Thursday, 18 October 2012

ImmunoCellular Therapeutics announces underwritten public offering

ImmunoCellular Therapeutics (NYSE MKT: IMUC) has announced plans for an underwritten public offering. 
The company said yesterday it intends to offer shares of its common stock and warrants, and also expects to grant the underwriters a 30-day option to purchase additional shares to cover over-allotments. 
Lazard Capital Markets is acting as the sole bookrunning manager, with the offering expected to price before 9:30am ET today, subject to market conditions. 
It therefore said that there can be no assurance the offering will be completed, or as to the size or the terms of the transaction. 
A registration statement has been filed with and declared effective by the SEC.
ImmunoCellular Therapeutics is a Los Angeles-based clinical-stage company that is developing immune-based therapies for the treatment of brain and other cancers.
It has started a phase II trial of its lead product candidate, ICT-107, a dendritic cell-based vaccine targeting multiple tumor-associated antigens for glioblastoma, an aggressive type of brain cancer. 
ImmunoCellular has said previously that depending on the trial's progress, results could be available sometime in the late second half of 2013. 
The trial's primary goal is overall survival, with secondary goals including progression free survival, immune response and safety. 
Rather than simply targeting a single tumor-specific antigen, the company's vaccine pursues multiple different antigens found on cancer stem cells (CSCs).
In July, the company announced the expansion of its phase 2b trial of ICT-107, in an effort to “further validate the study” and possibly shorten the trial by a few months.
The phase 2 trial, which is a placebo-controlled and double blind study, enrolled 278 patients across 25 sites participating in the trial.  

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