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ImmunoCellular Therapeutics Reports Third Quarter 2012 Financial Results

Stocks in this article: IMUC

“We believe that our company has the potential to advance the emerging field of cancer immunotherapy, and to change treatment paradigms for some of the most serious and lethal tumor types. There is growing interest throughout the medical community and the biopharmaceutical industry in cancer vaccines. Unlike earlier-generation immunotherapeutics, our next-generation approach of targeting both cancer cells and cancer stem cells has demonstrated the potential to eradicate residual disease and significantly prolong survival. We are especially encouraged by the compelling synergistic potential of combining chemotherapy with our specific cancer vaccines to elicit a more potent and effective immune system response. We believe that we are on the cusp of providing important clinical validation that our unique approach of targeting cancer stem cells using multiple antigen targets loaded onto activated dendritic cells can lead to an effective immune response and have a dramatic impact on the outcome of cancer patients. We look forward to the prospect of completing our planned clinical trials and potentially generating data that can transform cancer treatment and position our company as a leading immunotherapy innovator.”

About ImmunoCellular Therapeutics, Ltd.

ImmunoCellular Therapeutics, Ltd. is a Los Angeles-based clinical-stage company that is developing immune-based therapies for the treatment of brain and other cancers. ImmunoCellular has commenced a Phase II trial of its lead product candidate, ICT-107, a dendritic cell-based vaccine targeting multiple tumor-associated antigens for glioblastoma. To learn more about ImmunoCellular, please visit www.imuc.com.

Forward-Looking Statements for ImmunoCellular Therapeutics

This press release contains certain forward-looking statements that are subject to a number of risks and uncertainties, including the risk that ICT-107 can be further successfully developed or commercialized. Additional risks and uncertainties are described in IMUC’s most recently filed quarterly report on Form 10-Q and annual report on Form 10-K. Except as permitted by law, IMUC undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

                       
Condensed Balance Sheets
 
9/30/2012 12/31/2011
(unaudited)  
Cash $ 10,005,639 $ 6,653,168
Other current assets 593,000 91,286
Non current assets   95,041     406,303  
$ 10,693,680   $ 7,150,757  
 
Current liabilities $ 2,068,010 $ 1,761,289
Warrant liabilities 5,599,468 2,157,408
Shareholders' equity   3,026,202     3,232,060  
$ 10,693,680   $ 7,150,757  
 
 
 
Condensed Statement of Operations (Unaudited)
 
3 months 3 months 9 months 9 months
ended ended ended ended
9/30/2012 9/30/2011 9/30/2012 9/30/2011
Revenue $ - $ - $ - $ -
Research and development 2,378,917 1,241,165 6,567,086 3,016,562

Stock-based compensation

33,887 324,283 382,611 958,121
General and administrative   1,004,181     634,241     2,647,301     1,767,852  
Loss before other expenses (3,416,985 ) (2,199,689 ) (9,596,998 ) (5,742,535 )
Interest income 1,858 1,123 4,867 3,768
Financing expense - - (368,524 ) -
Change in fair value of warrant liabilities   2,777,500     2,286,478     (5,018,224 )   1,517,583  
Net income (loss) $ (637,627 ) $ 87,912   $ (14,978,879 ) $ (4,221,184 )




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