LOS ANGELES, Nov. 21, 2017 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE American: IMUC) today
announced financial results for the third quarter 2017.
Anthony J. Gringeri, PhD,
President and Chief Executive Officer commented: "As a result of
the July financing and streamlining of operations, we have been
able to significantly improve our financial condition and reduce
our operating expenses. Our management team is focused on advancing
our research-stage immuno-oncology programs and technologies, which
we believe have potentially meaningful therapeutic and commercial
value. At the same time, we are actively seeking to establish
collaborations with academic or industry partners that have the
resources to enable our clinical-stage programs to move forward.
These steps are enabling us to focus resources on advancing our
Stem-to-T-Cell program and continue operations at a significantly
reduced burn rate and in a capital-efficient manner."
Dr. Gringeri continued: "We believe that our stem cell
technology represents a major step forward in immuno-oncology
approaches: that it represents clinically meaningful advantages
over other novel immuno-oncology technologies; that it can be used
in combination with other immuno-oncology therapeutic approaches;
and that the potential return on investment for shifting our focus
and dedicating resources to this program can create value for our
company and for our shareholders. We remain focused on achieving
our vision for our company: to develop immunotherapeutic solutions
for intractable cancers, extending the lives of cancer patients,
and providing hope for a potential cure. Our Stem-to-T-Cell program
is at the research stage today, but we are developing it rapidly,
and expect to achieve a number of meaningful milestones in the next
12 to 18 months."
Net loss for the quarter ended September
30, 2017, was $3.9 million
compared to $4.8 million in the same
period in 2016. Net loss available to common shareholders for the
quarter ended September 30, 2017, was
$6.1 million, or $0.40 per basic and diluted common share,
compared to $4.8 million, or
$1.58 per basic and diluted common
share, in the same period in 2016. The 2017 net loss available to
common shareholders includes the net loss of $3.9 million plus $1.6
million of deemed dividends and $600,000 of original issue discount associated
with the convertible preferred stock issued as part of the
July 2017 financing. There were no
similar charges during the quarter ended September 30, 2016.
For the quarter ended September 30,
2017, research and development expenses were $2.8 million compared to $4.6 million during the quarter ended
September 30, 2016. The decrease
primarily reflects the suspension of the phase 3 trial of ICT-107
in June 2017. During the third
quarter of 2017, the Company incurred wind-down costs related to
the trial, which are expected to taper in future quarters. General
and administrative expenses for the quarter ended September 30, 2017, were $1.1 million compared to $900,000 in the same period in 2016. The
additional expenses primarily reflect higher professional
fees.
For the nine months ended September 30,
2017, the Company incurred a net loss of $13.9 million compared to $15.8 million in the same period in 2016. Net
loss available to common shareholders for the nine months ended
September 30, 2017 was $16.1 million, or $2.13 per basic and diluted share, compared to
$15.8 million, or $6.19 per basic and diluted share, during the
same period in 2016. The 2017 net loss available to common
shareholders includes the net loss of $13.9
million plus $1.6 million of
deemed dividends and $600,000 of
original issue discount associated with the convertible preferred
stock issued as part of the July 2017
financing. There were no similar charges during the nine months
ended September 30, 2016.
During the nine months ended September
30, 2017, the Company used $11.7
million of cash in operations compared to $16.1 million in the same period in 2016. During
2017, the Company applied certain vendor deposits against the
termination invoices from some vendors that participated in the
ICT-107 trial and delayed payments to certain other vendors. The
Company is developing payment plans with its creditors.
In July 2017, ImmunoCellular
completed a financing that provided $4.1
million in net proceeds from the sale of convertible
preferred stock, with the potential to secure an additional
$9 million in funding over the 12
months following the closing of the financing from the exercise of
warrants to purchase preferred stock issued in the financing
transaction. As part of the financing, the Company issued three
warrant tranches of $3 million each
with maturities in October 2017,
January 2018 and July 2018. Through September 30, 2017, the Company received
$2.2 million in net proceeds from the
exercise of warrants. Subsequent to September 30, 2017, the Company received an
additional $3.6 million of proceeds
from the exercise of warrants. All of the warrants that expired in
October 2017 were exercised.
The proceeds from the financing are being used to move forward with
a restructuring plan focused on winding down ICT-107 activities and
advancing early-stage research programs while continuing to seek
partnership opportunities for development-stage assets. As of
September 30, 2017, the Company had
$6.0 million in cash and 23,788,510
shares of common stock outstanding.
