Dallas, Texas 03/20/2014 (FINANCIALSTRENDS) – ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC), Los Angeles-based clinical stage company engaged in developing immune-based therapies for brain and other cancer treatments, recently declared its financial results for the fourth quarter and full year ended December 31, 2013. The company reported a fourth quarter net income of $117,000, or $0.00 per share, compared to net income of $484,000, or $0.01 per share reported in the same quarter of 2012.
Whereas, for the full year ended December 31st, ImmunoCellular Therapeutics posted a net loss of $8.8 million, or $0.16 per share, compared to a net loss of $14.5 million, or $0.35 per share, reported last year. During 2013, the cash used in operations was $8.8 million versus $12.4 million in 2012.
ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) said that the general and administrative expenses decreased in 2013 to $3.4 million compared to $3.6 million in 2012. As of December 31, 2013, the company had about $27.6 million in cash.
“In 2013, we made progress on several important fronts,” said Andrew Gengos, ImmunoCellular Chief Executive Officer. “We advanced our clinical pipeline and strengthened our operations, manufacturing and business functions. We shored up our cash position and continued to manage our resources and expenses responsibly and maintain our company’s sound financial footing.”
The company expects to achieve other important milestones in 2014. It has submitted an acceptance abstract, and is looking to present the data set from the Phase-II study of ICT-107 in patients with newly diagnosed glioblastoma at ASCO. ImmunoCellular said the matured set of data would include efficacy daya and immunological data that could help define the company’s clinical strategies for this program.
“We are preparing to meet with the FDA in an end-of-phase-II meeting to discuss the protocol for a phase III trial with ICT-107. Assuming a favorable outcome from those discussions, we could be on a pathway to initiating that trial in early 2015. At the same time, we are preparing to meet with the EMA to discuss our European regulatory strategy in the second or third quarter of the year,” Gengos added.
“The ICT-121 phase I trial in recurrent glioblastoma is progressing at Cedars-Sinai, and we anticipate completing enrollment by the end of the year. We plan to start the phase II ICT-140 trial in patients with ovarian cancer in the third quarter. We are on track to complete our next-generation manufacturing process development in the second quarter, and to select our phase III manufacturer in the third quarter. We believe that these milestones represent important potential steps toward our goal of building a leading immunotherapy company, improving outcomes for patients with cancer, and creating value for all our stakeholders.”