LOS ANGELES, Feb. 13, 2018 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE American: IMUC), a
biotechnology company developing immunotherapies for the treatment
of cancer based on its Stem-to-T-Cell research program, announced
today that during the fourth quarter ended December 31, 2017, the Company received
approximately $5.77 million of gross
proceeds from the exercise of warrants in connection with the
July 2017 underwritten public
offering. The Company ended 2017 with approximately $6.6 million in cash.
Anthony J. Gringeri, Ph.D.,
President and Chief Executive Officer of ImmunoCellular, said, "I
am extremely pleased we have secured an additional $5.8 million of capital during the fourth
quarter, which significantly strengthens our Company's financial
condition. We have received approximately 88% or $7.9 million of the potential $9.0 million in net proceeds from the exercise of
warrants, and are optimistic about receiving the remaining
$927,000 available from the Series 3
warrants which expire in July
2018."
Continued Dr. Gringeri: "With the additional capital, we intend
to continue to implement our strategic plan focused on advancing
our research-stage Stem-to-T-Cell program. In the fourth quarter of
2017, we achieved a key milestone by successfully packaging T cell
receptor DNA into a vector and transferring DNA into human
hematopoietic stem cells. This is an important first step in using
the patient's immune system to produce killer T cells designed to
specifically target and attack cancer cells. We are currently
working to achieve our next milestone, optimizing transfection
conditions for the hematopoietic stem cells, which would then
enable preclinical testing. While we are still in the early stages,
we believe that our stem cell program has the potential to be a
game-changing treatment for cancer.
Additionally, we are completing the wind-down of ICT-107
activities while continuing to seek partnership opportunities for
our clinical-stage anticancer assets. We have been successful in
working with our vendors to restructure our ICT-107 Phase 3
clinical trial-related obligations. I am pleased that we have
achieved a key financial management goal by strengthening our
balance sheet, eliminating debt, attaining positive working capital
and positive shareholders equity, along with cash on hand expected
to fund our operations into 2019."
Warrants Exercised
through December 31, 2017:
|
|
Granted
|
Exercised
|
Expired
|
Remaining
|
Conversion
|
Series 1 - October
2017
|
$
3,000,000
|
$
3,000,000
|
$
-
|
$
-
|
100%
|
Series 2 - January
2018
|
3,000,000
|
2,845,000
|
155,000
|
-
|
95%
|
Series 3 - July
2018
|
3,000,000
|
2,073,000
|
-
|
927,000
|
69%
|
Totals
|
$
9,000,000
|
$
7,918,000
|
$
155,000
|
$
927,000
|
88%
|
In July 2017, ImmunoCellular
completed an underwritten public offering that initially 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 tranches of warrants of $3
million each with maturities in October 2017, January
2018 and July 2018. The
conversion price of the warrants is subject to a floor price of
$0.35. The year-end cash figure and
proceeds amounts are unaudited and subject to final review and
report in conjunction with the preparation and filing of the
Company's Annual Report on Form 10-K for the year ended
December 31, 2017.
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 September 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.
ImmunoCellular Thereapeutics, Ltd. Contact:
Jane Green
(267) 457-3734 direct
(415) 652-4819 mobile
jane@jmgcomm.com
Investor Relations Contact:
Lytham Partners, LLC
Joe Dorame, Robert Blum, or
Joseph Diaz
(602) 889-9700
imuc@lythampartners.com
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SOURCE ImmunoCellular Therapeutics, Ltd.