Conference Call and Webcast Today
ImmunoCellular plans to hold a conference call and webcast
today, November 21, 2017, at
5:00 pm ET to review third quarter
2017 financial results and provide a business update. The call will
be hosted by Anthony J. Gringeri,
PhD, President and Chief Executive Officer.
LIVE CALL:
|
(877) 853-5636
(toll-free); international dial-in: (631) 291-4544; conference code
3689426.
|
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., based in Los Angeles, is developing immune-based
therapies for the treatment of cancer. ImmunoCellular is focused on
advancing its Stem-to-T-Cell research program, which engineers
hematopoietic stem cells to generate cytotoxic T cells. Additional
assets, for which the Company is seeking partners, include
clinical-stage programs - ICT-107, ICT-121 and ICT-140 - which are
patient-specific, dendritic cell-based immunotherapies targeting
solid tumors. 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 finance its ongoing operations
following termination of existing clinical development programs,
reduce outstanding obligations to creditors of the Company and
minimize or defer the costs of restructuring in order to enable its
immunotherapy program; the likelihood, timing and outcome of
ImmunoCellular's possible strategic alternatives, including a
partnership, collaboration or restructuring; ImmunoCellular's
beliefs regarding the advantages and therapeutic and commercial
value of its programs; ImmunoCellular's ability to advance its
Stem-to-T-Cell program and achieve certain milestones in the next
12 to 18 months; 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 and the uncertain timing of
completion and success of clinical trials. Additional risks and
uncertainties are described under the heading "Risk Factors" in
ImmunoCellular's most recently filed quarterly report on Form 10-Q
for the period ended June 30, 2017
and subsequent filings with the Securities and Exchange Commission.
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
Condensed
Consolidated Balance Sheets
|
|
|
|
|
9/30/2017
|
|
12/31/2016
|
|
(Unaudited)
|
|
|
Cash
|
$
6,005,298
|
|
$
11,437,118
|
Other current
assets
|
710,803
|
|
1,977,671
|
Non current
assets
|
59,660
|
|
3,475,201
|
Total
assets
|
$
6,775,761
|
|
$
16,889,990
|
|
|
|
|
Current
liabilities
|
$
7,299,068
|
|
$
3,238,943
|
Warrant
liability
|
-
|
|
573,560
|
CIRM
liability
|
-
|
|
6,945,741
|
Shareholders'
deficit
|
(523,307)
|
|
6,131,746
|
|
$
6,775,761
|
|
$
16,889,990
|
Condensed
Consolidated Statement of Operations (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 months
|
|
3 months
|
|
9 months
|
|
9 months
|
|
ended
|
|
ended
|
|
ended
|
|
ended
|
|
9/30/2017
|
|
9/30/2016
|
|
9/30/2017
|
|
6/30/2016
|
Revenue
|
$0
|
|
$0
|
|
$0
|
|
$0
|
Research and
development
|
2,763,659
|
|
4,563,896
|
|
17,802,980
|
|
13,734,693
|
General and
administrative
|
1,137,329
|
|
908,380
|
|
2,918,773
|
|
3,058,027
|
Loss before other
income (expenses)
|
(3,900,988)
|
|
(5,472,276)
|
|
(20,721,753)
|
|
(16,792,720)
|
Interest
income
|
109
|
|
9,920
|
|
4,284
|
|
18,831
|
Interest
expense
|
-
|
|
(342,323)
|
|
(882,683)
|
|
(889,146)
|
Financing
expense
|
-
|
|
(111,557)
|
|
-
|
|
(142,788)
|
Change in fair value
of warrant liability
|
-
|
|
1,118,411
|
|
-
|
|
2,045,082
|
Derecognition of CIRM
liability
|
-
|
|
-
|
|
7,719,440
|
|
-
|
Net loss
|
(3,900,879)
|
|
(4,797,825)
|
|
(13,880,712)
|
|
(15,760,741)
|
Accretion of
beneficial conversion feature on convertible preferred
stock
|
(1,576,986)
|
|
-
|
|
(1,576,986)
|
|
-
|
Accretion of original
issue discount on preferred stock
|
(571,854)
|
|
-
|
|
(571,854)
|
|
-
|
Preferred stock
dividends
|
(6,160)
|
|
-
|
|
(6,160)
|
|
-
|
Deemed dividend from
warrant repricing
|
(23,311)
|
|
-
|
|
(23,311)
|
|
-
|
Loss attributable to
common shareholders
|
$
(6,079,190)
|
|
$
(4,797,825)
|
|
$
(16,059,023)
|
|
$
(15,760,741)
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted:
|
$
(0.40)
|
|
$
(1.58)
|
|
$
(2.13)
|
|
$
(6.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE ImmunoCellular Therapeutics, Ltd.