OTCBB: IMUC priced an offering of 9,489,436 units, each unit consisting of1 share of its common stock and a warrant to purchase 1/2 of a share of its common stock, at a public offering price of $1.10 per unit.
- OTC BB: IMUC expects to receive $9.4M, after deducting the underwriting discount and estimated offering expenses;
- The warrants will have a 5 year term and an exercise price equal to $1.41 per share. The offering is expected to close on 1/13/12.
The Bottom Line: The proceeds will be used to fund the ongoing ICT-107 P2 clinical trial and for general corporate purposes. ICT-107, the lead product candidate, is a dendritic cell-based vaccine targeting multiple tumor associated antigens for glioblastoma multiforme. ICT-107 is currently in a double-blind, placebo controlled randomized P2 clinical trial at over 21 centers in the US. Cowen and Company, LLC is acting as sole book-running manager for the offering . Summer Street Research Partners is serving as a co-manager.