The transformative phase of capital raising that Scancell has undertaken to date in 2020 now appears to have drawn to a close.
What is likely to be its final stage, the Open Offer that Scancell made available to Qualifying Shareholders on 12 October 2020, on the basis of 1 new ordinary share for every 27 held, was declared unconditional on 5 November 2020, raising a further c.£3.0 million gross at an issue price of 13p each.
This permitted existing shareholders to participate on the same basis as funds managed by Redmile Group LLC (‘Redmile’), the US based specialist healthcare and life sciences investment firm, that agreed a direct subscription for both new Scancell ordinary shares and new Convertible Loan Notes (‘new CLNs’), raising total gross proceeds of c.£30m.
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