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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Scancell Holdings Plc | LSE:SCLP | London | Ordinary Share | GB00B63D3314 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.60 | 9.40 | 9.80 | 9.60 | 9.60 | 9.60 | 102,436 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 5.27M | -11.94M | -0.0129 | -7.44 | 89.07M |
From Apr 2019 to Apr 2024
TIDMSCLP
RNS Number : 5643Q
Scancell Holdings Plc
13 September 2017
13 September 2017
Scancell Holdings Plc
("Scancell" or the "Company")
Final Results for the year ended 30 April 2017
Landmark five year survival achieved in resected SCIB1 patients
Emerging pipeline of three products across five cancer indications
Scancell Holdings plc, ('Group' or the 'Company') the developer of novel immunotherapies for the treatment of cancer, announces results for the year ended 30 April 2017.
Highlights:
-- Strong survival data for patients with Stage III/IV malignant melanoma on SCIB1 Phase 1/2 clinical trial
o 18 of 20 patients with resected disease remain alive, survival well beyond established norms
o Of the 16 resected patients who received a 2-4mg dose of SCIB1, seven patients have now survived for five years since starting treatment and only six patients have had recurrence of their disease, of whom, two have died
o Final Clinical Study Report completed in December 2016 which included safety, immunology and clinical data from patients with Stage III/IV melanoma up to 29 October 2015
-- Investigational New Drug (IND) application for SCIB1 Phase 2 checkpoint inhibitor combination study expected to be submitted in early 2018, with patient enrolment planned for 2018
-- Continued good progress in development of Modi-1, our lead product from the Moditope(R) platform
o Ultra-efficient linked adjuvant identified that works at up to 100-fold lower doses than could be achieved previously
o Aiming to file a Clinical Trial Application (CTA) in the UK for the planned Phase 1/2 clinical trial in breast cancer, ovarian cancer and sarcoma in 2018
o Early feedback from the European Patent Office suggests that broad patent claims for the Moditope(R) platform may be allowable
-- Opening of new offices in San Diego to support the Company's US growth plans, and in Oxford for its UK corporate and development activities
-- Loss for year of GBP3.5m (2016: loss GBP2.6m) -- Group cash balance at 30 April 2017 was GBP2.7m (30 April 2016: GBP6.5m)
Post Period Highlights:
-- Raised GBP4.7m in a placing of new ordinary shares
o Funds to be used to initiate the clinical development of Modi-1 and to continue to support the ImmunoBody(R) platform pipeline
-- Patent granted in Europe for Scancell's DNA ImmunoBody(R) technology
o Counterparts to this patent have already been granted in the US, Australia and Japan
Dr Richard Goodfellow, CEO of Scancell, said:
"We have made further significant progress during the course of the past year on the development of our ImmunoBody(R) and Moditope(R) platforms. We continue to report strong survival data in patients with Stage III/IV melanoma from our SCIB1 Phase 1/2 clinical trial, with survival times now exceeding five years in resected patients.
Moditope(R) is also progressing well with the identification of a new linked adjuvant for the first Modi-1 clinical trial in the UK in patients with breast cancer, ovarian cancer and sarcoma which is expected to increase the potency of the product up to 100-fold.
We are continuing to explore a number of funding options to ensure that we have the resources to progress these programmes through their next phase and the Board believes that this funding could be best achieved following the execution of one or more partnerships on the ImmunoBody(R) or Moditope(R) platforms, on which significant progress has been made since the year end."
For Further Information:
Scancell Holdings Plc
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Dr John Chiplin, Executive +1 858 900 2646
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About Scancell
Scancell is developing novel immunotherapies for the treatment of cancer based on its ImmunoBody(R) and Moditope(R) technology platforms.
Scancell's first ImmunoBody(R), SCIB1 is being developed for the treatment of melanoma. Data from the Phase 1/2 clinical trial demonstrate that SCIB1, when used as monotherapy, has a marked effect on tumour load, produces a melanoma-specific immune response and highly encouraging survival trend without serious side effects. In patients with resected disease there is increasing evidence to suggest that SCIB1 may delay or prevent disease recurrence.
Scancell's ImmunoBody(R) vaccines 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 T-lymphocyte or CTL response where immune system cells are primed to recognise and kill specific cells.
Pre-clinical data on a combination of SCIB1 or SCIB2 and checkpoint inhibition (blockade of the PD-1 or CTLA-4 immune checkpoint pathways) have shown enhanced tumour destruction and significantly longer survival times than when either treatment was used alone.
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(R) platform could play a major role in the development of safe and effective cancer immunotherapies in the future.
