Funds from sale of stock, warrants to finance ongoing clinical trial
By Marisa Wong
Madison, Wis., Jan. 10 - ImmunoCellular Therapeutics, Ltd. will raise $10.44 million through an underwritten public offering of units. The company priced 9,489,436 units at $1.10 each on Jan. 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Each unit consists of one share of common stock and one half-share warrant. Each whole warrant is exercisable immediately at a price of $1.41 and will expire five years from the issue date. The warrant strike price represents a 10.16% premium to $1.28, the closing share price on Jan. 9.
Cowen and Co., LLC is the bookrunner for the offering, and Summer Street Research Partners is the co-manager.
The offering is expected to close on Jan. 13, subject to certain customary conditions.
Net proceeds from the offering, which are expected to total $9.4 million, will be used to fund the company's ongoing ICT-107 Phase II clinical trial and for general corporate purposes, including research and development activities for its other product candidates and any future product candidates.
ImmunoCellular is a Woodland Hills, Calif.-based clinical-stage company that is developing immune-based therapies for the treatment of brain and other cancers.
| Issuer: | ImmunoCellular Therapeutics, Ltd.
|
| Issue: | Units of one common shares and a half-share warrant
|
| Amount: | $10,438,380
|
| Units: | 9,489,436
|
| Price: | $1.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.41
|
| Bookrunner: | Cowen and Co., LLC, with Summer Street Research Partners as co-manager
|
| Pricing date: | Jan. 9
|
| Settlement date: | Jan. 13
|
| Stock symbol: | OTCBB: IMUC
|
| Stock price: | $1.28 at close Jan. 9
|
| Market capitalization: | $40.25 million
|
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