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Scandion Oncology
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=== Financials: Funded into Q123, rights issue pending === With a cash burn of DKK17.9m in Q122, a cash position of DKK88.0m and estimated spending in FY22 roughly in line with FY21 (which had a cash burn rate of DKK50.1m), Edison Investment Research estimates a cash runway to Q123. Edison Investment Research anticipates management will raise DKK115m in 2023 to fund randomised trials before a partner is found in 2024 and Edison Investment Research models the financing as illustrative debt. Indeed, as of June 2022, management is undertaking a rights issue which (in the event of full subscription) will provide the company with net proceeds of DKK53m (SEK76.7m: SEK93.7m less SEK17m in transaction costs). Assuming full subscription, management estimates that this cash injection will fund the company into 2024. However, Edison Investment Research notes this may vary according to trial timelines. At the time of writing, the rights issue is approximately 80% guaranteed. Management intends to use the proceeds from this issue to expand the clinical development of SCO-101 into earlier lines of therapy and mutant-RAS patients in mCRC. Edison Investment Research anticipates a global licensing deal for SCO-101 in 2024 after randomised data is collected in further clinical trials during 2022/23. Edison Investment Research anticipates the company will require roughly an additional DKK200m through 2026 to 2027 to be self-sustaining, excluding potential partnerships. Edison Investment Research expects the company to conduct Phase II in 2023 and have assumed management will need to engage global big pharma partners to largely fund the bulk of its Phase III programmes in 2024.
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