CHAIRMAN'S STATEMENT
I am pleased to report on the final results of Scancell Holdings plc ("Group" or the "Company") for the year ended 30 April 2017.
During the year, the Group announced that the Clinical Study Report (CSR) on the SCIB1 Phase 1/2 clinical trial in patients with Stage III/IV malignant melanoma had been completed on schedule. As of August 2017, 18 out of the 20 patients with resected disease remain alive and seven have now survived for more than five years. The manufacture of a new batch of SCIB1 has been completed and released for clinical use.
The Company has been making good progress in compiling the Investigational New Drug (IND) application to the FDA for the SCIB1 checkpoint inhibitor combination study in the US. The request by the FDA for Ichor to provide data on its second generation TriGrid electroporation device has resulted in a short delay to our IND submission. However, we expect that this will be submitted in early 2018.
The Company has made substantial progress on the identification of an ultra-efficient adjuvant for Modi-1. This adjuvant, which will be linked to the Moditope(R) peptides before injection, stimulates potent cancer killing T cells at up to 100-fold lower doses than could be achieved previously. The Company is currently undertaking process development work on the manufacture of Modi-1 conjugated to the adjuvant with the aim of filing a Clinical Trial Application (CTA) in the UK for the planned Phase 1/2 clinical trial in 2018.
The Board has made significant progress in partnering discussions on both its ImmunoBody(R) and Moditope(R) platform product candidates, and progress has continued to be very encouraging since the year end.
Since the year end, the Group has raised net proceeds of GBP4.7m from a firm placing of shares. These additional funds will be used to support the Company's clinical development pipeline arising from the ImmunoBody(R) platform and initiate clinical development of the first product from the Moditope(R) platform, Modi-1.
Two Powerful Proprietary Platforms
Scancell is exploiting the unrivalled potential of the human immune system to develop therapeutics that seek out and eliminate cancer using our two proprietary immuno-oncology platforms.
ImmunoBody(R)
Scancell's potent innovative DNA-based ImmunoBody(R) therapies generate ultra-high avidity T cell responses that target and eliminate cancerous tumours. Although there have been some successes, therapeutic cancer vaccine development has been hampered by high failure rates that can in large measure be attributed to a failure to trigger the induction of the high avidity multi-targeted anti-tumour T cell responses that are required to control the disease. Pre-clinical studies have confirmed that the ImmunoBody(R) platform delivers killer T cell responses that are superior in magnitude to those generated by current cancer vaccines in development. Moreover, different T cell epitopes can be grafted into the framework allowing for rapid customisation for the targeting of multiple tumour types.
SCIB1 melanoma vaccine
During the year we reported that the final CSR on the SCIB1 Phase 1/2 clinical trial in patients with Stage III/IV malignant melanoma was completed in December 2016. The CSR includes safety, immunology and clinical data from all patients with Stage III/IV melanoma up to 29 October 2015, the date of the last patient's final dose in the main part of the study.
SCIB1 is continuing to deliver robust survival data, with a total of seven patients with resected disease surviving for more than five years, well beyond the established norms. Of the 16 resected Stage III/IV patients who received 2-4 mg doses of SCIB1, only six patients have had recurrence of their disease, of whom, two have died. One patient with unresected disease has also survived for more than five years since starting treatment with SCIB1, despite disease progression. Two of four resected patients who received 8 mg doses of SCIB1 have experienced disease recurrence although none have died.
In last year's accounts, I reported that following quality control analysis the Company had suspended dosing with the existing clinical supplies of SCIB1 as the stored drug product was no longer within its original specification. The Company subsequently signed an agreement with a new GMP manufacturer to supply materials and the new batch of SCIB1 has now been manufactured successfully and was released for clinical use in August 2017.
As a result of the problems with clinical supplies, Scancell suspended its treatment continuation programme in June 2016. Of the eight patients who were previously receiving long term continuation treatment at the time, three have experienced a recurrence of their melanoma. The other five patients remain disease-free. Following a review with our clinical investigators, it was decided not to continue the SCIB1 long term continuation treatment in the five remaining disease-free patients. These patients have received between six and 17 doses of SCIB1 prior to a dosing holiday of more than 15 months. The Company believes that the effects of any further dosing would therefore be difficult to interpret and to justify to the regulatory authorities.
The proposed SCIB1 checkpoint inhibitor combination Phase 2 study in the US will utilise Ichor's latest TriGrid 2.0 clinical device. At the Company's pre-IND meeting in February 2017, the FDA recommended that the technical data from Ichor regarding the new device should be submitted 30-60 days prior to Scancell's own FDA submission. Ichor now anticipates making its Master File submission in mid-November, which will mean a short delay in the submission of the IND application for SCIB1 to the FDA. However, we expect that this will be completed in early 2018 and patient enrolment will still commence in 2018, subject to the availability of sufficient funding for the trial.
