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Scancell Holdings Plc
Redmile funding releases the brakes

Scancell’s outlook has been transformed by the recent investment by Redmile of a further £12.1m in equity and £17.9m in Convertible Loan Notes (CLN). These funds, together with an over-subscribed £3m Open Offer, boost Scancell’s cash to c £48m. After a sustained period of being under-resourced, attention now turns to execution and delivery. The additional funds will be used to progress and broaden the ImmunoBody and Moditope portfolios and further develop the Avidimab platform. The onus will inevitably shift to timely progress across a broader front, including clinical data for SCIB1, Modi-1, and COVIDITY and, in time, material commercial partnerships for Avidimab. We update our valuation to £144m (17.7p per share).

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  • 17 Nov 20
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Allergy Therapeutics plc
Innovative G309 exploratory grass trial starts

Allergy Therapeutics has announced the screening of the first patient in the G309 exploratory field study of Grass MATA MPL, a short course, aluminium-free, allergen-specific, subcutaneous immunotherapy (SCIT), in seasonal allergic rhinitis and/or rhinoconjunctivitis induced by grass pollen. G309 is a double-blind, placebo controlled, randomised study designed to evaluate the efficacy and safety of an optimized Phase III dose of 27,600 SU Grass MATA MPL. The trial will run for one year, capturing the 2020/21 allergy season, and recruit c 150 patients over 12 sites in Germany and the US. The primary endpoint is the combined symptom medication score (CSMS) averaged over the peak grass pollen season.

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  • 26 Oct 20
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Futura Medical plc
MED3000: FDA details the scope of confirmatory study

Futura Medical has reported details of its third meeting with the FDA that firmed up the format of the six-month confirmatory study. The new trial, known as FM71, will involve c 100 patients with erectile dysfunction (ED). Around c 20 will be in the US and the balance will be similar to those who took part in the FM57 Phase III trial. The primary endpoint is efficacy against baseline assessment. The important secondary endpoints relate to speed of onset of effect and adverse events. There is no placebo and a comparison arm, using 5mg tadalafil (Cialis), will employ the same endpoints and provide an appropriate reference frame for an overall MED3000 risk/benefit analysis.

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  • 26 Oct 20
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Nexstim PLC
Pilot studies lift off in depression and pain

Nexstim has confirmed that two pilot studies, in severe depression and chronic neuropathic pain, using accelerated iTBS protocols with its NBT SmartFocus navigated TMS (transcranial magnetic stimulation) system will be starting at two leading Finnish university hospitals.

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  • 26 Oct 20
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Scancell Holdings Plc
Redmile endorses technologies with a further £30m

Scancell has announced a proposed raise of up to £33m in additional funding at a price of 13p a share. Redmile Group will invest c £30m through an immediate £12.1m subscription in 93.1m new shares, with a further £17.9m as a convertible loan note (CLN) subject to shareholder approval. There is also an Open Offer of up to £3m (23.3m shares).

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  • 26 Oct 20
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Mereo BioPharma Group plc
H120 results and corporate review

Mereo BioPharma is progressing the promising anti-TIGIT antibody, etigilimab, into Phase Ib/II trials for multiple solid tumour types in Q420 and intends to host an investor webinar focusing on this asset in a similar timeframe. Partnering discussions for setrusumab (osteogenesis imperfecta, OI), are ongoing with options sought to retain certain commercialisation rights. Clinical trials are underway again, with Phase II data for alvelestat in anti-alpha trypsin deficiency (AATD) is expected in H221. Financing options for acumapimod and leflutrozole are also being explored. Although its early stage means its contribution to our rNPV model is currently modest, success with etigilimab would be transformative for the company. Using conservative assumptions our current valuation is 101p/share or $5.06/ADS (fully diluted).

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  • 26 Oct 20
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