Scancell to move to AIM

NOTTINGHAM, England--(BUSINESS WIRE)-- The Board of Scancell Holdings plc (‘Scancell Holdings’ or the ‘Company’), (PLUS:SCLP), the developer of therapeutic cancer vaccines, is pleased to announce that it intends to apply for the Company’s Ordinary Shares to be admitted to trading on AIM and, immediately prior to the Admission to AIM, it intends to withdraw the Company’s Ordinary Shares from trading on PLUS.

During 2010, the Company has raised £2.54 million, before expenses, to fund its foreseeable working capital requirements. The Directors believe that the existing funds held by or available to the Group together with future anticipated revenues will be sufficient to allow completion of the Phase I/IIa clinical trial of SCIB1, its lead melanoma therapeutic vaccine.

The Ordinary Shares of the Company were originally admitted to trading on PLUS in September 2008. However, now that the Company has further strengthened its financial position and progressed the development of SCIB1, the Directors believe that it would be in the best interests of the Company and its shareholders for the Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange.

The Directors believe that this represents a natural transition for the Company and that the potential benefits of an AIM listing will include an increased public profile for the Company.

Under the AIM Rules, prior to Admission, the Company is required to publish an admission document. The Company is therefore sending an admission document to Shareholders to inform them that the Ordinary Shares of the Company will be withdrawn from trading on PLUS from the close of business on 29 July 2010 and that the Ordinary Shares of the Company are expected to be admitted to trading on AIM at 8.00 a.m. on 30 July 2010.

Scancell also announced its final results for the year ended 30 April 2010 which were superseded by granting of approval for SCIB1 to enter Phase I/IIa trials for late stage melanoma in May

Highlights:

  • Strong progress in the development of the Company’s lead therapeutic melanoma vaccine SCIB1
  • Successful fundraising of £2.54 million (gross) during 2010
  • Loss before tax for the year of £1.80 million (2009: £0.8 million)
  • Cash at year end of £2.83 million



CONTACT:

Scancell Holdings plc
Professor Lindy Durrant
+44-(0)207-245-1100
or
Hansard Communications
John Bick/Kirsty Corcoran
+44-(0)207-245-1100
or
Schwartz Communications
Richard Hayhurst/Johanna Keltto
+44-(0)208-973-2630

KEYWORDS:   United Kingdom  Europe

INDUSTRY KEYWORDS:   Health  Clinical Trials  Oncology  Pharmaceutical  Professional Services  Finance

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