Post year end, we were pleased to announce that a patent for Scancell's DNA ImmunoBody(R) technology has now been granted in Europe. The European patent, number 2134357, granted by the European Patent Office, covers Scancell's DNA ImmunoBody(R) platform technology and is key to the protection of the Company's pipeline of ImmunoBody(R) vaccines, including lead candidates, SCIB1 and SCIB2. On issuance, this patent will extend coverage of Scancell's intellectual property into another important market for Scancell. Counterparts to this patent have already been granted in the United States, Australia and Japan.
SCIB2 lung cancer vaccine
During the year the Company announced a collaboration partnership with the Addario Lung Cancer Medical Institute (ALCMI) and the Bonnie J. Addario Lung Cancer Foundation (ALCF) to evaluate the use of Scancell's second innovative cancer vaccine, SCIB2, from its ImmunoBody(R) platform to treat non-small cell lung cancer (NSCLC).
The Addario Advanced Collaboration Program brings patients into clinical trials from ALCMI's extensive research consortium of international researchers and member institutions and ALCF's patient support programmes. ALCMI plans to assist Scancell in the design and development of a Phase 1/2 clinical trial with SCIB2 in patients with NSCLC in the US.
Moditope(R)
Scancell's Moditope(R) technology is a novel vaccine platform that targets neo-epitopes to overcome immune suppression induced by tumour cells. This is achieved by stimulating the production of CD4+ T cells using citrullinated tumour-associated peptide epitopes which overcome self-tolerance and destroy tumour cells. Pre-clinical studies have shown unprecedented anti-tumour effects can be delivered without requiring checkpoint inhibition.
Modi-1
Modi-1 consists of two citrullinated vimentin peptides and one citrullinated enolase peptide. Vimentin and enolase peptides are highly expressed in triple negative breast cancer, ovarian cancer and sarcoma. Pre-clinical data suggests that Modi-1 should be effective in up to 90% of patients with triple negative breast cancer, up to 95% of patients with ovarian cancer and up to 100% of patients with sarcoma. The Company has recently made substantial progress on the identification of an ultra-efficient adjuvant for Modi-1. This adjuvant, which will be covalently linked to the Moditope(R) peptides before injection, stimulates potent cancer killing T cells at up to 100-fold lower doses than could be achieved previously. The Company is currently undertaking process development work on the manufacture of Modi-1 conjugated to the adjuvant with the aim of filing a CTA in the UK for the planned Phase 1/2 clinical trial in 2018.
The response from the European patent office on the claims for the Moditope(R) platform suggests that very broad IP protection for the use of citrullinated peptides for the treatment of cancer is likely.
The Company is continuing discussions on potential commercial partnerships for the Moditope(R) platform alongside its clinical development plans, with multiple partnering discussions in progress.
Financial
Profit and Loss Account
Scancell made an operating loss for the year to 30 April 2017 of GBP4,548,836 (2016: loss of GBP3,043,163). There has been a 38% increase in development expenditure to GBP2,766,098 (2016: GBP2,009,046) and a 72% increase in administrative expenditure to GBP1,782,738 (2016: GBP1,034,117). The major items contributing to the increase in development expenditure are an increase in salary costs as headcount has increased from 9 to 11 together with the cost of manufacturing the new SCIB1 vaccine. The rise in administration expenses is due to changes in management structure including additional rental and set up costs for the Oxford and San Diego offices and a significant increase in expenditure on patents for both the ImmunoBody(R) and Moditope(R) platforms.
Overall the loss for the year was GBP3,544,979 (2016: loss GBP2,583,273).
Balance Sheet
The cash at bank at 30 April 2017 was GBP2,672,335 (30 April 2016: GBP6,527,435) and net assets amounted to GBP6,499,325 (30 April 2016: GBP9,992,281).
Share Capital Placing
On 11 May 2017, the Company placed 50,499,999 ordinary 0.1p shares at a price of 10p per share and raised GBP4.7m net of costs. Together with our existing cash resources and anticipated R&D tax credits, these funds will be used for: the manufacture and clinical development of Modi-1 in sarcomas, breast and ovarian cancers in a Phase 1/2 study; the filing and approval of US IND for SCIB1 checkpoint combination Phase 2 study in melanoma; further development of the product pipeline; and to support working capital requirements, which could add significant incremental value and support the Company's on-going commercial discussions.
