- Immunocellular Therapeutics (OTCPK:IMUC) amends its exclusive license agreement with Cedars-Sinai Medical Center that it originally consummated in November 2006. Under the amended agreement, the company acquires certain intellectual property and technology related to cellular therapies for the treatment of brain tumors, other cancers and neurodegenerative diseases. It will also have the exclusive rights to develop, use, manufacture, sell and grant sublicenses to the licensed technology.
- IMUC will pay Cedars-Sinai milestone payments related to the development and commercialization of ICT-107, ICT-121 and ICT-140, specifically when it initiates patient enrollment in the first Phase 3 study for the firm's first product and upon the first commercial sale of the first product. If both milestones are achieved, the payment will be $1.1M. Cedars-Sinai will also be eligible to receive single-digit percentages of gross revenues from product sales and high-single digit to low-double digit percentages of IMUC's sublicense income.
- Shares are down a fraction after hours on light volume.