LONDON (ShareCast) - Scancell, the developer of therapeutic cancer vaccines, lost around one-eighth of its value following full year results.
The sharp fall ppears to be profit taking following an amazing price performance over the last few months.
Its share price shot up ten-fold this year, propelled by hopes its new technology platform for anti-cancer vaccines, called Moditope, will be able to successfully produce an anti-cancer vaccine that destroys tumours without toxicity.
The company, which is still very much in development phase, received a milestone payment from Arana Therapeutics of £2.49m net of costs during a year in which development costs rose.
For the year ending 30th April 2012, Scancell reported pre-tax profits of £557,058 (2011: loss of £1.65m). It also had £3.5m cash at year end (2011: 1.10m), largely as a result of the placing of £1.58m in shares.
Phase II of the clinical trials for SCIB1 in melanoma began in May 2012 and is on schedule to be completed by the end of 2013.
It is also looking for a partner to fund further development on it SCIB2 vaccine for certain types of cancer.
CM
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