LOS ANGELES, Aug. 6, 2015 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE MKT: IMUC) today
announced financial results for the second quarter 2015.
Andrew Gengos, ImmunoCellular
Chief Executive Officer, commented: "We are pleased with our
progress year to date in advancing ICT-107 toward the start of the
registrational phase 3 trial in patients with newly diagnosed
glioblastoma, which is on track to begin enrolling patients in the
late third quarter or early fourth quarter of this year. All of the
critical components needed to get the ICT-107 phase 3 program up
and running are coming into alignment. In addition, we have made
significant progress advancing our Stem-to-T-cell program, with the
goal of identifying product candidates for clinical testing. Our
ICT-121 phase 1 trial continues to enroll patients with recurrent
glioblastoma. We believe that we are on track to achieve our
clinical, operational and financial goals, underscoring our
confidence that 2015 will be a year of accomplishment and potential
value creation for our company."
For the quarter ended June 30,
2015, the Company reported a net loss of $3.2 million, or $0.03 per basic and diluted share, compared to a
net loss of $2.2 million, or
$0.04 per basic and diluted share for
the quarter ended June 30, 2014.
During the quarter ended June 30,
2015, the Company incurred $2.2
million in research and development expenses compared to
$1.5 million in the same quarter of
2014. The increase reflects costs related to the ramp-up of the
phase 3 trial of ICT-107, patient enrollment in the ICT-121 phase 1
trial and ramp-up of expenses related to the Company's
Stem-to-T-cell program. These expenses were partially offset by
reductions in the ICT-107 phase 2 trial, which continued to wind
down, and suspension of the Company's ICT-140 ovarian cancer
program.
For the six months ended June 30,
2015, the Company reported a net loss of $4.6 million, or $0.05 per basic and diluted share, compared to
$5.4 million, or $0.09 per basic and diluted share during the same
period in 2014. During the six months ended June 30, 2015, the Company incurred additional
research and development expenses. Also, during the six
months ended June 30, 2015, the
Company recorded a gain of $2.0
million related to a reduction in the valuation of its
derivative warrants compared to a revaluation charge of
$200,000 in the same period of
2014.
The Company reported that cash used in operations during the six
months ended June 30, 2015 was
$6.9 million compared to $5.3 million during the same period of 2014. The
increase in cash used in operations primarily reflects additional
research and development expenses. Other expenses were consistent
between periods. The Company expects that research and development
expenses will continue to increase in future periods as it prepares
for the phase 3 trial of ICT-107 and as it expands its
Stem-to-T-cell program.
In February 2015, the Company
raised net proceeds of $14.5 million
from an underwritten public offering and as of June 30, 2015, had $30.9
million in cash.
Conference Call and Webcast Today
ImmunoCellular plans to hold a conference call and webcast today
at 5:00 pm ET to discuss the first
quarter 2015 financial results and business update. The call will
be hosted by Andrew Gengos,
President and CEO.
LIVE
CALL:
|
(877) 853-5636
(toll-free); international dial-in: (631) 291-4544; conference code
79781010.
|
|
|
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 2 trial of its
lead product candidate, ICT-107, a dendritic cell-based
immunotherapy targeting multiple tumor-associated antigens on
glioblastoma stem cells. ImmunoCellular's pipeline also includes:
ICT-121, a dendritic cell immunotherapy targeting the CD133 antigen
on stem cells in recurrent glioblastoma; ICT-140, a dendritic cell
immunotherapy targeting antigens on ovarian 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 3 study of
ICT-107, the advancement of the ICT-121 phase 1 trial, the
development of our preclinical Stem-to-T-cell program and our
ability to achieve our other clinical, operational and financial
goals. 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.
FINANCIAL TABLES
|
6/30/2015
|
12/31/2014
|
|
|
|
(Unaudited)
|
|
|
|
Cash
|
$ 30,907,953
|
$ 23,222,296
|
|
|
Other current
assets
|
1,302,579
|
1,219,873
|
|
|
Non current
assets
|
944,625
|
736,392
|
|
|
Total
assets
|
$ 33,155,157
|
$ 25,178,561
|
|
|
|
|
|
|
|
Current
liabilities
|
$ 821,566
|
$ 1,289,199
|
|
|
Warrant
liability
|
2,894,871
|
597,719
|
|
|
Shareholders'
equity
|
29,438,720
|
23,291,643
|
|
|
|
$ 33,155,157
|
$ 25,178,561
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Condensed Statement of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
3 months
|
3 months
|
6 months
|
6 months
|
|
ended
|
ended
|
ended
|
ended
|
|
6/30/2014
|
6/30/2013
|
6/30/2014
|
6/30/2013
|
Revenue
|
$0
|
$0
|
$0
|
$0
|
Research and
development
|
2,236,817
|
1,460,044
|
4,235,436
|
3,159,804
|
Stock based
compensation
|
224,135
|
128,548
|
429,964
|
312,650
|
General and
administrative
|
926,637
|
838,232
|
1,823,309
|
1,703,634
|
Loss before other
expenses
|
(3,387,589)
|
(2,426,824)
|
(6,488,709)
|
(5,176,088)
|
Interest
income
|
5,653
|
3,150
|
8,910
|
6,504
|
Financing
expense
|
0
|
(24,600)
|
(88,939)
|
(24,600)
|
Change in fair value
of warrant liability
|
227,206
|
249,134
|
1,989,162
|
(166,933)
|
Net loss
|
($3,154,730)
|
($2,199,140)
|
($4,579,576)
|
($5,361,117)
|
|
|
|
|
|
Net loss per share,
basic and diluted:
|
$
(0.03)
|
$
(0.04)
|
$ (0.05)
|
$ (0.09)
|
|
|
|
|
|
|
|
|
|
|
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.