LONDON (ShareCast) - The company development spending increased due to additional costs in pre-clinical studies for a new platform technology, while admin expenses rose on the back of higher patent costs.



However, the cash balance rose to £5.6m in the year ended in April compared to last year's £1.5m, as a result of a placing and open offer of shares earlier in the year which raised a net £6.1m.



Scancell's chief executive Richard Goodfellow said: "Cancer immunotherapy is emerging as one of most exciting areas of pharmaceutical research and development.



"Scancell now has two innovative technology platforms in this emerging field, both of which are expected to be of substantial interest to the increasing number of pharmaceutical companies establishing research and development programmes in the area."



Shares were up 0.54% to 35.19p on Thursday at 09.29.



JF

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