Scancell Raises £15m to Progress Three Clinical Programmes
On 22 July, Scancell announced a transformational £15 million fundraising that will enable the company to progress its three clinical programmes. These include the development of a vaccine against COVID-19.
The transaction is being led by Redmile Group LLC, which is a specialist healthcare investor in venture, growth and crossover deals. Based in San Francisco, Redmile has $6bn under management and has invested $1.3bn in the last 12 months. It invested in BioNTech prior to its highly successful NASDAQ IPO in October last year. BioNTech, which is a research partner of Scancell, has seen its market value rise from $3bn to $20bn in nine months helped by a COVID-19 vaccine collaboration with Pfizer.
Given the scale of its activities, we can expect that Redmile will be in a position to provide additional capital to Scancell in the future. Redmile's sector expertise and connections in the US may also be invaluable as Scancell develops clinical trials and strategic dialogues there.
The transaction represents the conclusion of a 15 month project in which LGB has helped Scancell strengthen its investment proposition and communication with investors. We also acted as placement agents in the fundraising. We believe the company now has access to the resources and network that are required to fulfil its potential.