LOS ANGELES, March 13, 2014 /PRNewswire/
-- ImmunoCellular Therapeutics, Ltd. ("ImmunoCellular") (NYSE
MKT: IMUC) today announced financial results for the quarter and
year ended December 31,
2013.
For the year ended December 31,
2013, the Company incurred a net loss of $8.8 million, or $0.16 per basic and diluted share, compared to a
net loss of $14.5 million for the
year ended December 31, 2012, or
$0.35 per basic and diluted share.
The net loss for 2013 includes a credit of $642,000 related to the revaluation of the
Company's warrant derivatives, and a charge of $724,000 for stock-based compensation. The net
loss for 2012 included a charge of $2.3
million related to the revaluation of the warrant
derivatives, a $397,000 financing
charge and a charge of $496,000 for
stock-based compensation.
For the quarter ended December 31,
2013, the Company reported net income of $117,000, or $0.00
per basic and diluted share, compared to net income of $484,000, or $0.01
per basic and diluted share for the quarter ended December 31, 2012. The income for the
quarter ended December 31, 2013,
reflects a credit of $2.6 million
related to the revaluation of the Company's warrant
derivatives. The net income for the quarter ended
December 31, 2012 reflects a credit
of $2.7 million related to the
revaluation of the Company's warrant derivatives.
The Company reported that cash used in operations during 2013
was $8.8 million compared to
$12.4 million in 2012. During
2012, the Company completed its patient enrollment in
ICT-107. Accordingly, the Company did not incur certain
patient care-related expenses in 2013. Additionally, the
Company's general and administrative expenses decreased in 2013 to
$3.4 million in 2013 compared to
$3.6 million in 2012. During
2013, the Company reduced its spending in certain general and
administrative areas, which resulted in a decrease in
expense.
As of December 31, 2013, the
Company had $27.6 million in cash.
During 2013, the Company received $5.0
million from the exercise of warrants and $4.9 million in net proceeds from its controlled
equity offering.
"In 2013, we made progress on several important fronts," said
Andrew Gengos, ImmunoCellular Chief
Executive Officer. "We advanced our clinical pipeline and
strengthened our operations, manufacturing and business functions.
We shored up our cash position and continued to manage our
resources and expenses responsibly and maintain our company's sound
financial footing."
Continued Mr. Gengos: "We anticipate many important milestones
in 2014. We have submitted an abstract for acceptance, and we are
looking forward to presenting at ASCO the matured data set from the
phase II trial of ICT-107 in patients with newly diagnosed
glioblastoma, including updated efficacy data and predefined subset
and immunological data that can help to define our clinical
strategies for this program going forward. We are preparing to meet
with the FDA in an end-of-phase-II meeting to discuss the protocol
for a phase III trial with ICT-107. Assuming a favorable outcome
from those discussions, we could be on a pathway to initiating that
trial in early 2015. At the same time, we are preparing to meet
with the EMA to discuss our European regulatory strategy in the
second or third quarter of the year. The ICT-121 phase I trial in
recurrent glioblastoma is progressing at Cedars-Sinai, and we
anticipate completing enrollment by the end of the year. We plan to
start the phase II ICT-140 trial in patients with ovarian cancer in
the third quarter. We are on track to complete our next-generation
manufacturing process development in the second quarter, and to
select our phase III manufacturer in the third quarter. We believe
that these milestones represent important potential steps toward
our goal of building a leading immunotherapy company, improving
outcomes for patients with cancer, and creating value for all our
stakeholders."
Conference Call Today
ImmunoCellular is holding a conference call and webcast today at
5:00 pm ET to discuss fourth
quarter 2013 financial results and provide a business update. The
call will be hosted by Andrew
Gengos, President and CEO.
LIVE
CALL:
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(877) 853-5636
(toll-free); conference code: 5866155
|
|
|
WEBCAST:
|
Interested parties
who wish to listen to the webcast should visit the Investor
Relations section of ImmunoCellular's website at www.imuc.com,
under the Events and Presentations tab. A replay of the webcast
will be available one hour after the conclusion of the
event.
|
The conference call will contain forward-looking statements. The
information provided on the teleconference is accurate only at the
time of the conference call, and ImmunoCellular will take no
responsibility for providing updated information except as required
by law.
About ImmunoCellular Therapeutics, Ltd.
ImmunoCellular Therapeutics, Ltd. is a Los Angeles-based clinical-stage company that
is developing immune-based therapies for the treatment of brain and
other cancers. ImmunoCellular has concluded a phase II trial of its
lead product candidate, ICT-107, a dendritic cell-based vaccine
targeting multiple tumor-associated antigens for glioblastoma.
ImmunoCellular's pipeline also includes ICT-121, a dendritic cell
vaccine targeting CD133, and ICT-140, a dendritic cell vaccine
targeting ovarian cancer antigens and cancer stem cells. To learn
more about ImmunoCellular, please visit www.imuc.com.
Forward-Looking Statements for ImmunoCellular Therapeutics
This press release contains certain forward-looking statements that
are subject to a number of risks and uncertainties, including the
risk that ICT-107 can be further successfully developed or
commercialized, the timing and outcome of our planned
end-of-phase-II meeting with the FDA and whether or not we may be
in a position start a phase III study in 2014. Additional risks and
uncertainties are described in IMUC's most recently filed quarterly
report on Form 10-Q and annual report on Form 10-K. Except as
permitted by law, IMUC undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
ImmunoCellular Therapeutics, Ltd.
Investor Relations
Jane Green
415.348.0010 direct
415.652.4819 mobile
jane@jmgcomm.com
Condensed Balance
Sheets
|
|
|
|
|
|
|
|
|
12/31/2013
|
|
12/31/2012
|
|
|
|
|
Cash and cash
equivalents
|
$
27,646,351
|
|
$
26,216,668
|
Other current
assets
|
763,299
|
|
714,508
|
Total current
assets
|
28,409,650
|
|
26,931,176
|
Non current
assets
|
531,027
|
|
88,025
|
|
$
28,940,677
|
|
$
53,950,377
|
|
|
|
|
|
|
|
|
Current
liabilities
|
$
1,402,273
|
|
$
1,098,307
|
Warrant
liabilities
|
1,064,810
|
|
2,852,880
|
Shareholders'
equity
|
26,473,594
|
|
23,068,014
|
|
$
28,940,677
|
|
$
27,019,201
|
|
|
|
|
Condensed Statements
of Operations
|
|
|
|
|
|
|
|
Year
|
|
Year
|
|
ended
|
|
ended
|
|
12/31/2013
|
|
12/31/2012
|
Revenue
|
$
-
|
|
$
-
|
Research and
development
|
5,339,716
|
|
7,711,233
|
Stock based
compensation
|
724,212
|
|
496,007
|
General and
administrative
|
3,396,391
|
|
3,619,291
|
Loss before other
expenses
|
(9,460,319)
|
|
(11,826,531)
|
Interest
income
|
17,345
|
|
8,609
|
Financing
expense
|
-
|
|
(397,294)
|
Change in fair value
of warrant liabilities
|
642,411
|
|
(2,279,923)
|
Net loss
|
$
(8,800,563)
|
|
$
(14,495,139)
|
|
|
|
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SOURCE ImmunoCellular Therapeutics, Ltd.