ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) issued the following letter to shareholders.
To Our Shareholders:
As we work toward building a leading cancer immunotherapy company, the management and board of directors of ImmunoCellular would like to thank you for your ongoing support of our programs and strategies. Our intention in this brief communication is not to address the vagaries of the stock market, over which we have no control. Rather, we would like to highlight the progress we are making as ICT-107 advances toward initiation of a registrational phase 3 trial in newly diagnosed glioblastoma and we build the Stem-to-T cell platform to create our future pipeline.
- ICT-107 is advancing to its final stage of development. Reaching agreement with the FDA on the Special Protocol Assessment is a significant achievement and means we have lower regulatory risk than completing phase 3 without this up-front FDA review. To our knowledge, ICT-107 will be the only therapy currently in phase 3 testing for newly diagnosed glioblastoma with this advantage.
- Since our oral presentation at ASCO in 2014, in which our analysis of the phase 2 results identified the patient population that appears to benefit from ICT-107, management has delivered on a set of critical milestones in the areas of regulatory, manufacturing, trial design and trial execution.
- We are positioned to initiate clinical trial sites within 3 months in the US, with plans to enroll the first patient in the trial soon thereafter.
In addition to advancing the ICT-107 program, we are establishing a research capability based on our Stem-to-T cell platform, which originated at Caltech.
- Achieving T cell killing of tumors based on an engineered stem cell therapy has potential advantages over T cell cancer immunotherapy approaches.
- We are working to establish key research collaborations with experts in the field to obtain pre-clinical proof of concept for this platform technology.
- While ICT-107 advances through phase 3, we intend to generate a pipeline of programs from this exciting technology and potentially from other adjacent technologies we are evaluating for in-license or acquisition.
In the future, we plan to continue to communicate our achievements, and will look forward to announcing the start of the phase 3 program. We also are working to evaluate options for continued financing of the phase 3 trial. Finally, our Board, focused on identifying and appointing qualified candidates, intends to remedy our non-compliance with the NYSE policies on the proportion of independent board members and the constitution of our Audit Committee.
We cannot control external market conditions or the volatility of the stock market. We are endeavoring to bring a potential clinically meaningful treatment to patients in need and, in doing so, seeking to build shareholder value. That is what we are working to achieve every day.
President and Chief Executive Officer (Original Source)
Shares of ImmunoCellular Therapeutics closed yesterday at $0.41. IMUC has a 1-year high of $1.04 and a 1-year low of $0.40. The stock’s 50-day moving average is $0.48 and its 200-day moving average is $0.51.
On the ratings front, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on IMUC, with a price target of $3, in a report issued on August 13. The current price target represents a potential upside of 631.7% from where the stock is currently trading. According to TipRanks.com, Pantginis has a total average return of -4.9%, a 34.2% success rate, and is ranked #3668 out of 3738 analysts.
ImmunoCellular Therapeutics Ltdis a clinical-stage biotechnology company that develops immune-based therapies for the treatment of cancers, such as brain, ovarian and other solid tumors.