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Bigger loss but positive drug trial results for Scancell Holdings

Edward Swift

LONDON (ShareCast) - (ShareCast News) - Scancell Holdings (LSE: SCLP.L - news) 's losses increased marginally in the year ended 30 April 2015. The cancer immunotherapy developer announced on Friday a wider loss of £2.414m from £2.222m last year.

It (Other OTC: ITGL - news) comes as a result of expected additional expenditure on its SCIB1 ImmunoBody clinical trials and the further development of Moditope.

The group's cash balance also took a hit, down from £5.566m to £3.059m.

However, operationally the company has a lot to boast about, with encouraging survival times for patients being treated with its ImmunoBody product.

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All 20 patients in the clinical trial are still alive and the drug may offer protection from recurrence of melanoma without serious side effects.

Joint chief executive Scancell Dr. Richard Goodfellow is upbeat about the year that's been.

"We remain confident in the prospects for the Company and its differentiated pipeline of cancer immunotherapies as we continue to evaluate all potential opportunities for increasing shareholder value."