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ImmunoCellular Therapeutics (IMUC.OB), $8.1M Financing

IMUC.OB initiated a private placement financing of approximately $8.1M resulting from the sale of approximately 5.2M units at a purchase price of $1.55 per unit.
  • Each unit consists of 1 share of IMUC.OB’s common stock and 1 warrant to purchase 1/2 share of common stock;
  •  The warrants will be exercisable for a 5 year period and have an exercise price of $2.25 per share;
  • Summer Street Research Partners and Dawson James Securities served as the exclusive placement agents for the transaction.

The Bottom Line: IMUC.OB’s “off the shelf” therapeutic vaccine product candidate (ICT-121) targets cancer stem cells for multiple cancer indications. Proceeds from the private placement will be used to accelerate the development of ICT-107, the dendritic cell-based brain cancer vaccine as well as corporate purposes. ICT-107 is currently in a Phase II trial. the stock dropped $0.21 (-10.45%) upon the news (2/23/11) to $1.80.