Scancell, the developer of novel immunotherapies for the treatment of cancer, today announces that it has raised £3.9m at a price of 5 pence per share from Vulpes Life Sciences Fund (“Vulpes”) under existing shareholder authorities.
Vulpes Investment Management was founded in 2011 by Stephen and Martin Diggle and is designed to enable outside co-investment in a range of strategies that seek to produce real capital appreciation and income by concentrating on a small number of compelling investment opportunities. Vulpes Investment Management established the Vulpes Life Sciences Fund in 2012.
Dr John Chiplin, Chairman of Scancell, said:
“We warmly welcome Vulpes as a shareholder and look forward to working with Martin Diggle. His extensive experience of investment management in the life science sector will add a valuable perspective and insight to the Board of Directors. This new investment capital increases funds available to advance our product pipeline and in particular, the transition of our lead Moditope® platform asset Modi-1 into the clinic.”
Martin Diggle, Co-Founder and Portfolio Manager, Vulpes Investment Management, said:
“I am very pleased to be investing in Scancell at this exciting time in the company’s evolution. Vulpes has been conducting scientific and commercial due diligence on Scancell for a considerable period of time. We have concluded the company’s unique and innovative approach to fighting cancer is compelling and under-appreciated. At Vulpes we are always searching for overlooked companies that have the ability to make significant advances in medical science, with a view to supporting their development over the long term. We believe Scancell fulfil these criteria perfectly.”
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