Deal funds development of dendritic cell-based brain cancer vaccine
By Devika Patel
Knoxville, Tenn., Feb. 23 - ImmunoCellular Therapeutics, Ltd. said it arranged a private placement of units. The deal will raise about $8.1 million.
The company will sell about 5.2 million units of one common share and a half-share warrant at $1.55 apiece. The whole warrants are exercisable at $2.25 for five years. The strike price reflects an 11.94% premium to the Feb. 22 closing share price of $2.01.
Summer Street Research Partners and Dawson James Securities, Inc. are the agents.
Proceeds will be used to accelerate the development of ICT-107, the company's dendritic cell-based brain cancer vaccine, as well as for general corporate purposes.
ImmunoCellular, based in Los Angeles, develops cellular treatments for brain cancer and neurodegenerative disorders.
Issuer: | ImmunoCellular Therapeutics, Ltd.
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Issue: | Units of one common share and a half-share warrant
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Amount: | $8.1 million (approximate)
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Units: | 5.2 million (approximate)
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Price: | $1.55
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $2.25
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Agents: | Summer Street Research Partners and Dawson James Securities, Inc.
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Pricing date: | Feb. 23
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Stock symbol: | OTCBB: IMUC
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Stock price: | $2.01 at close Feb. 22
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Market capitalization: | $37.6 million
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