Immunocellular Therapeutics in Calabasas has announced that it is on the hunt for a buyer.
The publicly traded biotechnology firm, which is attempting to develop immune-based cancer therapies involving the use of stem cells, said Thursday that it had brought on Miami-based investment bank Ladenburg Thalmann & Co. Inc. to review strategic alternatives to enhance shareholder value, including the sale or merger of the company.
The company has been prone to financial challenges, reporting several consecutive quarters of profit losses. It was issued a notice of non-compliance by the New York Stock Exchange last June after failing to meet the minimum stockholders’ equity of $6 million. Its plan to regain compliance was accepted in the fall; it reported on Feb. 13 that it had closed out the fiscal year with around $5.8 million in cash.
“We have been successful in restructuring the company ... and in strengthening our financial condition,” Immunocellular Chief Executive Anthony Gringeri said in a statement. “Our goal is to work with our experienced advisor to determine appropriate strategies to identify the best potential opportunities for creating stockholder value.”
Immunocellular stock (IMUC) rose 1 cent, or 4 percent, on Thursday to close at 26 cents on the New York Stock Exchange American.