Deal funds development of dendritic cell-based brain cancer vaccine
By Devika Patel
Knoxville, Tenn., Feb. 25 - ImmunoCellular Therapeutics, Ltd. gave further details about a private placement of units in an 8-K filed Friday with the Securities and Exchange Commission. The deal priced for $8.09 million on Feb. 22.
The company will sell 5,219,768 units of one common share and a half-share warrant at $1.55 per unit. The whole warrants are exercisable at $2.25 for five years. The strike price reflects a 17.19% premium to the Feb. 18 closing share price of $1.92.
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.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $8,090,640
|
| Units: | 5,219,768
|
| Price: | $1.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.25
|
| Agents: | Summer Street Research Partners and Dawson James Securities, Inc.
|
| Pricing date: | Feb. 22
|
| Stock symbol: | OTCBB: IMUC
|
| Stock price: | $2.01 at close Feb. 22
|
| Market capitalization: | $46.3 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
