ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) announced the establishment of an agreement with a major Canadian cancer cooperative group, The Canadian Brain Tumour Consortium (CBTC), for the phase 3 registrational trial of its cancer immunotherapy ICT-107 in patients with newly diagnosed glioblastoma. Established in 1998, and including a national investigator network of over 100 brain tumor specialists and researchers, the CBTC partners with industry to evaluate and execute clinical trials of promising new agents in a timely and cost-effective manner. The CBTC’s major goals are furthering brain tumor research and development and supporting patients and their families who are affected by glioblastoma.
Andrew Gengos, ImmunoCellular Chief Executive Officer, commented: “Partnering with the highly respected CBTC is a critical component of our clinical trial infrastructure, and further strengthens the multi-national clinical trial network for our ICT-107 phase 3 trial. With complementary collaborations in place with cooperative groups in the US and,Europe, the CBTC collaboration can enable us to execute this international clinical program in a high quality and efficient manner. As the lead asset in our cancer immunotherapy pipeline, we believe that ICT-107 represents a valuable opportunity for ImmunoCellular. As the phase 3 program progresses, we also intend to continue to build our cancer immunotherapy platform, including our Stem-to-T-cell program, with the goal of expanding our anti-cancer technological and therapeutic approaches.”
The ICT-107 phase 3 registrational trial is open for enrollment in the US with additional sites anticipated to open in Canada and Europe in the coming weeks and months.
Shares of ImmunoCellular closed last Friday at $0.37, down $0.03 or -7.04%. IMUC has a 1-year high of $0.85 and a 1-year low of $0.35. The stock’s 50-day moving average is $0.43 and its 200-day moving average is $0.45.
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 November 12. The current price target implies an upside of 710.8% from current levels.
According to TipRanks.com, Pantginis has a total average return of -5.6%, a 36.7% success rate, and is ranked #3549 out of 3618 analysts.
ImmunoCellular Therapeutics Ltd is a clinical-stage biotechnology company that develops immune-based therapies for the treatment of cancers, such as brain, ovarian and other solid tumors.