Scancell: Extension To ICHOR Corporation Commercial Option And Issue Of Equity
Published: Nov 18, 2013
18 November 2013 -- Scancell Holdings plc, (‘Scancell’ or the ‘Company’) the developer of novel immunotherapies for the treatment of cancer is pleased to announce that it has been granted an extension of its option to commercialise Ichor’s proprietary Trigrid™ electroporation delivery system with SCIB1, Scancell’s ImmunoBody® vaccine for the treatment of melanoma. Under the terms of the extension, Scancell’s option, which had been due to expire in July 2014, will be extended until July 2016. In exchange, Scancell has agreed to waive the two year lock period following the exercise of Tranche 1 share options (over 1,592,310 shares).
The agreement with Ichor, signed in July 2009, provides for the supply and use of the TriGrid™ device for Scancell’s pre-clinical and clinical studies with SCIB1 and gives Scancell an option (the “Option”) to license TriGrid™ for commercial use on payment of certain undisclosed milestones and royalties. The Option could be exercised at any time up to July 2014. In return, Ichor was granted share options to subscribe for Scancell shares at a subscription price of 4.5p as follows: on regulatory approval to start clinical trials in the UK, 1,592,310 share options (“Tranche 1); on starting the first Phase II clinical trial, 3,184,620 share options (“Tranche 2); and on completing the first Phase II clinical trial, 3,184,620 share options (“Tranche 3”). Tranches 1 and 2 have already vested.
On 15 November 2013 Ichor exercised Tranche 1 of the share options. Following this exercise the Company has applied for 1,592,310 ordinary shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and that dealings will commence in these Ordinary Shares at 21 November 2013.
Following admission of the 1,592,310 new ordinary shares the Company’s share capital will consist of 224,950,683 voting ordinary shares.
The above figure (224,950,683) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Scancell under the FCA’s Disclosure and Transparency Rules.
Richard Goodfellow, Joint CEO of Scancell, said:
“Ichor’s proprietary TriGrid electroporation delivery system is central to our current studies on SCIB1. We are delighted to have extended the option agreement to commercialise the technology with the Company beyond July 2014. It enables us to continue to evaluate its potential to effectively deliver our vaccine now that we have decided to expand the Phase1/2 clinical trial on SCIB1 to include a further 13 patients on an 8mg dose and the need to continue treating patients being placed on long term maintenance therapy.”
For Further Information:
Scancell Holdings Plc
Dr Richard Goodfellow, Joint CEO
Professor Lindy Durrant, Joint CEO
+ 44 (0) 20 7831 3113
Cenkos Securities: +44 (0) 20 7397 8900
FTI Consulting +44 (0) 20 7831 3113
About Ichor and the TrigridTM Delivery System
Ichor is dedicated to the clinical application and commercialization of electroporation technology for the delivery of DNA drugs and vaccines to treat and prevent debilitating or life threatening diseases. They are applying their proprietary TriGrid™ Delivery System to enable delivery of DNA drugs to address unmet medical needs in areas including therapeutic cancer vaccines, therapeutic proteins and vaccines for serious infectious disease.
Scancell is developing novel immunotherapies for the treatment of cancer based on its ImmunoBody® and Moditope® technology platforms. Scancell’s first ImmunoBody®, SCIB1 is being developed for the treatment of melanoma and is in Phase 1/2 clinical trials. Preliminary evidence from Part 1 of the study showing that SCIB1 produced an immune response which might be associated with clinical benefit in patients with malignant melanoma was released in December 2012.
Scancell’s ImmunoBody® immunotherapies target dendritic cells and stimulate both parts of the cellular immune system; the helper cell system where inflammation is stimulated at the tumour site; and the cytotoxic Tlymphocyte or CTL response where immune system cells are primed to recognise and kill specific cells.
Scancell has also identified and patented a series of modified epitopes that stimulate the production of killer CD4+ T cells that destroy tumours without toxicity. The Directors believe that the Moditope® platform could play a major role in the development of safe and effective cancer immunotherapies in the future.
Scancell, Immunobody® and Moditope® are trade marks of Scancell Limited.
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