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ImmunoCellular Therapeutics, Ltd. Message Board

  • fansteman fansteman Oct 22, 2012 7:48 AM Flag

    shares outstanding and traded/valuation

    Acc. to IMUC's Oct'12 investor presentation: They had pre-secondary 38.8 mio shares outstanding plus 11 mio in warrants and another 10.4 mio in options. They offered 10 mio new shares plus 4.5 mio in warrants and 1.5 mio in options. A remarkable 9 mio shares or so changed hands in the days post-announcement of the secondary.

    Pre-money the MC was around 115 mio with round-about 9 mio in cash on the company's accounts at the end of Q3 2012 and no debt (so assets valued at about 105). Post-money the MC went down to 81 mio which includes the expected proceeds from the offering of roughly 20 mio.

    The asset valuation (as expressed in the MC) should recover after the financing round is closed. Anything else would be a surprise, as the ultimate value of the assets hinges almost entirely on the outcome (maybe even the interim results in Q1/Q2 2013) of their on-going and fully recruited randomized phase II in newly diagnosed glioblastoma patients with ICT-107, to a much lesser degree on the phase I/II results of ICT-140 in Q3 2013.

    Since none of their programs is partnered yet, I welcome the fact that they will soon have fresh money on their accounts. Assuming their posted present burn rate of 2 mio per quarter will go up over the next couple of quarters with increased activities and number of projects in clinical stage, I reckon they will have at least about another full year of cash left at the end of 2013 which puts IMUC in a much enhanced position going into licensing negotiations after phase II results have come out, and even stronger if the ph II interim hits statistical significance for OS already in spring 2013.

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