LOS ANGELES, May 14, 2018 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular") (NYSE American: IMUC) today
announced financial results for the first quarter ended
March 31, 2018.
Anthony J. Gringeri, PhD,
President and Chief Executive Officer commented: "In the first
quarter, we continued to make progress in advancing our
Stem-to-T-Cell program. In April we announced that we had been able
to verify successful transfer of the selected T cell receptor
genetic material into human hematopoietic stem cells. This
milestone represents the next important step in validating the
Stem-to-T-Cell approach, and is a key component of the
proof-of-concept work for this technology which lays the groundwork
for undertaking planning for preclinical testing. From a corporate
perspective, we are continuing to work with Ladenburg Thalmann
& Co. Inc. as our strategic financial advisor to assist in the
review of our business and assets and the exploration of strategic
opportunities for enhancing stockholder value, including the
potential sale or merger of the Company."
First Quarter 2018 Financial Results
For the quarter ended March 31,
2018, ImmunoCellular incurred a net loss of $1.0 million, or $0.02 per basic and diluted share, compared to a
net loss of $5.9 million or
$1.67 per basic and diluted share,
for the quarter ended March 31,
2017. The decrease in the net loss is primarily due to the
suspension of the ICT-107 phase 3 trial in June of 2017 and
reductions in the Company's other research and development programs
along with reductions in general and administrative
expenses.
ImmunoCellular also reported $1.6
million of cash used in operations during the most recent
quarter compared to $6.1 million in
the same period in 2017. The Company continues to seek favorable
payment terms with its creditors and reduced its current
liabilities by almost $900,000 during
the quarter. No warrants were exercised in the most recent
quarter; accordingly, there were no financing proceeds. There are
approximately $930,000 of warrants
that remain outstanding from the July
2017 financing. These warrants currently have an exercise
price of $0.35 and expire in
July 2018. As of March 31, 2018, the Company had approximately
$5 million of cash and 41.9 million
shares of common stock outstanding.
In light of previous recent updates on its research program,
ImmunoCellular is not holding a conference call to discuss first
quarter 2018 financial results at this time. The Company plans to
provide relevant updates at an appropriate time in the future.
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; whether ImmunoCellular will be able to
identify and execute a successful strategic transaction; 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 maintain its listing on the NYSE
American and regain compliance with the NYSE American's listing
standards; ImmunoCellular's ability to advance its Stem-to-T-Cell
program and achieve certain milestones; 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 annual report on Form 10-K for the
period ended December 31, 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.
Jane Green
(267) 457-3734 direct
(415) 652-4819 mobile
jane@jmgcomm.com
Lytham Partners, LLC
Joe Dorame, Robert Blum, or
Joseph Diaz
(602) 889-9700
imuc@lythampartners.com
Consolidated
Condensed Balance Sheets
|
|
|
|
3/31/2018
|
12/31/2017
|
|
(unaudited)
|
|
Cash
|
$
5,026,602
|
$
6,629,870
|
Other current
assets
|
137,625
|
378,787
|
Non current
assets
|
462
|
568
|
Total
assets
|
$
5,164,689
|
$
7,009,225
|
|
|
|
Current
liabilities
|
$
1,493,161
|
$
2,360,754
|
Shareholders'
equity
|
3,671,528
|
4,648,471
|
|
$
5,164,689
|
$
7,009,225
|
|
|
|
|
|
|
Consolidated
Condensed Statements of Operations (unaudited)
|
|
|
|
|
Three
months
|
Three
months
|
|
ended
|
ended
|
|
3/31/2018
|
3/31/2017
|
Revenue
|
$0
|
$0
|
Research and
development
|
290,616
|
4,685,720
|
General and
administrative
|
734,581
|
793,178
|
Loss before other
income (expenses)
|
(1,025,197)
|
(5,478,898)
|
Interest
income
|
216
|
3,794
|
Interest
expense
|
-
|
(452,659)
|
Net loss
|
($1,024,981)
|
($5,927,763)
|
|
|
|
Net loss per share,
basic and diluted:
|
$
(0.02)
|
$
(1.67)
|
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SOURCE ImmunoCellular Therapeutics, Ltd.