Scancell Holdings to List on Nasdaq via Merger

Scancell Holdings is set to join the Nasdaq through a reverse takeover with Neuphoria Therapeutics, a U.S.-based company. This strategic move aims to provide Scancell, an oncology research specialist, with access to a market more familiar with and capable of funding biotechnology firms with long clinical timelines.

Under the terms of the merger, Scancell shareholders will retain 85.5 percent of the enlarged group, and the company will continue under the Scancell name. The primary benefit of the Nasdaq listing is the potential for deeper pools of capital and valuations that often exceed those offered in London. The company expects to secure up to $89 million in new funding, which will be used to advance its lead melanoma treatment through a Phase III trial.

This development comes as the AIM market in London continues to see a decline in the number of listed companies. Research from UHY Hacker Young indicates that the number of companies on AIM has fallen to 612, a significant decrease from its peak of 1,694 in 2007. This shrinking pool raises concerns about the availability of quality companies and the rate of new flotations.

In broader market movements, IQE was a notable gainer, jumping 34 percent after forecasting full-year revenue growth exceeding 30 percent, driven by strong demand for indium phosphide in AI and data center applications. Sunrise Resources also saw a 30 percent increase after acquiring the Lake copper-silver-gold project in Nevada. Hardide, a coatings specialist, rose 27 percent following strong third-quarter revenue figures that prompted an upward revision of full-year financial guidance.

Conversely, Celsius Resources experienced a sharp 96 percent decline after a lender initiated proceedings to seize its stake in a Philippine copper-gold project. Additionally, CPPGroup's shares were cancelled from trading on AIM at the company's request, marking another departure from the junior market.

Valereum, a company developing a regulated marketplace for trading traditional assets on blockchain technology, saw its shares rise 12 percent. This was influenced by announcements concerning its partner Quorium Global Photonics launching a stablecoin and a new tie-up with Blockchain Digital Assets aimed at tokenizing physical assets in Africa and the Indian Ocean.