Skip to content
Home / News |

Scancell Share Price Plunges 6% on £3M Capital Raise

Scancell logo
Simon Mugo

Shares of Scancell Holdings Plc (LON: SCLP) today fell 6% after the cancer treatment company announced that it has raised £3 million through an oversubscribed offer where investors bought new shares at 13p apiece.

The company also announced that it would hold a general meeting on November 5 to allow more shareholders to vote on its £17.9 million convertible loan note injection from Redmile Funds.

Scancell said that proxy votes in support of the deal were in excess of 70% but fell short of the 75% of shareholder votes required to accept the cash injection.

X testing X
WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.
Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.
5.0
Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

The company’s shares surged 24.7% on October 2 after the company agreed to partner with Cobra Biologics to manufacture plasmid DNA required for use in its COVIDITY Phase 1 clinical trial for its COVID-19 vaccine in 2021.

However, its share price has trended lower since then.

Scancell share price

Tradingview chart of Scancell share price 30102020

Scancell shares today fell 6% to trade at 14p having dropped from yesterday’s closing price of 14.9p.

People who read this also read:

Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.