Scancell Raises £15.7m from UK Retail Investors Amid Strong Demand
Scancell Holdings PLC (AIM:SCLP) has raised £15.7 million through a retail share offering in the UK, exceeding its initial target of £2.3 million with final proceeds reaching £2.7 million due to strong demand. The company increased allocations for existing shareholders amid oversubscription and plans to use these funds as part of broader financing efforts ahead of a transformative merger with US-based Neuphoria Therapeutics. The proposed deal will create a dual-listed entity, 85.5% owned by Scancell's current shareholders, aimed at advancing its lead immunotherapy treatment iSCIB1+ through global phase III trials for advanced melanoma. The company has secured $39.1 million in private placements and signed non-binding term sheets with BlackRock for up to $25 million in debt financing. Scancell aims to raise a total of $89 million, which will support the trial until its primary readout expected by mid-2028 and extend cash runway into 2029. The treatment has received fast-track designation from the FDA following promising phase II data showing 77% progression-free survival at 22 months.
Topics: biotech funding capital raising merger announcement retail demand