Scancell to go public after winning reverse merger bid for troubled Neuphoria

Biotech Scancell to go public after winning reverse merger bid for troubled Neuphoria By Will Maddox Jul 23, 2026 10:13am reverse merger Neuphoria Therapeutics Scancell mergers and acquisitions Scancell Holdings and Neuphoria Therapeutics have made their union official via a reverse merger that will result in a Nasdaq listing for Scancell and a resolution for Neuphoria’s shareholders after the biotech ended its social anxiety program last year. London-based Scancell will acquire Neuphoria in an all-stock transaction accompanied by $89 million in debt and equity financing, according to a Thursday release. Scancell proposed the merger last month to raise its profile with U.S. investors. The financing will be used to support a global phase 3 trial for Scancell’s lead asset, iSCIB1+, an immunotherapy for advanced melanoma that has received fast-track designation from the FDA. Scancell, which plans to list under the ticker “SCLT,” said it has sufficient funding to propel the company through 2029. The latest data from the biotech's phase 2 study showed 77% progression-free survival at 22 months when iSCIB1+ was combined with Bristol Myers Squibb’s immunotherapies Yervoy and Opdivo. More data from the study is expected later this year. “We believe the compelling data from our phase 2 Scope study demonstrating benefit to patients across multiple clinical endpoints warrants pressing forward to evaluate the product in a registrational randomized study,” Scancell’s CEO Phil L’Huillier, Ph.D., said in the release. “We strongly believe this transaction creates meaningful near- and long-term value for shareholders of both companies.” Neuphoria underwent a strategic review after soclenicant, an α7 nicotinic receptor negative allosteric modulator, failed to hit its primary endpoint in a phase 3 trial for patients with social anxiety disorder last October. The results caused Neuphoria’s stock to shed a third of its pre-readout value and led the biotech to end the program. This summer brought more bad news for Neuphoria, as Merck & Co. ended the phase 2 study of a potential Alzheimer’s disease medicine that the two companies had partnered to develop. The asset, MK-1167, is a modulator of the alpha-7 nicotinic acetylcholine receptor and was being assessed for its ability to improve Alzheimer’s dementia symptoms when paired with a standard acetylcholinesterase inhibitor. Still, Neuphoria has had its fair share of suitors. The biotech announced back in December 2025 that it had received “substantial reciprocal interest” from several interested parties, including Puerto Rico-based Lynx1 Master Fund, a hedge fund manager that was already a Neuphoria investor. Scancell then put in its own bid last month. “We believe this transaction offers Neuphoria stockholders a compelling opportunity to participate in the future value creation of Scancell’s differentiated oncology pipeline,” said Neuphoria Chairman Alan Fisher. The $89 million in financing comprises a $39.1 million private placement, a $12 million U.K. placing, a retail offer of $3 million, $25 million in debt financing from BlackRock and at least $10 million from Neuphoria’s cash balances. Existing Scancell shareholders will own 85.5% of the combined company, with existing Neuphoria shareholders owning the remaining 14.5%. reverse merger Neuphoria Therapeutics Scancell mergers and acquisitions Deals Biotech