ImmunoCellular Therapeutics Provides Corporate Update and Reports Second Quarter 2018 Financial Results
Corporate Update
Stem-to-T-Cell Research Program: As previously disclosed, the Company through its research was able to verify a successful transfer of the selected T cell receptor genetic material into human hematopoietic stem cells. The Company is currently producing the transfected human hematopoietic stem cells that are intended for use in performing preclinical experiments. In this preclinical testing, the transfected human hematopoietic stem cells will be injected into animals and the maturation of the stem cells and integration into bone marrow will be monitored. The Company's academic collaboration has progressed and a manuscript intended for publication in a scientific journal describing the results of that work is being prepared.
Strategic Alternatives Exploration: The Company has been actively engaged in a broad range of conversations with potential strategic partners to explore 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. These conversations have included the exchange of detailed information to determine the potential for an alignment of programs and strategies, as well as possible options for continuing to fund operation. The Company plans to continue this exploratory process with the assistance of its external strategic financial advisor, but cannot guarantee that any actions will be taken as a direct result of this review.
Clinical-Stage Programs: The ICT-107 (phase 3-ready for glioblastoma), ICT-121 (phase 1 completed for recurrent glioblastoma) and ICT-140 (phase 1/2-ready for ovarian cancer), are patient-specific dendritic cell-based immunotherapies targeting solid tumors. The Company continues to pursue opportunities for partnerships, licensing or sale of these anticancer assets.
Litigation Settlement: The Company reached a tentative, mutually acceptable agreement to settle the class action suit. The tentative agreement, which is subject to final documentation and Court approval, provides in part for a settlement payment of
Liquidity and Capital Resources: The Company has implemented an aggressive plan to reduce expenditures while remaining actively focused on operations and executing on key initiatives. As a result, the second quarter operating loss was reduced by 97%, or
Continued Dr. Gringeri: "We believe our Stem-to-T-Cell research program has the potential to be a game-changing treatment for cancer by utilizing the patient's immune system to fight cancer. In April we were able to verify successful transfer of the selected T cell receptor genetic material into human hematopoietic stem cells. This milestone represents an 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. We are producing the transfected human hematopoietic stem cells that will be used for the preclinical phase of this program."
"We have streamlined our operations to manage our business in a fiscally responsible manner. Looking forward, we plan to remain focused on advancing our Stem-to-T-Cell research program, pursuing partnering, licensing or sale of our clinical-stage dendritic cell-based immunotherapy programs and enhancing shareholder value," concluded Dr. Gringeri.
Second Quarter 2018 Financial Results
For the quarter ended
Research and development expenses for the three months ended
General and administrative expenses for the three months ended
ImmunoCellular reported
In light of ongoing research and exploratory strategic activities, ImmunoCellular is not holding a conference call to discuss second quarter 2018 financial results at this time. The Company plans to provide relevant updates at an appropriate time in the future.
About ImmunoCellular's Stem-to-T-Cell Program
Based on the technology in-licensed from The
The Stem-to-T-Cell platform has the potential to address many types of cancer, including both solid and hematological tumors and has the potential to result in a potentially curative therapy for many different types of cancers. The stem 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.
About
Forward-Looking Statements for
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; 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 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 quarterly report on Form 10-Q for the period ended
Contact:
(267) 457-3734 direct
(415) 652-4819 mobile
jane@jmgcomm.com
(602) 889-9700
imuc@lythampartners.com
Consolidated Condensed Balance Sheets |
||
6/30/2018 |
12/31/2017 |
|
(unaudited) |
||
Cash |
$ 2,852,605 |
$ 6,629,870 |
Other current assets |
489,657 |
378,787 |
Insurance proceeds receivable |
486,774 |
0 |
Non current assets |
356 |
568 |
Total assets |
$ 3,829,392 |
$ 7,009,225 |
Current liabilities |
$ 401,944 |
$ 2,360,754 |
Shareholders' equity |
3,427,448 |
4,648,471 |
$ 3,829,392 |
$ 7,009,225 |
Consolidated Condensed Statements of Operations (unaudited) |
||||
Three months |
Three months |
Six months |
Six months |
|
ended |
ended |
ended |
ended |
|
6/30/2018 |
6/30/2017 |
6/30/2018 |
6/30/2017 |
|
Revenue |
$0 |
$0 |
$ - |
$ - |
Research and development |
58,981 |
10,353,601 |
349,597 |
15,039,321 |
General and administrative |
670,203 |
988,266 |
1,404,784 |
1,781,444 |
Recovery of legal fees |
(422,094) |
- |
(422,094) |
- |
Loss before other income (expenses) |
(307,090) |
(11,341,867) |
(1,332,287) |
(16,820,765) |
Interest income |
386 |
381 |
602 |
4,175 |
Interest expense |
- |
(430,024) |
- |
(882,683) |
Derecognition of CIRM liability |
- |
7,719,440 |
- |
7,719,440 |
Net loss |
(306,704) |
(4,052,070) |
(1,331,685) |
(9,979,833) |
Net loss per share, basic and diluted: |
$ (0.01) |
$ (1.14) |
$ (0.03) |
$ (2.81) |
View original content with multimedia:http://www.prnewswire.com/news-releases/immunocellular-therapeutics-provides-corporate-update-and-reports-second-quarter-2018-financial-results-300696275.html
SOURCE