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Scancell Holdings strengthens cash position
StockMarketWire.com
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Scancell Holdings said it had significantly strengthened its cash position to accelerate pipeline of novel therapies for cancer and to advance a second generation Covid-19 vaccine candidate in its interim results for the six months ending 31 October 2020.
The developer of novel immunotherapies for the treatment of cancer and infectious disease said the group cash balance at 31 October 2020 was £25.74 million, compared to £3.58 million in April 2020.
In early November 2020 the company's bank balance was further increased by net proceeds of £20.49 million raised from the issue of convertible loan notes and an open offer to shareholders.
The company reported a loss for the six-month period of £3.86 million, compared to a loss of £2.51 million in 2019.
Cliff Holloway, chief executive of Scancell, said: We are pleased to report a period of strong operational and financial progress for Scancell, having transformed the group's cash balance through two transactions with the support of our shareholders. 2021 is set to be an exciting year for the business.
We continue to work towards developing an effective and differentiated vaccine against Covid-19, potentially active against new variants of the SARS-CoV-2 virus, whilst also making progress with our Moditope , ImmunoBody and AvidiMab platforms.
At 9:54am: (LON:SCLP) Scancell Holdings PLC share price was 0p at 12.45p
Story provided by StockMarketWire.com
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