- 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.