Staff
The Board recognises that the progress made over the year would not have been possible without the dedication and support of all our staff and, on behalf of the directors, I offer our thanks to them.
Outlook
The Company has recently published robust survival data for SCIB1 showing median observation times in excess of five years in resected patients. These results, together with a successful IND submission to the FDA, will put the Company in a good position to embark upon a US Phase 2 study of SCIB1 in combination with a checkpoint inhibitor. The commencement of such a study is dependent upon the timing and outcome of the IND submission plus the Company's ability to raise sufficient funds to enable the study to be fully funded.
There has been substantial interest in Scancell's SCIB2 product for the treatment of NSCLC. We have already announced a collaboration partnership with the Addario Foundation and we are actively negotiating with other interested parties on development and commercial partnership opportunities.
The Moditope(R) platform continues to deliver outstanding results as we expand the number of targets under evaluation and prepare for our first clinical trial with Modi-1.
The Company has made further significant progress during the course of the past year on our pipeline of three products (SCIB1, SCIB2, Modi-1). The successful interim fundraising in May 2017 allowed the Company to continue to invest in its product pipeline whilst continuing to explore with its advisers a number of funding options to ensure that the Company has the resources to progress these programmes further. The Board believes that further funding could be best achieved following the execution of a further partnership on the ImmunoBody(R) or Moditope(R) platform.
John Chiplin
Chairman
CONSOLIDATED PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME STATEMENT 2017 2016
for the year ended 30 April 2017 GBP GBP
Development expenses (2,766,098) (2,009,046)
Administrative expenses (1,782,738) (1,034,117)
-------------------------- --------------------------
OPERATING LOSS (note 2) (4,548,836) (3,043,163)
Interest receivable and similar income 53,445 13,522
-------------------------- --------------------------
LOSS BEFORE TAXATION (4,495,391) (3,029,611)
Taxation (note 3) 950,412 446,338
-------------------------- --------------------------
LOSS AND TOTAL COMPREHENSIVE INCOME FOR THE
YEAR (3,544,979) (2,583,273)
-------------------------- --------------------------
EARNINGS PER ORDINARY SHARE (pence)
(note 4)
Continuing operations Basic (1.36)p (1.14)p Diluted (1.36)p (1.14)p
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 April 2017
Share Share Share Retained
Capital Premium Option Earnings Total
GBP GBP GBP GBP GBP
Balance 30 April 2015 224,951 16,036,276 613,726 (10,120,951) 6,754,002
Share issue 36,607 6,186,653 6,223,260
Expenses of issue (437,634) (437,634)
Loss for the year (2,583,273) (2,583,273)
Share option charge 35,926 35,926
Balance 30 April 2016 261,558 21,785,295 649,652 (12,704,224) 9,992,281
Loss for the year (3,544,979) (3,544,979)
Share option charge 52,023 52,023
Balance 30 April 2017 261,558 21,785,295 701,675 (16,249,203) 6,499,325
-------- ----------- -------- ------------- ------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 April 2017
2017 2016
ASSETS GBP GBP
Non-current assets
Plant and machinery 93,109 64,611
Goodwill 3,415,120 3,415,120
------------------ ------------------
3,508,229 3,479,731
------------------ ------------------
Current assets
Trade and other receivables 101,803 120,765
Tax receivables 748,837 440,001
Cash and cash equivalents 2,672,335 6,527,435
------------------- -------------------
3,522,975 7,088,201
------------------- -------------------
TOTAL ASSETS 7,031,204 10,567,932
------------------- -------------------
LIABILITIES
Current Liabilities
Trade and other payables (531,879) (575,651)
------------------- -------------------
TOTAL LIABILITIES (531,879) (575,651)
------------------- -------------------
NET ASSETS 6,499,325 9,992,281
=========== ===========
SHAREHOLDERS' EQUITY
Called up share capital 261,558 261,558
Share premium 21,785,295 21,785,295
Share option reserve 701,675 649,652
Profit and loss account (16,249,203) (12,704,224)
-------------------- --------------------
TOTAL SHAREHOLDERS' EQUITY 6,499,325 9,992,281
============ ============
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 April 2017
2017 2016
GBP GBP
Operating activities
Cash generated from operations (4,489,042) (2,997,585)
Income taxes received 641,576 666,841
-------------------- --------------------
Net cash from operating activities (3,847,466) (2,330,744)
-------------------- --------------------
Investing activities
Grant monies - 9,776
Asset Acquisition (61,079)
Other income 47,060 -
Finance income 6,385 3,776
-------------------- --------------------
Net cash used by investing activities (7,634) 13,552
-------------------- --------------------
Financing activities
Proceeds from issue of share capital - 6,223,260
Expenses of share issue - (437,634)
-------------------- --------------------
Net cash generated from financing activities - 5,785,626
-------------------- --------------------
Net increase in cash and cash equivalents (3,855,100) 3,468,434
Cash and cash equivalents at beginning of
the year 6,527,435 3,059,001
-------------------- --------------------
Cash and cash equivalents at end of the
year 2,672,335 6,527,435
-------------------- --------------------
NOTES TO THE FINANCIAL INFORMATION
For the year ended 30 April 2017
1 BASIS OF PREPARATION
These financial results do not comprise statutory accounts for the year ended 30 April 2017 within the meaning of Section 434 of the Companies Act 2006. The financial information in this announcement has been extracted from the audited financial statements for the year ended 30 April 2017.
