Trinity Delta view: Scancell’s successful upsized >£10m placing removes financial uncertainty and, assuming similar success in the Open Offer, means the cash runway now extends to late 2025. This covers the important clinical milestones for both SCIB1 and Modi-1 programmes and could be extended further through the partnering or out-licensing of selected programmes from the GlyMab and AvidiMab antibody platforms. As usual in such situations we suspend our valuation and forecasts, but for context our last published rNPV based valuation for Scancell was £300.1m, equivalent to 36.7p/share.
