Trinity Delta view: Upcoming data for Scancell’s highly promising “off the shelf” cancer vaccines (SCIB1/iSCIB1+ and Modi-1) will be key to determine future development plans and better assess the commercial opportunities. First up will likely be SCOPE data, where the key outcome will be selection of the optimal candidate (SCIB1 or iSCIB1+) to take into a potentially pivotal Phase II/III trial. Prior SCIB1 data suggest a commercially relevant and clinically meaningful improvement can be achieved, with the potential for next-generation iSCIB1+ to target the whole melanoma patient population (SCIB1 is limited to c 40% of patients). Meanwhile, early data from the RCC cohort of the ModiFY study should provide valuable insights into Modi-1’s potential benefit when coupled with double CPI therapy. We note with interest the formation of GlyMab Therapeutics, a natural evolution for Scancell, which will allow focus, resources, and investor attention to be appropriately directed to these distinct and unique platforms. Our last published Scancell rNPV valuation is £330m, or 32p/share.
