Scancell raised the money through AIM-listed broker St Helen’s Capital.

The proceeds of the 60p placing will enable Scancell to start generating revenues from licensing its technology to other companies involved in the discovery and development of therapeutic vaccines.

The company also intends to secure regulatory approval to initiate clinical trials of its own vaccine for the treatment of melanoma, which it hopes to begin next year.

Scancell was founded in 1997 as a spin-out from Nottingham University and has secured more than £6 million in private equity and other funding to date. The company is led by CEO Lindy Durrant, a specialist in tumour therapy, and commercial director Richard Goodfellow, a former director of licensing at Scotia Pharmaceuticals.