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As I peruse the biotech forums and boards trying to ascertain investors' and analysts' opinions on my favorite biotechs, I am amazed with the types of personalities, information and misinformation I come across. I weed through the clutter to find the solid points made along with pertinent questions raised. My research on ImmunoCellular Therapeutics (NYSEMKT:IMUC) is one such example of a biotech with many questions and observations found in these forums.

Although much can be found in the company's website, clinical data presentations and press releases, I thought it best for the investment community to hear responses to some of these questions directly from the company itself. I contacted Dr. Manish Singh, president and CEO, and presented some of these questions to him. He was gracious enough to take the time to answer the questions and give us valuable insight. The following is a transcript from the correspondence.

Brian Nichols

First off, Dr. Singh thank you for taking the time to speak with me, I know that you have been busy. In fact, you are in Spain if I am correct? If you would, could you please explain the purpose of your presentation at the Phacilitate Immunotherapy Leaders' Forum?

Dr. Manish Singh

This is one of the best immunotherapy conferences with participation from all the biotech as well as pharmaceutical companies in this area. I am chairing the opening session with a talk on 15 years of immunotherapy developments followed by moderating several panels on commercialization issues. These are high powered panels with senior management from the pharmaceutical and biotech world. It is also an opportunity for me to present our developments on ICT-107 as a futuristic vision of immunotherapy.

Brian Nichols

As you are probably aware, ImmunoCellular's stock had a significant price drop the other day. My guess is that it had something to do with Dendreon's (NASDAQ:DNDN) earnings. For some reason investors like to connect the two companies. Do you believe it is a fair comparison? In what way is ICT-107 similar to and different from Provenge?

Dr. Manish Singh

Let's start with Dendreon's early problems - cost of goods sold, marginal efficacy of its lead product and a very competitive environment in prostate cancer with approval of other drugs. I truly believe Dendreon was instrumental in opening the doors for small companies like us to build the next generation of immunotherapy product by building on its success. We have tackled all these issues for the success of ICT-107 if approved for brain tumors.

First, with regard to cost of goods, our cost per shot of vaccine will be under $1,000 while their cost is 15-20 times higher at this point. Second, our phase I data has demonstrated a survival improvement of about 24 months over the standard of care while Provenge increases survival by only 4 months. Lastly, in glioblastoma the best standard of care drug, Temodar, increases life by only 10 weeks. If the survival benefit holds longer than 6-9 months in late stage trials, I think it is very likely to become standard of care irrespective of the cost.

Brian Nichols

ICT-107 targets 6 antigens. Why test the vaccine on so many antigens when most other companies only create a drug that targets a single antigen? Do you feel this gives you an advantage? If so, please explain why the company believes this approach is best in treating a number of indications or why it would work?

Dr. Manish Singh

Cancer is a very hetrogenous mixture of cell population, and it is an enemy that is always mutating. By targeting multiple targets at once you can hit these cells from multiple points and reduce its ability to escape this attack. Think of the analogy of stopping traffic in a city. The current drug development paradigm is to block a single avenue or street with a drug. All it does is slows down the traffic, but can't halt the traffic.

What we are trying to do is to stop all the major avenues simultaneously, so the traffic will come to a halt. The beauty is the universality of this approach as a number of these antigens are shared by different cancers. For example, ICT-140 is going to be tested initially in ovarian cancer, but the same product also targets 4-5 antigens on stomach, liver, breast and several other solid cancers as well.

Brian Nichols

Most investors expect the company to continue testing its technologies on even more antigens. Can you say how many you would like to test throughout the trial process and what you expect to accomplish by targeting so many antigens?

Dr. Manish Singh

There are essentially two pieces to this puzzle: antigen delivery system, which is dendritic cells in our case, and antigens themselves. The dendritic cells we are using are the most potent DCs in the field as these are third generation product, without going into specific technical details, compared to Provenge which is a first generation product. We have been in-licensing multiple antigens from various academic and research centers such as Johns Hopkins and the University of Pittsburgh to build a larger repertoire of antigens to create a patent portfolio that would allow us to target these antigens on an exclusive basis.

Brian Nichols

At this year's ASCO you are scheduled to present. What is it that you will be presenting?

Dr. Manish Singh

We plan to have two posters at ASCO this year. Let me hold the content until we announce it in a press release in the next few weeks.

Brian Nichols

The five year data is expected to be remarkable, considering the seriousness of this disease. If you would, could you please put into perspective just how dangerous and deadly glioblastoma is as a disease?

Dr. Manish Singh

With existing standard of care, only 16% patients with GBM live for 3 years and about 10% live for 4 years. Most importantly, the three year disease free survival rate is only 6% and drops below 5% at four years. Phase I data presented so far has demonstrated a 55% overall survival and 38% disease free survival at three years. I must caution you that this is from a single center study with limited number of patients. The Phase II trial is designed to be a randomized and double blinded trial, which is as close to the gold standard trial as one can design. If the Phase II data is even half as good as Phase I, this would create a potential huge opportunity for partnering.

Brian Nichols

There is one question that is on the minds of all investors, and that is the AMEX uplisting. Is it fair to suggest that uplisting would provide a multitude of opportunities that are currently not available?

Dr. Manish Singh

A national listing would be a game-changer as it is very difficult currently for mutual funds and brokers to buy shares in IMUC. This could potentially bring a completely new set of investors and give us a lot more credibility for the company.

Brian Nichols

What requirements would have to be met before you could uplist? Has IMUC met those requirements?

Dr. Manish Singh

An Amex listing has certain quantitative measures which is fairly straightforward such as a stock price over $2.00, 400 shareholders and stock-holder equity over $4.0 million. We do meet all of these requirements currently. In addition, the exchange also performs due diligence on your corporate structure, management and board members and company policies.

Brian Nichols

Can you say if the AMEX or another large exchange is part of IMUC's immediate future? And if not, would you like to comment on this matter by explaining what we can expect in the immediate future?

Dr. Manish Singh

It is absolutely part of our strategy to be listed on a national exchange. Unfortunately, I can't provide specific dates.

Brian Nichols

For such a small company, to what do you attribute your success?

Dr. Manish Singh

We are really a small company, but we have created a very strong culture of innovation, engagement, enabling people with tools and authority, and energizing them to create a win every time. People underestimate the power of a dedicated small group of people to change things. One of the books I am reading right now is All In by Gostick and Elton. They have written best sellers such as The Carrot Principle and The Orange Revolution, which is a very good summary of the corporate culture that we have built.

This culture plays a huge role in why we have been able to do so much with so little. When I joined IMUC as the first employee back in 2008, the market cap was only $6 million. Today it is close to $100 million, and to a large extent I attribute it to this fantastic management team that has executed at every step even if it meant working 24/7. These guys are ALL IN!

Brian Nichols

Dr. Singh, I certainly appreciate your time and hope investors feel more educated about ImmunoCellular Therapeutics, its product line and potential as well as its impressive team of overachievers. I wish the best for you and ImmunoCellular Therapeutics and look forward to your ASCO presentation. As an investor, I can see the value in what you do, and as a person I see the importance of what your pipeline could likely be capable of. Thanks again and please keep us updated as often as possible on your company's progress.

Disclosure: I am long IMUC.

Additional disclosure: The transcript of the interview has been edited for length, grammar, clarity, readability and syntax. The information is not to be used to make any investment decisions but is intended for informational purposes only.