ImmunoCellular Therapeutics (IMUC -13.8%) slides after pricing its secondary offering of 10M...


ImmunoCellular Therapeutics (IMUC -13.8%) slides after pricing its secondary offering of 10M shares at $2.10, a 13% discount to yesterday's close. The company also is offering warrants to purchase as many as 4.5M additional shares. It plans to use the proceeds for the ongoing clinical development of its brain cancer treatment and lead pipeline product, ICT-107, as well as for general corporate purposes. The company had 40.6 million shares outstanding as of August.
 

Comments (6)
  • Yastremzki
    , contributor
    Comments (32) | Send Message
     
    What horrible timing, and after they've continually repeated that they have enough funding to complete PII.
    What are they not divulging? It seems they could've waited for a better price as anticipation would rise before interim results Q1
    Hmmmm...
    18 Oct 2012, 01:49 PM Reply Like
  • notatvillanova
    , contributor
    Comments (2) | Send Message
     
    I understand a secondary offering as one where existing shareholders are the sellers, not the corporation. The corporation would not receive any of the proceeds from the sale.
    18 Oct 2012, 06:11 PM Reply Like
  • notatvillanova
    , contributor
    Comments (2) | Send Message
     
    I understand a secondary offering to be when existing shareholers are the sellers, not the corporation. The company would not receive any of the proceeds.
    18 Oct 2012, 06:11 PM Reply Like
  • Cassandra.says
    , contributor
    Comments (91) | Send Message
     
    So far this looks like a smooth offering -- almost as many shares changing hands on the market as the offering and a very fast bounce off the bottom. I like it.

     

    There have been a few early offerings on "runup" biotechs this year. I think it's management's way of playing against the speculators who bid the stock up to the release of data and dump it on the news. As it holds and climbs today I'm grinning, hoping for a bear squeeze.
    18 Oct 2012, 02:13 PM Reply Like
  • jmarkman
    , contributor
    Comments (2) | Send Message
     
    shotgun operation,only hope is a buyout.
    18 Oct 2012, 06:02 PM Reply Like
  • wiesemc
    , contributor
    Comments (558) | Send Message
     
    Bought a significant amount near the low this AM. I believe PII details at the end of the year will be very positive. I try my best to purchase good companies with solid pipelines after their offerings, etc.
    18 Oct 2012, 08:50 PM Reply Like
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