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ImmunoCellular Therapeutics Announces Completion of Asset Purchase Transaction with Private Biotechnology Company
LOS ANGELES, Aug. 28, 2019 /PRNewswire/ -- ImmunoCellular Therapeutics, Ltd. ("ImmunoCellular") (OTC: IMUC) today announced receipt of payment of $500,000 in conjunction with the completion of a transaction for the purchase of substantially all of ImmunoCellular's remaining assets, including its preclinical and clinical programs, technology, intellectual property and know-how.
As previously disclosed, the aggregate purchase price of the assets was $1,000,000, payable by a private biotechnology company ("Purchaser") in two payments. The first upfront payment of $500,000 was received by ImmunoCellular upon the initial closing of the asset sale transaction on May 8, 2019, and was non-refundable. The second, or continuation, payment of $500,000, which has been received, was dependent upon the satisfactory outcome of certain discussions between the Purchaser and the US Food and Drug Administration.
With the successful completion of the asset sale, ImmunoCellular plans to continue to pursue additional strategic alternatives, including a potential reverse merger with a private company seeking an expedited route to the public markets. The Company welcomes inquiries by parties interested in such a potential collaboration. As of August 23, 2019, ImmunoCellular's balance sheet reflected a cash position of approximately $2.0 million with no debt or other liabilities other than ongoing trade payables related to its limited operations. The Company cannot guarantee that any ongoing or future strategic discussions will be successfully concluded.
Forward-Looking Statements for ImmunoCellular Therapeutics
This press release contains certain forward-looking statements, including statements regarding ImmunoCellular's intentions and current expectations concerning, among other things, the likelihood, timing and outcome of the pursuit of potential additional strategic alternatives, including a reverse merger. Forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties. Additional risks and uncertainties are described under the heading "Risk Factors" in ImmunoCellular's quarterly report on Form 10-Q for the period ended June 30, 2018 and subsequent filings with the Securities and Exchange Commission. Except as required by law, ImmunoCellular undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ImmunoCellular Therapeutics, Ltd.
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SOURCE ImmunoCellular Therapeutics, Ltd.