Trinity Delta view: The data from the SCOPE study of Scancell’s “off the shelf” cancer vaccine SCIB1/iSCIB1+ continue to show a clinically meaningful and commercially relevant improvement over currently achievable treatments. The safety and tolerability also remain attractive, with the iSCIB1+/CPI combination comparable to SoC alone. Positive discussions with regulatory authorities mean investor attention will now focus on the design, timing, and, importantly, funding of the pivotal Phase III registration trial being planned. Our rNPV valuation is £382m, or 37p/share, with further upside potential from iSCIB1+ progress and the expected news flow from the Moditope platform and GlyMab portfolio.
