ImmunoCellular Therapeutics Ltd. won a $19.9 million grant to finance a phase 3 cancer study, the company announced Thursday.
The Calabasas company will use the money for a clinical trial for ICT-107, a cell-based immunotherapy that targets multiple tumor-associated antigens on stem cells. It was eligible for the grant because it kills cancer tumor stem cells with the goal of preventing tumor recurrence.
The ICT-107 trial will take place later this year with about 400 patients in the U.S., Europe and Canada.
The grant came from the California Institute for Regenerative Medicine, an agency that distributes money for advancements in stem cell research. ImmunoCellular will receive the grant money over the course of the trial as certain milestones are met.
ImmunoCellular shares closed up 8 cents or 17.2 percent to nearly 55 cents on the New York Stock Exchange.