Running out of cash and cited on fraud charges, ImmunoCellular retreats on PhIII and cries for help
Things just keep getting worse and worse at ImmunoCellular Therapeutics $IMUC.
Three and a half years after its lead cancer vaccine flopped in a Phase II glioblastoma trial, some months after its accountant leveled a “going concern” alert on the numbers and just weeks after one of its former CEOs was cited for a phony stock promotion scheme by the SEC, the floundering biotech has now been forced to call a halt to patient assignments for its Phase III study after running short of cash to complete the job.
“ImmunoCellular has determined that the Company is unable at this time to secure sufficient additional financial resources to complete the Phase III registration trial of ICT-107,” the biotech said in a statement out Wednesday morning. “As a result, the Company intends to suspend further patient randomization in the ICT-107 trial while it continues to seek a collaborative arrangement or acquisition of its ICT-107 program.”
The same could be said for the company, which will be sold, bartered away or partnered out to anyone able to complete a deal. ImmunoCellular says it’s open to anything right now.
ICT-107 hit the radar in late 2013 when the company conceded that their drug— a dendritic cell vaccine— had failed to improve the overall survival rate of brain cancer patients in Phase II.
More recently the SEC cited ex-CEO Manish Singh for shelling out a quarter of a million dollars in 2011 and 2012 to analysts, paying for promotions that were fielded to investors as an independent and upbeat assessment of its potential.
The biotech’s market cap has dwindled down to $3 million and its shares trade in penny stock territory.