LOS ANGELES, May 15, 2017 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE MKT: IMUC) today
announced financial results for the first quarter 2017 and a
re-evaluation of its financing and development strategies for
ICT-107, its patient-specific, dendritic cell-based immunotherapy
for patients with newly diagnosed glioblastoma. Despite having made
meaningful progress in executing the ongoing phase 3 registration
trial of ICT-107, it has become clear that ImmunoCellular's ability
to access sufficient additional financial resources needed to
complete the trial and continue its ongoing operations are limited.
As of March 31, 2017, the Company had
$5.3 million in cash. Accordingly,
ImmunoCellular's board of directors has undertaken a strategic
review to determine the feasibility of continuing to execute this
trial independently or completing development through a partnership
or acquisition of the asset. Given its limited financing options,
ImmunoCellular is considering restructuring its business if a
partner or acquirer for ICT-107 is not identified in the near term,
but in any event, not later than 30 days. While this review is in
progress, ImmunoCellular also intends to evaluate strategies to
refocus and reallocate its available resources on its promising
Stem-to-T-Cell research programs.
In light of the uncertainties surrounding these strategic
pursuits, the Company is deferring a business update conference
call in conjunction with reporting first quarter 2017 financial
results until a later date.
First Quarter 2017 Financial Results
For the quarter ended March 31,
2017, ImmunoCellular incurred a net loss of $5.8 million, or $1.64 per basic and diluted share, compared to a
net loss of $5.6 million, or
$2.47 per basic and diluted share,
for the quarter ended March 31,
2016.
For each of the quarters ended March 31,
2017 and March 31, 2016, the
Company incurred approximately $4.7
million of research and development expenses. During the
quarter ended March 31, 2017, the
Company incurred expenses related to the Phase 3 trial of ICT-107
as the Company increased the number of sites participating in the
trial and as treated more patients. During the quarter ended
March 31, 2016, the Company incurred
significant initial expenses to the North American and European
cooperative groups for their support for ICT-107. During the
most recent quarter, the Company also incurred expenses related to
its Stem-to-T-cell immunotherapies.
The Company also reported that cash used in operations in the
first quarter of 2017 was $6.1
million compared to $5.4
million in the prior year quarter. The increase
primarily reflects a reduction in accounts payable and accrued
expenses as of March 31, 2017.
As of March 31, 2017, the Company had
$5.3 million in cash and 3.5 million
shares of common stock outstanding.
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 Company's lead product candidate, ICT-107, is a
patient-specific, dendritic cell-based immunotherapy targeting
glioblastoma and is currently being studied in an international
phase 3 trial. ImmunoCellular's pipeline also includes: ICT-121, a
patient-specific, dendritic cell-based immunotherapy targeting
CD133 found in recurrent glioblastoma; ICT-140, a patient-specific,
dendritic cell-based immunotherapy targeting ovarian cancer; and
the Stem-to-T-cell research program which engineers hematopoietic
stem cells to generate cytotoxic T 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,
including statements regarding ImmunoCellular's intentions and
current expectations concerning, among other things, whether
ImmunoCellular will be able to enter into an agreement with a
strategic partner or be able to continue its Phase 3 clinical trial
of ICT-107, and if it continues development of ICT-107, the timing
for enrollment and randomization of patients, the activation of
clinical sites, the receipt and announcement of clinical data; the
development and commercialization of ICT-107; the likelihood,
timing and outcome of ImmunoCellular's evaluation of strategic
alternatives, including a partnership or restructuring;
ImmunoCellular's ability to defend, and the potential outcome of,
the purported securities class action lawsuit and ImmunoCellular's
ability to achieve its other clinical, operational, strategic and
financial goals. Forward-looking statements are not guarantees of
future performance and are subject to a number of risks and
uncertainties, including the availability of resources to continue
to develop ImmunoCellular's product candidates, the uncertain
timing of completion and success of clinical trials, and the risk
that ICT-107 can be further successfully developed or
commercialized. Additional risks and uncertainties are described
under the heading "Risk Factors" in ImmunoCellular's most recently
filed quarterly report on Form 10-K for the period ended
December 31, 2016. 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.
Contact:
ImmunoCellular Therapeutics, Ltd.
Investor Relations
Jane Green
415.652.4819
jane@jmgcomm.com
Consolidated
Condensed Balance Sheets
|
|
|
|
3/31/2017
|
12/31/2016
|
Cash
|
$
5,341,433
|
$
11,437,118
|
Other current
assets
|
1,796,394
|
1,977,671
|
Non current
assets
|
3,368,894
|
3,475,201
|
Total
assets
|
$
10,506,721
|
$
16,889,990
|
|
|
|
Current
liabilities
|
$
2,158,812
|
$
3,238,943
|
CIRM
liability
|
7,398,400
|
$
6,945,741
|
Warrant
liability
|
470,784
|
573,560
|
Shareholders'
equity
|
478,725
|
6,131,746
|
|
$
10,506,721
|
$
16,889,990
|
|
|
|
|
|
|
Consolidated
Condensed Statements of Operations
|
|
|
|
|
|
|
Three
months
|
Three
months
|
|
ended
|
ended
|
|
3/31/2017
|
3/31/2016
|
Revenue
|
$0
|
$0
|
Research and
development
|
4,685,720
|
4,737,575
|
General and
administrative
|
793,178
|
1,099,832
|
Loss before other
income (expenses)
|
(5,478,898)
|
(5,837,407)
|
Interest
income
|
3,794
|
2,514
|
Interest
expense
|
(452,659)
|
(264,827)
|
Financing
expense
|
-
|
(14,636)
|
Change in fair value
of warrant liability
|
102,776
|
481,011
|
Net loss
|
($5,824,987)
|
($5,633,345)
|
|
|
|
Net loss per share,
basic and diluted:
|
$
(1.64)
|
$
(2.47)
|
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SOURCE ImmunoCellular Therapeutics, Ltd.