LOS ANGELES, May 8, 2014 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE MKT: IMUC) today
announced financial results for the quarter ended March 31, 2014.
For the quarter ended March 31,
2014, the Company incurred a net loss of $3.2 million, or $0.05 per basic and diluted share, compared to a
net loss of $5.0 million, or
$0.10 per basic and diluted share for
the quarter ended March 31,
2013. The net loss for the most recent quarter reflects a
charge of $416,000 related to the
revaluation of the Company's warrant derivatives. For the
comparison quarter ended March 31,
2013, the Company recorded a charge of $2.6 million related to the revaluation of the
Company's warrant derivatives.
The Company reported that cash used in operations during the
first quarter of 2014 was $2.6
million compared to $2.2
million during the first quarter of 2013. The increase in
cash usage reflects the ramp-up of clinical trial expenses
associated with the Company's ICT-121 and ICT-140 clinical trial
activities. In addition, the Company will continue to incur
expenses related to the ICT-107 phase II clinical trial patient
follow-up and data analysis. As of March 31, 2014, the Company had $25 million in cash.
"In the first quarter of 2014, we continued to advance our
development pipeline, increase our phase III readiness and lay the
groundwork for potential next clinical and regulatory steps in our
ICT-107 program in newly diagnosed glioblastoma," said Andrew Gengos, ImmunoCellular Chief Executive
Officer. "A highlight of the quarter was the acceptance of our
abstract on the phase II ICT-107 results for an oral presentation
at the upcoming ASCO meeting, the largest and most prestigious
gathering of oncology experts worldwide. Being prominently featured
in an oral session can provide us with a valuable opportunity to
discuss the updated ICT-107 phase II results with key opinion
leaders in the neuro-oncology global community, as well as
potential pharmaceutical partners, during, and in conjunction with,
our presentation. The matured data we intend to present may provide
more insight into potential survival differences among different
trial subgroups, and could help us to identify target populations
we may want to focus on in a phase III trial. Plans are also well
underway for discussions with regulatory agencies in the US and in
Europe later this summer, with the
goal of clarifying the path forward for ICT-107 in these major
markets. Our ICT-121 and ICT-140 programs are also progressing, and
we intend to meet with investigators for both of these programs at
ASCO."
Conference Call Today
ImmunoCellular is holding a conference call and webcast today at
5:00 pm ET to discuss first quarter
2014 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); international dial-in: (631) 291-4544; conference code
35787411
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|
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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
|
|
|
|
|
|
|
|
|
3/31/2014
|
|
12/31/2013
|
|
(unaudited)
|
|
|
Cash
|
$
25,029,393
|
|
$
27,646,351
|
Other current
assets
|
732,372
|
|
763,299
|
Non current
assets
|
521,597
|
|
531,027
|
|
$
26,283,362
|
|
$
28,940,677
|
|
|
|
|
|
|
|
|
Current
liabilities
|
$
1,306,766
|
|
$
1,402,273
|
Warrant
liabilities
|
1,480,877
|
|
1,064,810
|
Shareholders'
equity
|
23,495,719
|
|
26,473,594
|
|
$
26,283,362
|
|
$
28,940,677
|
|
|
|
|
Condensed Statements
of Operations (unaudited)
|
|
|
|
|
|
|
|
Three
months
|
|
Three
months
|
|
ended
|
|
ended
|
|
3/31/2014
|
|
3/31/2013
|
Revenue
|
$
-
|
|
$
-
|
Research and
development
|
1,699,760
|
|
1,415,261
|
Stock based
compensation
|
184,102
|
|
164,128
|
General and
administrative
|
865,402
|
|
769,267
|
Loss before other
expenses
|
(2,749,264)
|
|
(2,348,656)
|
Interest
income
|
3,354
|
|
6,548
|
Change in fair value
of warrant liabilities
|
(416,067)
|
|
(2,631,683)
|
Net loss
|
$
(3,161,977)
|
|
$
(4,973,791)
|
|
|
|
|
Net loss per share,
basic and diluted:
|
$
(0.05)
|
|
$
(0.10)
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SOURCE ImmunoCellular Therapeutics, Ltd.