LOS ANGELES, July 19, 2018 /PRNewswire/ -- ImmunoCellular
Therapeutics, Ltd. ("ImmunoCellular" or the "Company") (NYSE
American: IMUC), a biotechnology company developing immunotherapies
for the treatment of cancer based on its Stem-to-T-Cell research
program, announced today that it has reached an agreement in
principle to settle the securities class action suit, filed on
May 1, 2017 in the United States District Court for the
Central District of California,
captioned Arthur Kaye IRA FCC as Custodian DTD 6-8-00 v. ImmunoCellular Therapeutics, Ltd. et
al., Case No. 2:17-cv-03250, against the Company, certain
of its current and former officers and directors, and
others.
The tentative agreement, which is subject to final
documentation and Court approval, provides in part for a settlement
payment of $1.15 million in exchange
for mutual releases and the dismissal of all claims against the
Company and its officers and directors in connection with the
securities class action suit. The $1.15
million settlement payment will be fully funded by the
Company's insurance carrier.
Anthony J. Gringeri, Ph.D.,
President and Chief Executive Officer of ImmunoCellular, said, "We
are pleased to have reached a mutually acceptable resolution of
this matter under payment terms that will be fully covered by our
insurance carrier. If approved, this settlement will allow us to
focus on our research to advance our Stem-to-T-Cell program for the
treatment of cancer and our exploration of strategic alternatives
without the distraction of on-going class action
litigation."
About ImmunoCellular Therapeutics, Ltd.
ImmunoCellular Therapeutics, Ltd., based in Los Angeles, is developing immune-based
therapies for the treatment of cancer. ImmunoCellular is focused on
advancing its Stem-to-T-Cell research program, which engineers
hematopoietic stem cells to generate cytotoxic T cells. Additional
assets, for which the Company is seeking partners, include
clinical-stage programs - ICT-107, ICT-121 and ICT-140 - which are
patient-specific, dendritic cell-based immunotherapies targeting
solid tumors. To learn more about ImmunoCellular, please
visit www.imuc.com.
Forward-Looking Statements for ImmunoCellular
Therapeutics
This press release contains certain forward-looking
statements, including statements regarding ImmunoCellular's
intentions and current expectations concerning, among other things,
whether ImmunoCellular will be able to enter into a final
settlement; the payment of settlement amounts by ImmunoCellular's
insurance provider; court approval of the settlement;
ImmunoCellular's ability to advance its Stem-to-T-Cell program; and
ImmunoCellular's ability to achieve its other clinical,
operational, strategic and financial goals. Forward-looking
statements are not guarantees of future performance and are subject
to a number of risks and uncertainties, including the ability to
finally document the settlement with the plaintiffs; the ability to
secure final approval from the Court; the extent to which
individual claimants opt out of the class and pursue individual
claims; and the ability to overcome any objections or appeals
regarding the settlement. Additional risks and uncertainties are
described under the heading "Risk Factors" in ImmunoCellular's
quarterly report on Form 10-Q for the period ended March 31, 2018 and subsequent filings with the
Securities and Exchange Commission. Except as required by law,
ImmunoCellular undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
ImmunoCellular Therapeutics, Ltd.
Contact:
Jane
Green
(267) 457-3734
direct
(415) 652-4819
mobile
jane@jmgcomm.com
Investor Relations Contact:
Lytham
Partners, LLC
Joe Dorame, Robert Blum, or
Joseph Diaz
(602) 889-9700
imuc@lythampartners.com
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SOURCE ImmunoCellular Therapeutics, Ltd.
