9 September 2021
Scancell Holdings plc
("Scancell" or the "Company")
PDMR dealing
Scancell Holdings plc (AIM: SCLP), the developer of novel immunotherapies for the treatment of cancer and infectious disease, today announces an update to CEO, Professor Lindy Durrant's remuneration/incentive package to bring it in line with the increased responsibilities of her new role.
Professor Durrant who co-founded the Company in 1996 has been awarded 9 million new share options, at an exercise price of 21.25 pence per share, based upon the weighted average price over the previous thirty days as part of a long-term incentive scheme ("Options"). The Options are exerciseable yearly in equal tranches for a period of three years from grant. At the same time it has been agreed to transfer to Professor Durrant 6,840,633, joint ownership shares previously awarded to her through the Scancell Employee Benefit Trust (the "Shares"). Subject to completion of that transfer Professor Durrant has agreed to sell the Shares in two separate off-market transactions. An existing institutional investorhas agreed to purchase 4,459,681 of the Shares at 20.38p pence per share and a private individual has agreed to purchase 2,380,952 shares at 21 pence per share.
As part of the refreshed incentive package arrangements and the transaction above, Professor Durrant will no longer be interested in the 1,933,327 shares which were held jointly by the Employee Benefit Trust and Professor Durrant. Taking the above into account, following the sale of the Shares, Professor Durrant will hold 1,665,783 shares representing 0.2% of the voting rights of the Company and options over an additional 22,850,000 ordinary shares.
Dr John Chiplin, Executive Chairman, said:
"The Board of Directors wants to ensure Professor Durrant is compensated in line with her new responsibilities as CEO. Lindy has been a key driving force in Scancell over the last 25 years and we are glad that as part of the update to her remuneration/incentive package she is able to realise value from her commitment and hard work for the company since foundation."
| For further information, please contact: |
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| Scancell Holdings plc | +44 (0) 20 3727 1000 |
| Dr John Chiplin, Executive Chairman |
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| Prof Lindy Durrant CEO |
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| Panmure Gordon (UK) Limited (Nominated Adviser and Joint Broker) | +44 (0) 20 7886 2500 |
| Freddy Crossley/Emma Earl (Corporate Finance) |
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| Rupert Dearden (Corporate Broking) |
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| Stifel Nicolaus Europe Limited (Joint Broker) | +44 (0) 20 7710 7600 |
| Nicholas Moore/Ben Maddison (Healthcare Investment Banking) |
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| Nick Adams (Corporate Broking) |
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| FTI Consulting | +44 (0) 20 3727 1000 |
| Simon Conway/Natalie Garland-Collins |
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About Scancell
Scancell is developing novel immunotherapies for the treatment of cancer based on its technology platforms, ImmunoBody®, Moditope® and AvidiMabTM, with four products in multiple cancer indications and development of a vaccine for COVID-19.
ImmunoBody® vaccines target dendritic cells and stimulate both CD4 and CD8 T cells with the ability to identify, target and eliminate cancer cells. These cancer vaccines have the potential to be used as monotherapy or in combination with checkpoint inhibitors and other agents. The Directors believe that this platform has the potential to enhance tumour destruction, prevent disease recurrence and extend survival.
DNA vaccine against COVID-19: As research data emerges, it is becoming increasingly clear that the induction of potent and activated T cells may play a critical role in the development of long-term immunity and clearance of virus-infected cells. Initial research is underway and Scancell anticipates initiating a Phase 1 clinical trial known as COVIDITY during 2021.
Moditope® represents a completely new class of potent and selective immunotherapy agents based on stress-induced post-translational modifications (siPTMs). Examples of such modifications are citrullination, an enzyme-based conversion of arginine to citrulline, and homocitrullination (or carbamylation), in which lysine residues are converted to homocitrulline. Expression of peptides containing these modifications have been demonstrated to induce potent CD4 cytotoxic T cells to eliminate cancer. The Directors believe that this platform has the potential to eradicate hard to treat solid tumours.
AvidiMab™ has broad potential to increase the avidity or potency of any therapeutic monoclonal antibody (mAb) including those being developed for autoimmune diseases, as well as cancer. Scancell's development pipeline includes mAbs against specific tumour-associated glycans (TaGs) with superior affinity and selectivity profiles, that have now been further engineered using the Company's AvidiMab™ technology; this confers the Scancell anti-TaG mAbs with the ability to directly kill tumour cells. The mAbs targeting TaGs can also be used to deliver cytotoxic payload to cancer or to redirect T cells. The Company has entered into three non-exclusive research agreements with leading antibody technology companies to evaluate the Company's anti-TaG mAbs including those enhanced with the AvidiMab™ technology.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Lindy Durrant |
| 2 | Reason for the notification | |
| a) | Position/status | CEO |
| b) | Initial notification/Amendment | Initial notification |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
| a) | Name | Scancell Holdings plc |
| b) | LEI | 2138008RXEG856SNP666 |
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of 0.1 pence each |
| b) | Identification Code | GB00B63D3314 |
| c) | Nature of the transaction | Sale of shares |
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| d) | Price(s) and volume(s) | 4,459,681 ordinary shares at 20.38 pence per ordinary share 2,380,952 ordinary shares at 21.0 pence per ordinary share |
| e) | Aggregated information - Aggregated volume - Aggregated price | 6,840,633 ordinary shares at 20.6 pence per ordinary share |
| f) | Date of the transaction | 9 September 2021 |
| g) | Place of the transaction | Oxford |
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