ImmunoCellular Therapeutics Ltd., a Calabasas firm developing treatments for cancer, announced third quarter revenue that fell short of analysts’ estimates.
The company reported a net loss of $3.4 million (-4 cents a share), compared with a loss of $1.9 million (-3 cents) in the same period last year. The company had no revenue in the quarter that ended Sept. 30.
It reported research and development expenses of $2.6 million in third quarter, compared to $1.5 million in the same period last year.
Analysts had estimated a loss of 6 cents a share on revenue of $345,000, according to Thomson Financial Network.
In September, ImmunoCellular won a $19.9 million grant from the California Institute for Regenerative Medicine to finance a phase 3 clinical trial for ICT-107, a cell-based immunotherapy that targets multiple tumor-associated antigens on stem cells. The trial will take place later this year with about 400 patients in the U.S., Europe and Canada.
"With the many milestones we achieved in the third quarter, and throughout this year, we believe that we have changed the trajectory and reshaped the future of ImmunoCellular, and made significant advances toward our goal of becoming a leading cancer immunotherapy company,” Andrew Gengos, ImmunoCellular’s chief executive, said in a prepared statement.
Shares closed up 6 cents, or more than 14 percent, to 47 cents on the New York Stock Exchange.