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ImmunoCellular Therapeutics Announces Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: IMUC

ImmunoCellular Therapeutics, Ltd. (“ImmunoCellular”) (NYSE MKT: IMUC) today announced financial results for the year and quarter ended December 31, 2012.

For the year ended December 31, 2012, the Company incurred a net loss of $14.5 million, or $0.35 per basic and diluted share compared to a net loss of $5.7 million for the year ended December 31, 2011, or $0.21 per basic and diluted share. The net loss for 2012 includes a charge of $2.3 million related to the revaluation of the Company’s warrant derivatives and $496,000 in stock-based compensation. The net loss for 2011 included a credit of $2.9 million related to the revaluation of the warrant derivatives and charge of $1.2 million for stock-based compensation.

For the quarter ended December 31, 2012, the Company reported net income of $484,000, or $0.01 per basic and diluted share, compared to a net loss of $1,499,000, or $0.05 per basic and diluted share for the quarter ended December 31, 2011. The income for the quarter ended December 31, 2012, reflects a credit of $2.7 million related to the revaluation of the Company’s warrant derivatives. The net loss for the quarter ended December 31, 2011 reflects a credit of $1.4 million related to the revaluation of the Company’s warrant derivatives.

The Company reported that cash used in operations during 2012 was $12.4 million compared to $6.4 million in 2011. The increase reflects the continued ramp-up of the company’s Phase II clinical trial of ICT-107 as well as research and development activities for ICT-121 and ICT-140. Additionally, the Company’s general and administrative expenses increased in 2012 in order to develop and support its additional infrastructure. For the quarter ended December 31, 2012, the Company’s cash used in operations was $3.2 million compared to $1.8 million in the same period of 2011.

As of December 31, 2012, the Company had $26.2 million in cash. During 2012, the Company completed two equity financings which provided $28.6 million, net of expenses, and received $3.2 million from the exercise of warrants.

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