LOS ANGELES, March 9, 2015 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE MKT: IMUC) today
announced financial results for the fourth quarter and year ended
December 31, 2014.
"We continued to make progress in 2014 toward building
ImmunoCellular into a leading cancer immunotherapy company,
including key accomplishments in all aspects of our business:
advancing our dendritic cell-based vaccine pipeline; working with
regulatory bodies in the United
States and Europe to design
a high quality phase III registration trial for ICT-107; achieving
phase III operational readiness and commercial-grade manufacturing;
strategically expanding our immunotherapy technology platform; and
significantly strengthening our financial standing," said
Andrew Gengos, ImmunoCellular's
Chief Executive Officer. "Today, ImmunoCellular has a valuable
phase III clinical asset in ICT-107, which is poised to begin a
registration trial in newly diagnosed glioblastoma in the second
half of 2015. With our recently completed financing, we have a
strong balance sheet with which to begin this registration trial,
advance the ICT-121 phase I trial in recurrent glioblastoma toward
data in 2016, move our preclinical Stem-to-T-cell program toward
its first clinical candidate and potentially pursue additional
collaborative opportunities to strengthen and diversify our
immune-oncology platform. We believe that 2015 has the potential to
be a pivotal year of value creation for our shareholders, moving us
closer to our goal of transforming the treatment of cancer by
utilizing multiple approaches to immune system
stimulation."
For the year ended December 31,
2014, ImmunoCellular incurred a net loss of $9.4 million, or $0.16 per basic and diluted share, compared to a
net loss of $8.8 million, or
$0.16 per basic and diluted share,
for the year ended December 31, 2013.
During 2014, ImmunoCellular increased its research and development
expenditures related to ICT-121 and ICT-140 and continued to incur
ICT-107 Phase 2 expenses related to patient follow-up and data
analysis. These expenses decreased during the second half of
the year as the study is complete. Also, during 2014 ImmunoCellular
recognized a gain of $530,000 related
to the revaluation of its warrant derivatives and a charge of
$654,000 related to stock-based
compensation. The loss for 2013 included a gain of
$642,000 related to the revaluation
of its warrant derivatives and a charge of $724,000 related to stock-based
compensation.
For the quarter ended December 31,
2014, ImmunoCellular incurred a net loss of $2.1 million, or $0.03 per basic and diluted share, compared to
net income of $117,000, or
$0.00 per basic and diluted share,
for the quarter ended December 31,
2013. The net income for the quarter ended December 31, 2013, reflects a gain of
$2.7 million related to the
revaluation of ImmunoCellular's warrant derivatives.
In February of 2015, ImmunoCellular completed an underwritten
public offering pursuant to which it sold 26,650,000 shares of
common stock and warrants to purchase 18,655,000 shares of common
stock, at a combined public offering price of $0.60 per share. The net proceeds from the
offering were approximately $14.6
million, after deducting the underwriting discount and
offering expenses payable by ImmunoCellular. The warrants
have an exercise price of $0.66 per
share and a term of 60 months from the date of issuance. The
warrants also provide for a weighted-average adjustment to the
exercise price if the Company issues additional shares of common
stock at a price per share less than then effective exercise price
of the warrants, subject to certain exceptions.
Business Update Conference Call and Webcast to be Held
March 12, 2015
ImmunoCellular plans to hold a conference call and webcast on
Thursday, March 12 at 5:00 pm ET to 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
92238648
|
|
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.
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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; ICT-140, a dendritic cell vaccine
targeting ovarian cancer antigens and cancer stem cells; and the
Stem-to-T-cell research program which engineers the patient's
hematopoietic stem cells to generate antigen-specific cancer
killing T-cells.
Forward-Looking Statements for ImmunoCellular Therapeutics
This press release contains certain forward-looking statements,
including statements regarding the development and
commercialization of ICT-107, initiation of a phase III study in
ICT-107, the advancement of the ICT-121 phase I trial and the
development of our preclinical Stem-to-T-cell program. These
statements are based on ImmunoCellular's current expectations and
involve significant risks and uncertainties, including those
described under the heading "Risk Factors" in ImmunoCellular's most
recently filed quarterly report on Form 10-Q and annual report on
Form 10-K. Except as required by law, ImmunoCellular undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
12/31/2014
|
12/31/2013
|
|
|
Cash
|
$ 23,222,296
|
$ 27,646,351
|
|
|
Other current
assets
|
1,219,873
|
763,299
|
|
|
Non current
assets
|
736,392
|
531,027
|
|
|
Total
assets
|
$ 25,178,561
|
$ 28,940,677
|
|
|
|
|
|
|
Current
liabilities
|
$ 1,289,199
|
$ 1,402,273
|
|
|
Warrant
liability
|
597,719
|
1,064,810
|
|
|
Total
liabilities
|
1,886,918
|
2,467,083
|
|
|
Shareholders'
equity
|
23,291,643
|
26,473,594
|
|
|
Total liabilities and
shareholders' equity
|
$ 25,178,561
|
$ 28,940,677
|
|
|
|
|
|
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Condensed
Consolidated Statements of Operations
|
|
|
|
Year
|
Year
|
Year
|
|
ended
|
ended
|
ended
|
|
2014
|
2013
|
2012
|
|
Revenue
|
$0
|
$0
|
$0
|
|
Research and
development
|
5,969,182
|
5,339,716
|
7,711,233
|
|
Stock based
compensation
|
654,260
|
724,212
|
496,007
|
|
General and
administrative
|
3,235,099
|
3,396,391
|
3,619,291
|
|
Loss before other
expenses (income)
|
(9,858,541)
|
(9,460,319)
|
(11,826,531)
|
|
Interest
income
|
13,917
|
17,345
|
8,609
|
|
Financing
expense
|
(62,683)
|
0
|
(397,294)
|
|
Change in fair value
of warrant liability
|
529,774
|
642,411
|
(2,279,923)
|
|
Net loss
|
($9,377,533)
|
($8,800,563)
|
($14,495,139)
|
|
|
|
|
|
Net loss per share,
basic and diluted:
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$
(0.16)
|
$
(0.16)
|
$
(0.35)
|
|
|
|
|
|
|
|
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Contact:
ImmunoCellular Therapeutics, Ltd.
Investor Relations
Jane Green
415.348.0010 direct
415.652.4819 mobile
jane@jmgcomm.com
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SOURCE ImmunoCellular Therapeutics, Ltd.