NEW YORK (TheStreet) -- Micro-cap ImmunoCellular Therapeutics (IMUC) just got a whole lot smaller Thursday after the stock crashed 57% to $1.17, losing more than $88 million of its market capitalization. Daily trading volume of 8 million shares is five times higher than the three-month average trading volume.
After market close Wednesday, the cancer immunotherapy researcher announced the results from a phase II study of ICT-107, its experimental cell-based vaccine. Clinical studies showed a statistically significant increase in progression-free survival among patients suffering early stages of the aggressive brain tumor type glioblastoma multiforme.
However, the vaccine failed to hit statistical significance in overall survival for the intent-to-treat population, the drug trial's primary endpoint.
"We await additional data to evaluate the effect on overall survival," Dr. Patrick Wen, a trial investigator and director of the Center for Neuro-Oncology at The Dana Farber Cancer Institute, said in a statement.
"Although we missed the primary overall survival (OS) endpoint, it is encouraging that the OS and progression-free survival (PFS) results are consistent and that most of the predefined secondary endpoints in the OS subgroups numerically favor ICT-107 over placebo, although none has reached statistical significance," said ImmunoCellular CEO Andrew Gengos.
-- Written by Keris Alison Lahiff.