GB00B39J5N63
14 July 2010
Scancell Holdings Plc
(`Scancell Holdings' or the `Company')
Grant of Options
Scancell Holdings plc, (PLUS:SCLP), the developer of therapeutic cancer
vaccines, announces, further to the preliminary results announcement and the
announcement of the Company's proposed admission to AIM which were issued
earlier today, the grant of share options to the Executive Directors of the
Company under the EMI share option scheme.
In order to properly incentivise the Executive Directors, the Company has
adopted an EMI Option Scheme. Under the terms of the EMI Option Scheme, each of
Professor Lindy Durrant and Dr Richard Goodfellow have been granted options
over Ordinary Shares of 1p each in the share capital of the Company.
The exercise price of the options is 45p; the same price at which new Ordinary
Shares were issued under the Open Offer that was completed in March 2010. The
Company has not been able to grant the options since the close of the Open
Offer due to it being in a close period since that date. The exercise price
represents a discount of approximately 28 per cent. to the middle market price
of the Company's Ordinary Shares at the close of business on 13 July 2010 which
was 62.5p. Details of the EMI Options granted are set out in the table below:
Executive Director Number of EMI Exercise Expiry Date Vesting criteria
Options Price
Professor Lindy 385,000 45p 31.12.15 Conditional on the
Durrant Company being sold
for > £25 million
Dr Richard 288,000 45p 31.12.15 Conditional on the
Goodfellow Company being sold
for > £25 million
A copy of this announcement is available for download on the Company's website
at http://www.scancell.co.uk/
The Directors of the issuer accept responsibility for this announcement.
-ENDS-
For further information contact:
Professor Lindy Durrant Scancell Holdings Plc + 44 (0)207 245 1100
John Bick/Kirsty Corcoran Hansard Communications + 44 (0)207 245 1100
Ross Andrews/Tom Rowley Zeus Capital + 44 (0)161 831 1512
About Scancell
Scancell is developing novel therapeutic vaccines for the treatment of cancer
and infectious diseases based on its groundbreaking ImmunoBody® technology
platform. Scancell's first cancer vaccine SCIB1 is being developed for the
treatment of melanoma and has recently entered clinical trials.
Treating cancer by vaccination allows small non-toxic doses of a vaccine to be
administered to a patient, stimulating an immune response. Effective cancer
vaccines need to target dendritic cells to stimulate both parts of the cellular
immune system; the helper cell system where inflammation is stimulated at the
tumour site; and the cytotoxic T-lymphocyte or CTL response where immune system
cells are primed to recognise and kill specific cells.
A limitation of many cancer vaccines currently in development is that they
cannot specifically target dendritic cells in vivo. Several groups have
demonstrated successful vaccination by growing dendritic cells ex vivo, pulsing
them with tumour antigens and re-infusing them. However, this procedure is
patient specific, time consuming and expensive. Scancell has developed its
breakthrough patent protected ImmunoBody® technology to overcome these
limitations.
An ImmunoBody® is a human antibody or fusion protein engineered to express
helper cell and CTL epitopes from tumour antigens over-expressed by cancer
cells. Antibodies are ideal vectors for carrying T cell epitopes from tumour
antigens as they have long half-lives and can effectively target dendritic
cells via their Fc receptors, allowing efficient stimulation of both helper and
CTL responses.
The Immunobody® technology can be adapted to provide the basis for treating any
tumour type and may also be of potential utility in the development of vaccines
against hepatitis, HIV and other chronic infectious diseases.
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