ImmunoCellular Therapeutics raises $6.5 million in second quarter 2010

ImmunoCellular Therapeutics, LtdAug 18 2010

ImmunoCellular Therapeutics (OTCBB: IMUC) today announced second quarter results for the period ended June 30, 2010. The Company utilized $1.13 million of cash in its operations during the quarter. The increase in net burn is reflective of increased personnel costs as well as increase in Research and Development costs associated with the planned phase II clinical trial for ICT-107. As of June 30th, the Company had approximately $7.7 million in cash, cash equivalents and short-term investments on its balance sheet, reflecting the strongest cash position in its history. Detailed financial information is contained in the form 10Q filed with SEC for the second quarter.

“We are in the process of finalizing the trial design and look forward to beginning patient enrollment prior to the end of the year.”

Some of the recent highlights include:

• Significant Increase in Survival of Subjects in Phase I trial of ICT-107. The Company reported that results of the study demonstrated a median progression free survival for patients who received the vaccine of 17.7 months, with a one-year overall survival of 100% and a two-year survival of 80% when coupled with surgery, radiation and chemotherapy and demonstrated a 12-month disease-free survival from the time of surgery of 75% with ICT-107. The data was presented at the American Society of Clinical Oncology's prestigious Annual Meeting this past June in Chicago.
• Strengthened balance sheet. The Company raised a total of $6.5 million, after fees and expenses, during the 2010 second quarter through the completion of private placements with institutional and accredited investors.
• Orphan Drug Status Approval for ICT-107. The Company was granted orphan drug status for ICT-107 by the U.S. Food and Drug Administration in June.
• Appointed Two New Members to Scientific Advisory Board. The Company recently added Zvi Ram, M.D. and John Boockvar, M.D. to its Scientific Advisory Board in preparation for the upcoming Phase II trial of ICT-107. Dr. Ram is the Chairman of the Department of Neurosurgery at Tel Aviv Medical Center in Israel. Dr. Boockvar is Co-Director of the Brain and Spinal Tumor Program at Weill Cornell Medical College.

"We are excited to be commencing a Phase II clinical study for ICT-107 during the second half of the year, as we seek to validate the promising results demonstrated in the Phase I study," said Manish Singh, Ph.D., CEO of ImmunoCellular. "We are in the process of finalizing the trial design and look forward to beginning patient enrollment prior to the end of the year."