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ImmunoCellular Therapeutics Announces Second Quarter 2013 Financial Results

ImmunoCellular Therapeutics, Ltd. (“ImmunoCellular”) (NYSE MKT: IMUC) today announced financial results for the quarter ended June 30, 2013.

For the quarter ended June 30, 2013, the Company incurred a net loss of $150,000, or $0.00 per basic and diluted share compared to a net loss of $6.5 million for the quarter ended June 30, 2012, or $0.16 per basic and diluted share. The net loss for the quarter ended June 30, 2013 includes a gain of $2.0 million related to the change in fair value of the Company’s warrants accounted for as derivatives and a charge of $180,000 in stock-based compensation. The net loss for the quarter ended June 30, 2012 includes a charge of $3.3 million related to the change in fair value of the Company’s warrants accounted for as derivatives and $104,000 in stock-based compensation. For the six months ended June 30, 2013, the Company incurred a net loss of $5.1 million, or $0.10 per basic and diluted share, compared to a net loss of $14.3 million for the six months ended June 30, 2012, or $0.37 per basic and diluted share. The net loss for the six months ended June 30, 2013, reflects a charge of $604,000 related to the change in fair value of the Company’s warrants accounted for as derivatives and $344,000 of stock based compensation. The net loss for the six months ended June 30, 2012 includes a charge of $7.8 million related to the change in fair value of the Company’s warrants accounted for as derivatives and $349,000 of stock based compensation.

The Company reported that cash used in operations during the six months ended June 30, 2013 was $4.1 million compared to $6.9 million during the six months ended June 30, 2012. The decrease in cash usage was driven by a reduction in patient-related expenses in the phase II trial of ICT-107. This decrease was partially offset by certain preclinical expenses associated with ICT-140. During the six months ended June 30, 2013, the Company received $3.0 million from the exercise of warrants. As of June 30, 2013, the Company had $25.5 million in cash.

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