ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) has filed its financial results for the 2Q2016. The company CEO, Andrew Gengos, stated that the 1H2016 had been satisfactory and he looked forward to more accomplishments during the year. He pointed out, during the conference call, that the company had started treating patients, in the ICT-107 phase-3 trial, in June.
Mr. Gengos also claimed that clinical site activation had been accelerating, with 60 sites currently active and more to be activated in the 3Q2016. During the call, Mr. Gengos also updated that the enrollment for the phase-1 open label trial, for ICT-121, had been completed. It should be noted here that the trial is being conducted at six locations and has a total of 20 patients.
The net loss for the 2Q2016 widened from $3.2 million, to $5.3 million, on a year-over-year basis. The majority of this surge was the result of increased R&D expenses, which surged by almost $2.1 million. The company reported that this was mainly due to the initiation of the phase-3 clinical trial of ICT-107. Moreover, during the 1H2016, IMUC used $11.2 million in cash, leaving it with a cash position of $11.9 million.
Since the period ended June 30, 2016, IMUC has signed an underwriting agreement, with Maxim Group LLC. Under the agreement, the company sold 34.55 million shares of its common stock and pre-funded warrants of 12.45 million additional shares of its common stock. So far, the company has accumulated gross proceeds from the offering, worth $7.5 million.
Immunocellular revealed that it plans to use these funds to finance the enrollment of the phase-3 clinical trials of ICT-107 and also complete the phase-1 development of ICT-121. Moreover, the residual cash would be used to acquire new technologies for the company and provide working capital. The company also plans to fund its T-cell research programs.
ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) closed 5.18% higher, at the end of the August 22 trading session, at $0.13 per share, as compared to the day before.