Scancell Acquires Neuphoria in Nasdaq-Bound Merger + $89M Financing Big Biotech Deal Dropped Today (July 23, 2026)UK immunotherapy developer Scancell Holdings (AIM: SCLP) announced an all-share merger with Nasdaq-listed Neuphoria Therapeutics (NEUP). The combined company will operate as Scancell and apply to list on Nasdaq under the ticker SCLT (while keeping the existing AIM listing).Deal at a Glance

• Ownership — Existing Scancell shareholders will own ~85.5%, Neuphoria shareholders ~14.5%.

• Exchange — Neuphoria shareholders receive 37.77199 Scancell ADSs per NEUP share (implied value ~$4.55 at the financing price) + CVRs (Contingent Value Rights) for potential future payouts on Neuphoria’s partnered assets.

• What’s an ADS? — American Depositary Shares. These are U.S.-tradable certificates that each represent a bundle of Scancell’s underlying UK Ordinary Shares (planned 10 Ordinary Shares per ADS). This structure makes it easy for American investors to buy/sell on Nasdaq without dealing with foreign share settlement.

Financing Package Up to $89 million total to fund the registrational Phase 3 trial of Scancell’s lead asset iSCIB1+ (off-the-shelf active immunotherapy for advanced melanoma):

• $39M Private Placement

• ~$12M UK Placing + up to $3M Retail Offer

• Up to $25M debt from BlackRock funds

Pro forma cash expected at ~$79M net, extending runway into 2029.Why It MattersiSCIB1+ has shown strong Phase 2 data (77% PFS at 22 months in combo with checkpoints). The Nasdaq listing + capital gives Scancell better U.S. visibility and resources for the Phase 3 readout (expected H2 2028). It’s a classic reverse-merger play to accelerate growth in the competitive oncology space. Bottom line: Bullish setup for Scancell shareholders — more capital, broader investor base, and a clear path forward for the lead program. Deal expected to close late Q4 2026, subject to approvals.