Scancell Holdings PLC’s shares soared Thursday as it received GBP3.9 million from a new investor.
Scancell shares were up 31% in afternoon trade at a price of 7.00 pence each.
Vulpes Life Sciences Fund has bought 77.6 million new Scancell shares at a price of 5p apiece, giving it a 17% stake in immunotherapy developer Scancell.
Vulpes Investment Management was founded in 2011 by Stephen and Martin Diggle, and Vulpes is set to appoint Martin Diggle as a non-executive director of Scancell. The Life Sciences fund at Vulpes was set up in 2012.
Martin Diggle commented: “I am very pleased to be investing in Scancell at this exciting time in the company’s evolution. Vulpes has been conducting scientific and commercial due diligence on Scancell for a considerable period of time.
“We have concluded the company’s unique and innovative approach to fighting cancer is compelling and under-appreciated. At Vulpes we are always searching for overlooked companies that have the ability to make significant advances in medical science, with a view to supporting their development over the long term. We believe Scancell fulfil these criteria perfectly.”