ImmunoCellular Therapeutics Announces Agreement on Terms of Settlement of Federal Class Action Shareholder Lawsuit
Settlement Will Be Paid By Company's Insurance Carrier
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 millionsettlement 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:
(267) 457-3734 direct
(415) 652-4819 mobile
Investor Relations Contact:
Lytham Partners, LLC
Joe Dorame, Robert Blum, or Joseph Diaz
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SOURCE ImmunoCellular Therapeutics, Ltd.