Scancell raises £15.7m from UK investors amid strong retail demand for merger funding
Scancell Holdings PLC, a UK-based cancer immunotherapy developer, announced it raised £15.7 million from UK investors, exceeding its original £2.3 million retail target due to high demand. The retail offer raised £2.7 million, with allocations scaled back and preference given to existing shareholders. The funds are part of a broader $89 million financing package to support Scancell's merger with US biotech Neuphoria Therapeutics, creating a dual-listed group 85.5% owned by Scancell shareholders. The merger includes a $39.1 million private placement, a UK placing, and up to $25 million in debt financing from BlackRock. Proceeds will fund a global phase III trial of lead immunotherapy iSCIB1+ for advanced melanoma, which has FDA fast-track designation. Mid-stage data showed 77% progression-free survival at 22 months. The financing is expected to extend cash runway into 2029.
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