ImmunoCellular Therapeutics Agrees to Acquire Molecular Antibody TechnologyLOS ANGELES--(BUSINESS WIRE)--Nov 26, 2007 - ImmunoCellular Therapeutics, Ltd. (OTCBB:IMUC)("IMUC") announced today that it has entered into a binding Memorandum of Agreement with Molecular Discoveries LLC ("MDC"), covering the IMUC's acquisition of all monoclonal antibody related technology owned by MDC. The parties have agreed to work together to sign a definitive agreement within 30 days and to close the acquisition transaction within 60 days of the signing of the Memorandum of Agreement.
The technology to be acquired and owned by IMUC under the Memorandum of Agreement consists of (i) a platform technology referred to by MDC as DIAAD(TM) for the potentially rapid discovery of monoclonal antibodies to detect and treat cancer and other chronic diseases and (ii) certain monoclonal antibody candidates for the potential detection and treatment of multiple myeloma, colon, small cell lung, pancreatic and ovarian cancers. The monoclonal antibodies are covered by five issued patents and pending patent applications in the fields of multiple myeloma, colon, small cell lung, pancreatic and ovarian cancers. The monoclonal antibody therapeutic market is substantial, with monoclonal antibody-based cancer treatments accounting for over $6 billion in annual sales worldwide.
Under the terms of the acquisition, IMUC will issue MDC 800,000 shares of IMUC's common stock. IMUC also will reimburse MDC and one of its principals for certain patent expenses related to the acquired technology.
IMUC contemplates commencing the initial phase of development of a diagnostic/prognostic product for small cell lung and pancreatic cancers and a therapeutic product for the treatment of small cell lung and pancreatic cancers, based upon the acquired proprietary monoclonal antibody candidates. The monoclonal antibody technology is at a pre-clinical stage of development and will require further development by IMUC before an IND can potentially be filed for human therapeutic testing of the acquired product candidates.
Dr. John Yu, Chairman of IMUC commented on the transaction, "With the acquisition of this powerful technology, IMUC will have a full armamentarium of immune solutions for cancer: from cellular cancer vaccines that generate a long-lived response, to an antibody-based therapy to kill cancer cells. Developing these two technologies in tandem will position IMUC at the forefront of companies with an immune-based therapy for cancer." Cohava Gelber, an inventor of the technology being acquired from MDC, added, "I am thrilled to augment the cellular vaccine technology of IMUC with our antibody therapies and DIAAD(TM) platform to discover novel antigen targets and antibodies." Dr. Keith Black, Chairman of IMUC's Scientific Advisory Board added, "The DIAAD(TM) technology and patented antibody portfolio has been developed in a scientifically rigorous manner and we look forward to implementing these therapies in the clinic."
About ImmunoCellular Therapeutics
IMUC is a Los Angeles, California based development stage company that will seek to develop cellular therapies for the treatment of brain and other cancers as well as neurodegenerative disorders. IMUC's initial focus has been on a dendritic cell-based vaccine for treating brain tumors, with a Phase I trial for its lead vaccine product candidate having commenced in May 2007.
This press release contains certain forward-looking statements that are subject to a number of risks and uncertainties, including without limitation the risk that all of the closing conditions to the MDC acquisition will not be satisfied, the need for substantial additional capital to fund development of the MDC acquired product candidates beyond the initial pre-clinical stage if substantially all of IMUC's existing financial resources are used for its existing cancer vaccine technology, potential claims to ownership of the technology acquired from MDC that could be asserted by organizations other than MDC who have employed the inventor of this technology and risks associated with pre-clinical and clinical development of the MDC product candidates. Additional risks and uncertainties are described in IMUC's most recently filed SEC documents, such as its most recent annual report on Form 10-KSB, all quarterly reports on Form 10-QSB and any current reports on Form 8-K. IMUC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
ImmunoCellular Therapeutics, Ltd.
Dr. John Yu, Chairman of the Board
Posted: November 2007