UK-based Scancell Holdings plc (AIM: SCLP) has secured a loan facility of up to USD 25 million from funds and accounts managed by BlackRock to fund the registrational Phase III trial of its DNA immunotherapy iSCIB1+ in advanced melanoma.
The debt facility forms part of a broader financing package of up to USD 89 million assembled alongside Scancell's planned all-share merger with Neuphoria Therapeutics Inc. (Nasdaq: NEUP), which is intended to provide the combined company with a Nasdaq listing under the ticker SCLT. The wider package includes a USD 39.1 million private placement, a USD 12 million UK placing, a retail offer of up to USD 3 million, and a minimum of USD 10 million in cash from Neuphoria at closing, with merger completion expected in late Q4 2026.
The facility is structured in four tranches. Scancell intends to draw down USD 7 million following shareholder approval at an extraordinary general meeting (EGM) expected in October 2026. A further USD 8 million across additional tranches becomes available upon completion of the US listing transactions and opening of the first Phase III clinical site, with a remaining tranche drawable until 31 December 2027 subject to a minimum equity fundraising threshold.
Up to USD 5 million across the first three tranches is convertible into ordinary shares at BlackRock's option, at a 30% premium to the equity fundraising price announced on 23 July 2026. Non-convertible term loan tranches carry interest at 10.50% per annum; convertible tranches accrue interest at 10.95% per annum, capitalised into principal. Repayment follows an 18-month interest-only period, thereafter in 24 equal monthly instalments, or, if cumulative equity raised reaches at least USD 100 million, then repayment instead begins after 24 months with 18 monthly installments. Warrants covering 4.5% of each drawdown amount will be issued to Kreos Capital VIII Aggregator SCSp, an affiliate of BlackRock, with a 10-year exercise window.