Scancell has entered into a secured loan facility of up to $25m with certain funds and accounts managed by BlackRock, giving the UK immuno-oncology company additional runway for the planned registrational Phase 3 trial of iSCIB1+ in advanced melanoma.
The facility is being provided by certain funds and accounts managed by BlackRock, with the lender named in the July materials as BlackRock Investment Management (UK) Limited, Private Debt-EMEA. It follows a non-binding BlackRock term sheet disclosed in July 2026 as part of Scancell’s wider financing and transaction package.
The loan is structured across four tranches. The first $7m is expected to be drawn after, and remains conditional on, shareholder approval at an October 2026 extraordinary general meeting. A further $8m under the next two tranches would become available following completion of the company’s US Listing Transactions and opening of the first site in the iSCIB1+ Phase 3 study. The remaining tranche may be drawn until 31 December 2027, subject to a minimum equity fundraising threshold.
A portion of each of the first three tranches may be convertible at the lender’s option, totalling up to $5m. Conversion would be at a 30% premium to the equity fundraising price announced on 23 July 2026, subject to the Share Consolidation. The facility carries a 10.50% cash interest rate on the term loan element and a 10.95% capitalised rate on the convertible element. The repayment profile is 18 months interest-only followed by 24 monthly amortisation payments, switching to 24 months interest-only and 18 monthly amortisation payments if Scancell raises at least $100m of cumulative equity, including proceeds from the UK Placing and Retail Offer.
The company will grant warrants pro rata to drawdowns to Kreos Capital VIII Aggregator SCSp, an affiliate of the lender. The number of Warrant Shares will equal 4.5% of each drawdown amount divided by the Subscription Price. The facility is secured and guaranteed by Scancell Limited.
“The debt facility is an important part of an equity and debt package in conjunction with the planned merger that allows Scancell to proceed at pace to initiate and execute the global registrational Phase 3 trial for its lead programme, iSCIB1+,” said Dr Phil L’Huillier, CEO.
Scancell’s iSCIB1+ Phase 3 trial received IND clearance from the FDA in January 2026. Initiation activities are underway, with the study on track to commence by the end of 2026.
The loan agreement sits alongside the broader July 2026 financing package, which included a UK placing of about $12m and a retail offer of up to about $3m at 9p per share, as well as $39.1m of PIPE commitments. Scancell’s proposed merger with Neuphoria forms part of that wider transaction context.