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Immunotherapy developer Scancell swung to a first-half profit thanks to a gain relating to the revaluation of a derivative liability.
Its operating losses deepened amid higher development expenses, including for the testing of a potential Covid-19 vaccine.
Pre-tax profit for the six months through October amounted to £2.4 million, compared to year-on-year losses of £4.4 million.
Operating losses were £5.4 million, compared to losses of £2.8 million year-on-year.
'We are pleased to report a period of strong operational progress for Scancell with two vaccine candidates now in the clinic,' chief executive Lindy Durrant said.
'In October 2021, we initiated our COVIDITY programme in South Africa and to date have recruited 16 patients with safety and immunogenicity data due during the first half of 2022.'
'Post-period, we successfully dosed our first patient in the SCIB1 Phase 2 clinical trial and look forward to recruitment accelerating once the impact of Covid-19 on the NHS is reduced.'
'We have also continued to progress our antibody platform whilst expanding operationally with new laboratory and office facilities in Oxford.'