LOS ANGELES, Aug. 23, 2017 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE MKT: IMUC) announced
today that it plans to continue strategies to refocus and
reallocate its available resources on its promising Stem-to-T-Cell
research program. ImmunoCellular's Stem-to-T-Cell program is
designed to provide a novel method of harnessing the immune system
to manufacture antigen-specific killer T cells that target and
destroy cancer cells and provide long-term immuno-surveillance
against tumor recurrence. The Stem-to-T-Cell platform has the
potential to address many types of cancer, including both solid and
hematological tumors.
Key anticipated near-term milestones in this program include:
completion of loading of the T cell receptor DNA sequence into a
viral vector during the third quarter of 2017 and transfection of
the human hematopoietic stem cells by the loaded viral vector
during the fourth quarter of 2017. These transfected stem cells are
anticipated to ultimately be able to produce an unlimited supply of
killer T cells bearing the desired T cell receptor. The killer T
cells are designed to specifically target and destroy tumor cells.
This phase of the Stem-to-T-Cell development is an important
component of the proof-of-concept work for this technology. Once
proof-of-concept has been established, ImmunoCellular can progress
to testing in preclinical models.
Immunotherapies are being widely investigated as a way to
develop highly specific anticancer therapies. The goal of most
of these immunotherapies is to create a population of killer T
cells that are programmed to destroy tumor cells. ImmunoCellular's
Stem-to-T-Cell platform represents a novel and more direct approach
to generating killer T cells by using the patient's stem cells as
starting material. Thus, ImmunoCellular's Stem-to-T-Cell
technology shares some similarities with other immuno-oncology
technologies, such as CAR-T, and could potentially be used in
combination approaches. Unlike CAR-T therapies which deliver a
large bolus of active T cells into the patient's circulation and
have been associated with toxicity in some patients,
ImmunoCellular's approach enables a more gradual and measured
release of killer T cells and has the potential for lower toxicity
while also yielding a more sustained response.
Anthony J. Gringeri, PhD,
President and Chief Executive Officer, commented: "The board and
management of ImmunoCellular remain committed to pursuing a viable
strategic path forward for the Company, with the goal of realizing
the value of our immuno-oncology technology platform and assets.
Toward that end, we have successfully secured funding for the
Company that extends our operating runway. We are focusing
resources on advancing our research-stage Stem-to-T-Cell program in
collaboration with leading academic researchers and contract
laboratories. We are also continuing to explore opportunities to
partner our development-stage programs."
Dr. Gringeri further commented: "Consistent with our commitment
to reduce our costs and operate efficiently and cost-effectively,
we have significantly streamlined our operations and organization.
Mindful of the demands on our cash resources, and the reduced scope
of our operations, our board of directors has decided to reduce its
membership, while still providing required representation and
fulfilling its stewardship and fiduciary responsibilities. Two of
our valued board members, Mark A.
Schlossberg and Gregg
LaPointe, have therefore chosen to leave the board,
effective August 15, 2017. We are
deeply appreciative of their service and counsel, and their
continued support for ImmunoCellular's mission and strategy. We
wish them all the best in their future endeavors."
The Company is in the process of making significant reductions
in its operating costs. Besides the previously announced
suspension of the phase 3 registration trial of ICT-107 the Company
is in the process of reducing its operating expenses through
personnel and facility reductions. The Company plans to improve its
liquidity by obtaining additional financing through the issuance of
financial instruments such as equity and warrants or through the
receipt of grants and awards. Additionally, the Company continues
to evaluate its strategic alternatives, which may include a
potential merger, consolidation, reorganization or other business
combination, as well as the sale of the Company or the Company's
assets.
Business Update Conference Call and Webcast Today
ImmunoCellular plans to hold a conference call and webcast today
at 5:00 pm ET to provide a business
update. The call will be hosted by Anthony
J. Gringeri, PhD, President and Chief Executive Officer.
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LIVE CALL:
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(877) 853-5636
(toll-free); international dial-in: (631) 291-4544; conference code
71258130.
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WEBCAST:
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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.
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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's pipeline includes: a Stem-to-T-Cell
research program, which engineers hematopoietic stem cells to
generate cytotoxic T cells; ICT-121, a patient-specific, dendritic
cell-based immunotherapy targeting CD133 found in recurrent
glioblastoma; and ICT-140, a patient-specific, dendritic cell-based
immunotherapy targeting ovarian cancer. ImmunoCellular recently
announced the wind down of its phase 3 trial of ICT-107 in HLA-A2
patients while it pursues a collaborative arrangement or sale of
its ICT-107 program. 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,
ImmunoCellular's ability to advance its Stem-to-T-Cell program and
achieve near-term milestones; ImmunoCellular's ability to finance
its ongoing operations, reduce costs and minimize or defer the
costs of restructuring in order to enable its immunotherapy
program; the potential benefits and therapeutic utility of
ImmunoCellular's Stem-to-T-Cell program and other product
candidates; the likelihood, timing and outcome of ImmunoCellular's
possible strategic alternatives, including a partnership or
restructuring;; 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 ImmunoCellular's proof-of-concept work
and preclinical 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. 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
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SOURCE ImmunoCellular Therapeutics, Ltd.