Scancell’s investment case centres on the potential of the lead oncology programmes from its highly promising ImmunoBody and Moditope “off the shelf” platforms. Following the successful outcome from the SCOPE trial, iSCIB1+ has been selected as the optimal ImmunoBody candidate to progress into a potentially registrational trial. Forthcoming discussions with the FDA should define the registrational trial design. Other 2025 catalysts include further SCOPE data, plus early data from the RCC (renal cell carcinoma) cohort of the ModiFY study, which should provide useful insights into Modi-1’s potential benefit when coupled with double checkpoint inhibitor (CPI) therapy. The formation of GlyMab Therapeutics will separate Scancell’s immunotherapy and antibody platforms, reflecting their differing scientific needs and strategic direction. We expect the two businesses will attract different partners, investors and funding. Our rNPV valuation for Scancell is £382m, or 37p/share.
