Scancell Holdings PLC on Tuesday reported a narrowed loss as it gained on the revaluation of derivative liability.

The Oxford, England-based developer of immunotherapies for treatment of cancer and infectious diseases said pretax loss narrowed 40% to £3.6 million in the six months to October 31, from £5.9 million a year ago.

Notably, the company reported a finance gain of £4.9 million relating to revaluation of derivative liability, compared to a finance expense of £3.5 million a year ago.

Scancell reported no revenue for the most recent half-year, down from revenue of £5.3 million a year ago.

Chief Executive Officer Lindy Durrant said: ‘With important clinical milestones expected this year, including further data from both the SCOPE and ModiFY trials, and with the recently secured funding in place, the company’s prospects in 2024 are exciting.’

Scancell shares rose 1.9% to 10.70 pence each on Tuesday afternoon in London.

Copyright 2024 Alliance News Ltd. All Rights Reserved.