ImmunoCellular Therapeutics, Ltd. (“ImmunoCellular”) (NYSE MKT: IMUC) today announced third quarter results for the period ended September 30, 2012.
For the three months ended September 30, 2012, the Company reported a net loss of approximately $638,000, or $0.02 per basic and diluted share, compared to net income of $88,000, or $0.00 per basic and diluted share, for the same period in 2011. During the three months ended September 30, 2012 and 2011, the Company recorded a gain of $2.8 million and $2.3 million, respectively, related to the change in the fair value of the Company’s warrant liabilities. For the nine months ended September 30, 2012, the Company reported a net loss of approximately $15 million, or $0.38 per basic and diluted share, compared to $4.2 million, or $0.16 per basic and diluted share, in the same period last year. The net loss for the nine months ended September 30, 2012, includes a $5 million charge related to the change in the fair value of the Company’s warrant liabilities as compared to a $1.5 million gain in the prior year.
For the nine months ended September 30, 2012, the Company’s operating activities used $9.2 million compared to $4.6 million in the prior year, primarily to fund the Company’s R&D activities in connection with the Phase IIb trial of ICT-107, in which we increased the number of operational sites to 25 from 11 sites at December 31, 2011, as well as R&D activities in connection with ICT-121 and ICT-140 and general and administrative expenses. As of September 30, 2012, the Company had cash on-hand of $10 million. The September 30, 2012 cash balance does not reflect the net proceeds of approximately $19.3 million from the Company’s October 2012, underwritten public offering.
Commented John S. Yu, M.D., Interim Chief Executive Officer of ImmunoCellular:“We continue to be pleased with our company’s progress, especially in advancing our development pipeline of cancer vaccines, led by ICT-107, which is anticipated to complete a Phase IIb trial at the end of 2013. Our plans to initiate the Phase I trial for ICT-121 in recurrent glioblastoma and to file an investigational new drug application (IND) for ICT-140 in ovarian cancer are on track. We are confident that with the additional funding we secured after the close of the third quarter, we have sufficient resources to continue to execute our business plan and prepare for next steps in our promising clinical programs. Our company’s virtual business model is enabling us to operate in an effective and capital-efficient manner, while benefiting from the expertise of talented pharmaceutical executives and the support of our highly engaged board of directors.
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