Scancell secures $25m BlackRock debt facility to fund iSCIB1+ Phase 3
Scancell Holdings has entered into a loan agreement with funds managed by BlackRock for a facility of up to US$25 million, to support its registrational Phase 3 trial of iSCIB1+ in advanced melanoma. The AIM-listed company said the debt sits alongside an existing equity financing package and is tied to its planned merger with US-based Neuphoria Therapeutics and a proposed Nasdaq listing.
The facility is structured in four tranches. An initial US$7 million drawdown is conditional on shareholder approval at an extraordinary general meeting expected in October 2026. A further US$8 million becomes available on completion of the US listing transactions and the opening of the first Phase 3 clinical site. A final tranche of up to US$10 million may be drawn until 31 December 2027, subject to a minimum equity fundraising threshold. Up to US$5 million across the first three tranches is convertible into ordinary shares at BlackRock's option, at a 30% premium to the July 2026 equity fundraising price.
Interest on the term loan portion accrues at 10.50% per annum, with the convertible facilities carrying a rate of 10.95% capitalised and added to principal. Repayment begins after an 18-month interest-only period, in 24 monthly instalments, or 18 instalments if Scancell raises cumulative equity of at least US$100 million. The facility is secured over substantially all assets of the company and its wholly owned subsidiary, Scancell Limited.
Chief executive Phil L'Huillier said the facility "allows Scancell to proceed at pace to initiate and execute the global registrational Phase 3 trial for its lead programme, iSCIB1+."
Trial status and near-term milestones
The Phase 3 study received IND clearance from the FDA in January 2026 and a Clinical Trial Authorisation from the UK MHRA. Scancell said it is on track to commence the trial before the end of 2026, with initial progression-free survival data targeted for the second half of 2028. That interim dataset is designed to support an application for accelerated approval, a regulatory pathway increasingly favoured by developers of oncology candidates in high unmet-need settings.
iSCIB1+ is a DNA ImmunoBody therapeutic encoding an antibody directed at the melanoma-associated antigens gp100 and TRP-2. Administered by needle-free intramuscular injection, the candidate primes high-avidity T cells to generate an anti-tumour response. In the Phase 2 SCOPE trial, iSCIB1+ combined with ipilimumab and nivolumab showed progression-free survival of 77% at 22 months in the target HLA population, without an increase in checkpoint inhibitor-related toxicities. The compound carries FDA Fast Track Designation for advanced melanoma.
Market context
The advanced melanoma treatment landscape is intensely competitive, anchored by approved combinations of PD-1 and CTLA-4 checkpoint inhibitors. Adding a tumour-targeting immunotherapy on top of those backbones is an approach several developers are pursuing, and durable PFS data without additive toxicity will be a key differentiator for iSCIB1+. Scancell's choice of a debt-plus-equity financing structure, rather than a single large equity raise, reflects a broader trend among clinical-stage biotechs seeking to limit dilution while retaining the flexibility to draw capital in line with trial milestones.
The parallel Neuphoria merger and Nasdaq listing process adds execution risk. Scancell has acknowledged that later tranches are conditional on the US listing completing, meaning any delay to that transaction could affect trial funding timelines. Shareholders will vote on the facility at the October EGM, and the company intends to publish a circular with full terms before then.