing a cash runway until the first quarter of next year. It received its first Genmab licence payment last autumn.
As is common for companies investing heavily in research and development, Scancell was loss-making during the period – to the tune of £3.2mln.
“We are pleased to report another period of progress for Scancell, including strong clinical and commercial developments,” said Professor Lindy Durrant, chief executive of Scancell in the statement.
“The licensing agreement with Genmab provides strong commercial validation of the company’s scientific approach and strategy. It is a defining period for our proprietary antibody platform as we have signed a licensing agreement with Genmab for the development and commercialisation of an anti-glycan mAb.”
