ImmunoCellular Therapeutics Ltd (NYSEMKT:IMUC) announced that the Board of Directors has appointed Anthony Gringeri, PhD, as Chief Executive Officer and a member of the Board of Directors. Dr. Gringeri has served as ImmunoCellular’s Senior Vice President of Strategic Resources since August 2013, and has led the implementation of the Company’s clinical and regulatory strategy for the ICT-107 phase 3 registration trial in newly diagnosed glioblastoma, as well as the ICT-121 phase 1 trial in recurrent glioblastoma. The appointment of Dr. Gringeri follows the decision by Andrew Gengos to resign the position of Chief Executive Officer. Mr. Gengoswill continue to play an active role with the Company as a member of the Board of Directors, leveraging his broad experience in corporate strategy, financing, and business development. John Yu, MD, ImmunoCellular’s founder, will also continue to provide support to Dr. Gringeri and the management team in his continuing role on the Board of Directors.
Gary Titus, Chairman of the Board, commented: “The changes we are announcing today reflect our strategy to focus on the ICT-107 program, as continued implementation aimed at completing the phase 3 registration trial is a key driver of potential long-term value for our stakeholders. Tony is an accomplished and driven biopharmaceutical executive and team leader with extensive clinical development experience. He has been effectively overseeing our clinical development programs for some time. We are grateful for his ongoing commitment to execute a high quality clinical program, pursue a successful completion of the Phase 3 trial while also advancing our Stem-to-T-cell program.”
“The Board and management team join me in expressing our appreciation to Andrew for his leadership of and dedication to the Company over the last four years. We are pleased that Andrew is remaining an active Board member, and will continue to help the Company secure financing and explore partnering and other strategic opportunities to enhance the value of our technology platform and pipeline assets. We wish him well as he pursues other opportunities.”
Dr. Gringeri joined ImmunoCellular Therapeutics in August 2013. He has more than 25 years of executive experience in the pharmaceutical and biotechnology industry, having successfully led multiple functions and cross-functional teams throughout his career, including in the areas of clinical, regulatory and commercial planning and operations, finance, licensing and alliance management. He joined ImmunoCellular from ViaCyte, where he was Vice President and Chief Development Officer, responsible for all preclinical, clinical and regulatory activities. Previously, Dr. Gringeri served as Chief Operating Officer for Amsterdam Molecular Therapeutics, where he was responsible for corporate strategy and operations, business development, building the company’s commercial capability, and played a key role in its initial public offering. Dr. Gringeri worked with Amgen for 15 years in a series of executive leadership roles. Dr. Gringeri was the Vice President, Product Development, responsible for the successful development and commercialization of ARANESP® (darbepoetin alfa). Dr. Gringeri holds a PhD in pharmacology from the University of Rochesterand has authored multiple scientific publications. (Original Source)
Shares of ImmunoCellular closed today at $2.15, down $0.16 or -6.93%. IMUC has a 1-year high of $15.60 and a 1-year low of $2.10. The stock’s 50-day moving average is $1.33 and its 200-day moving average is $0.47.
On the ratings front, IMUC stock has been the subject of a number of recent research reports. In a report issued on November 23, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on IMUC, with a price target of $5.00, which represents a potential upside of 116% from where the stock is currently trading. Separately, on November 11, Maxim Group’s Jason McCarthy reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Pantginis and Jason McCarthy have a yearly average loss of -15.4% and -19.8% respectively. Pantginis has a success rate of 30% and is ranked #4208 out of 4285 analysts, while McCarthy has a success rate of 22% and is ranked #4203.
ImmunoCellular Therapeutics Ltd. is a Los Angeles-based clinical-stage company that develops immune-based therapies for the treatment of brain and other cancers. ImmunoCellular’s pipeline includes: ICT-121, a dendritic cell immunotherapy targeting the CD133 antigen on stem cells in recurrent glioblastoma; ICT-140, a dendritic cell immunotherapy targeting antigens on ovarian cancer stem cells; and the Stem-to-T-cell research program which engineers the patient’s hematopoietic stem cells to generate antigen-specific cancer-killing T-cells.