Scancell Secures Up To $25 Mln Debt Facility To Fund ISCIB1+ Phase 3
(RTTNews) - Scancell Holdings plc (SCLP.L) on Thursday announced it has entered into a loan agreement with funds and accounts managed by BlackRock for a debt facility of up to $25 million.
The financing follows Scancell's July 23, 2026, announcement of a planned merger with Neuphoria Therapeutics and associated financing to support the registrational Phase 3 study of iSCIB1+, along with a proposed Nasdaq listing.
The facility is available in four tranches. Scancell intends to initially draw $7 million, subject to shareholder approval at an extraordinary general meeting (EGM).
A further $8 million is expected to become available following completion of the planned U.S. listing transactions and the expected opening of the first Phase 3 clinical site.
The remaining tranche may be drawn through December 31, 2027, subject to a minimum equity fundraising threshold.
For the first three tranches, a portion of each tranche may be converted into ordinary shares at the lender's option, totalling up to $5 million.
The facility has an 18-month interest-only period, after which repayment will be made over 24 months.
If the company raises at least $100 million in cumulative equity funding, repayment will instead begin after 24 months and run for 18 months. The facility is repayable in full upon a change of control.
The term loan facilities carry interest at 10.50% annually, while the convertible facilities carry interest at 10.95% annually, which is capitalized and added to principal.
The company will also grant warrants to subscribe for ordinary shares in connection with drawdowns. iSCIB1+ is an investigational DNA ImmunoBody designed to treat advanced melanoma. The candidate is administered through a needle-free intramuscular injection and is designed to target the melanoma-associated antigens gp100 and TRP-2 to stimulate an anti-tumor immune response.
It has received FDA Fast Track Designation, while its registrational Phase 3 trial has received FDA IND clearance and UK MHRA Clinical Trial Authorization (CTA).
Scancell said the Phase 3 trial is on track to begin by the end of 2026, with initial progression-free survival data targeted for the second half of 2028.
The debt financing remains subject to shareholder approval, which the company expects to seek at an EGM in October 2026.
SCLP.L is trading down 0.10% at GBp 9.69 on the London Stock Exchange.