The financial statements have been prepared on the going concern basis on the grounds that the directors have reviewed the funding available and the group's cash flow forecast and are content that sufficient resources are available to enable the group to continue in operation for at least twelve months from the date of approval of these accounts.
The financial information has been prepared in accordance with International Financial Reporting Standards ('IFRS'), as adopted by the European Union, and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards.
2 OPERATING LOSS
2017 2016
GBP GBP
Operating Loss is stated after charging/(crediting):
Depreciation on tangible fixed assets 32,581 21,893
Operating lease rentals 50,580 12,500
Research and development 2,766,098 2,009,046
Auditors' remuneration - fee payable for
audit of the company 8,250 8,250
Auditors' remuneration - fee payable for
audit of the subsidiary company 11,000 10,775
Auditors' remuneration for non-audit services 1,500 1,500
Directors' remuneration 543,382 330,448
=========== ===========
3 TAXATION
Analysis of the tax credit
The tax credit on the loss on ordinary
activities
for the year was as follows: 2017 2016
Current tax GBP GBP
UK corporation tax credits due on R&D
expenditure 748,837 440,001
Adjustment to prior year 201,575 6,337
_________ _________
_______ _______
950,412 446,338
================================= =================================
Factors affecting the tax charge
The tax assessed for the years is lower than the applicable rate of corporation tax in the UK.
The difference is explained below:
2017 2016
GBP GBP
Loss on ordinary activities before
tax (4,495,391) (3,029,611)
======================================== ========================================
Loss on ordinary activities
multiplied by
the small company rate of tax in
the UK
(19.92%/20%) (895,482) (605,922)
Effects of:
Disallowed expenditure 10,363 8,733
Timing differences (6,465) 7,777
Enhanced tax relief on R&D
expenditure (581,466) (343,593)
Reduced tax relief for losses
surrendered
for R&D tax credits 279,910 166,897
Prior year under provision (201,575) (6,337)
Unrelieved losses carried forward 444,302 326,107
_____________________ _____________________
Current tax (credit) (950,412) (446,338)
======================================== ========================================
The Group has tax losses to carry forward against future profits of approximately GBP12,808,000 (2016: GBP11,180,000).
A deferred tax asset has not been recognised in respect of these losses as the Group does not anticipate sufficient taxable profits to arise in the foreseeable future to fully utilise them.
The estimated value of the deferred tax asset not recognised measured at the prevailing rate of tax when the timing differences are expected to reverse is GBP2,164,000 (2016: GBP1,888,000).
4 EARNINGS PER SHARE
Basic earnings per share
The earnings and weighted average number of ordinary shares used in the calculation of basic earnings per share is as follows:
2017 2016
GBP GBP
Earnings used in the calculation of
basic earnings per share (3,544,979) (2,583,273)
Number Number
Weighted average number of ordinary
shares of 0.1p each for the calculation
of basic earnings per share 261,558,099 227,558,335
Diluted earnings per share
As the Group is reporting a loss from continuing operations for both years then, in accordance with IAS33, the share options are not considered dilutive because the exercise of the share options would have the effect of reducing the loss per share.
On 11 May 2017, the Company issued a further 50,499,999 ordinary shares which increased the number of shares in issue to 312,058,098.
5 DELIVERY OF ACCOUNTS
The audited statutory accounts in respect of the prior year ended 30 April 2016 have been delivered to the Registrar of Companies. The auditors issued an unqualified audit opinion which did not contain any statement under section 498(2) or 498(3) of the Companies Act 2006.
6 AVAILABILITY OF ACCOUNTS
This announcement is not being posted to shareholders. Copies of this announcement can be downloaded from the Company's website: www.scancell.co.uk together with copies of the Report and Accounts.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BRGDCSDBBGRD
(END) Dow Jones Newswires
September 13, 2017 02:00 ET (06:00 GMT)
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