ImmunoCellular Therapeutics Prices Stock OfferingTuesday, January 10, 2012
ImmunoCellular Therapeutics Ltd., a small Woodland Hills biotech, on Tuesday priced an offering of nearly 9.5 million units of stock and warrants, which should result in net proceeds of about $9.4 million.
The money will help finance ongoing mid-stage clinical trials of the company’s first product, a vaccine-based therapy to fight a common and aggressive type of malignant brain tumor. The money also will be used for general corporate purposes.
The company, which is developing therapies that work with the body’s immune system to fight diseases, said each unit will cost $1.10. Each unit consists of one share of common stock and a warrant to purchase one half of a share of common stock at $1.10 a share when the stock equals at least $1.41 per share over a five-year term.
The stock was trading on the Over the Counter Bulletin Board at $1.02 a share at midday Tuesday, down 26 cents, or 20 percent.
The offering is expected to close on Friday. Cowen and Company LLC is sole book-running manager for the offering, and Summer Street Research Partners is a co-manager.