Trinity Delta view: The positive latest results from the SCOPE study of Scancell’s “off the shelf” cancer vaccine SCIB1/iSCIB1+ are important for three reasons: (1) data consistently show a clinically meaningful and commercially relevant improvement over currently achievable outcomes; (2) the better efficacy can be achieved without worsening SoC safety and tolerability; and (3) the selection of iSCIB1+ should allow a larger group of patients (c 80% of melanoma patients vs c 40% with SCIB1) to benefit. All these factors suggest that iSCIB1+, the candidate selected for future development, could offer many advantages to patients with advanced melanoma. Planning for a potentially pivotal Phase IIb/III trial is being accelerated based on the data from Cohorts 1 to 3. Our last published Scancell rNPV valuation is £330m, or 32p/share.
