LOS ANGELES, Aug. 9, 2016 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE MKT: IMUC) today
announced the pricing of an underwritten public offering of
47,000,000 shares of its common stock and base warrants to purchase
up to 35,250,000 shares of its common stock at a public offering
price of $0.16 per share and related
base warrant, for total expected gross proceeds to ImmunoCellular
of approximately $7.4 million,
before deducting underwriting discounts, commissions, and other
offering expenses. The base warrants have an exercise price of
$0.1921 per share of common stock,
are exercisable immediately and will expire five years from the
date of issuance. Additionally, ImmunoCellular has granted the
underwriters a 45-day option to purchase up to an additional
7,050,000 shares of its common stock and/or base warrants to
purchase 5,287,500 shares of its common stock.
As a component of the offering, ImmunoCellular is offering
pre-funded warrants in lieu of common stock to certain investors at
the per share public offering price for the common stock and
related base warrant, less the $0.01
per share exercise price for each such pre-funded warrant.
The shares of common stock are currently listed on the NYSE MKT
under the ticker symbol "IMUC." ImmunoCellular has applied to list
the base warrants on the NYSE MKT and expects trading to begin
following their issuance at closing under the ticker symbol
"IMUCWS." The offering is expected to close on or about
August 12, 2016, subject to the
satisfaction of customary closing conditions.
Maxim Group LLC is acting as sole book-running manager for the
offering. Laidlaw & Company (UK) Ltd. is acting as lead
manager.
ImmunoCellular intends to use the net proceeds of this
offering to continue enrollment in its phase 3 clinical trial of
ICT-107, to complete phase 1 development of ICT-121, to continue
its T cell research program and for working capital and general
corporate purposes. A portion of the net proceeds may be used to
acquire additional technologies.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission (SEC)
on August 4, 2016, and a
post-effective amendment thereto was declared effective by the SEC
on August 8, 2016, which may be
obtained at the SEC's website at http://www.sec.gov. Copies
of the final prospectus relating to this offering, when available,
also may be obtained from Maxim Group LLC, 405 Lexington Avenue,
2nd Floor, New York, NY 10174, or
by telephone at 212-895-3745.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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. The phase 3 registrational trial of lead product
candidate, ICT-107, a patient-specific, dendritic cell-based
immunotherapy targeting multiple tumor-associated antigens on
glioblastoma stem cells, has been initiated. ImmunoCellular's
pipeline also includes: ICT-121, a patient-specific, dendritic
cell-based immunotherapy targeting the CD133 antigen on cancer stem
cells in recurrent glioblastoma; ICT-140, a patient-specific,
dendritic cell-based 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. To learn more
about ImmunoCellular, please visit www.imuc.com
Forward-Looking Statements
This press release contains forward-looking statements as
defined in Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, in connection with the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, among others, statements
relating to the anticipated closing of the offering, the
anticipated listing of the base warrants on the NYSE MKT and the
amount and use of proceeds expected from the offering.
Forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially and reported
results should not be considered as an indication of future
performance. These risks and uncertainties include, but are not
limited to: risks associated with ImmunoCellular's ability to
satisfy certain conditions to closing this offering on a timely
basis or at all and approval by the NYSE MKT of ImmunoCellular's
application to list the base warrants, as well as general economic
and market factors, among others discussed in the "Risk
Factors" section of the final prospectus relating to this offering
and in our most recent periodic reports filed with the SEC,
including our most recent Annual Report on Form 10-K, all of which
you may obtain for free on the SEC's website at www.sec.gov.
These forward-looking statements speak only as of the date
hereof. ImmunoCellular disclaims any obligation to update
these forward-looking statements.
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.