Vesting of Ichor Options

RNS Number : 0809E

Scancell Holdings Plc

25 May 2012

 

25 May 2012

Scancell Holdings Plc

('Scancell' or the 'Company')

Vesting of  Ichor Options

Scancell Holdings Plc, (AIM: SCLP), the developer of therapeutic cancer vaccines, announces that, further to the commencement of the Phase II clinical trial for SCIB1, the Company's first cancer vaccine which is being developed for the treatment of melanoma, 3,184,620 options previously granted to ICHOR Medical Systems Inc ('ICHOR') have now vested.

As announced on 10 July 2010, ICHOR was granted options over a total of 7,961,560 ordinary shares in the Company (as adjusted for the subdivision of the Company's share capital announced on 30 June 2011). The subscription price payable upon exercise of the options is 4.5p per share. The options were originally granted under a License and Supply Agreement ('the Agreement') dated 13 July 2009 made between Scancell and ICHOR.

Under the terms of the Agreement, ICHOR agreed to supply its TriGrid™ electroporation device for Scancell's pre-clinical and clinical studies with SCIB1 and gave Scancell an option to license TriGrid™ for commercial use on achievement of certain milestones and payment of royalties.

In return, ICHOR was granted options to subscribe for ordinary shares in the Company. The options vest as follows: 1,592,310 options vested on regulatory approval being granted to start clinical trials in the UK (which has already occurred); 3,184,620 options vested on starting the first Phase II clinical trial (which has recently occurred); and 3,184,630 options will vest on completing the first Phase II clinical trial. Each tranche of the options may be exercised at any time in the five year period after the relevant vesting date.

A copy of this announcement is available for download on the Company's website at http://www.scancell.co.uk/

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For further information contact:

Professor Lindy Durrant/Dr Richard Goodfellow	Scancell Holdings Plc	+ 44 (0)207 653 9850
Graham Herring/ Heather Armstrong	Newgate Threadneedle	+ 44 (0)207 653 9850
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 is in Phase II 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 DNA vaccine encoding 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 can effectively target dendritic cells via their Fc receptors, allowing efficient stimulation of high avidity and high frequency 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.

About Ichor Medical Systems

Ichor Medical Systems' TriGrid™ Delivery System (TriGrid) is the first integrated and fully automated device for electroporation-mediated DNA administration in humans. Ichor, a privately-held biotech company based in San Diego, CA, is collaborating with partners on four continents to provide its enabling TriGrid platform as a means for delivery of DNA drugs and vaccines in disease indications such as melanoma, malaria, hepatitis B virus (HBV) infection, human immunodeficiency virus (HIV) infection, melanoma, Alzheimer's disease, and others. For further information, visit www.ichorms.com.

 

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