ImmunoCellular Files for $13 Million Secondary Offering

ImmunoCellular Therapeutics Ltd. on Monday filed a preliminary prospectus to offer up to 60 million shares of common stock, which the company anticipates will raise approximately $12.8 million in net proceeds. If approved by the Securities and Exchange Commission, the Calabasas cancer-treatment developer will sell each share of common stock with a 1 cent warrant to purchase an additional half a share, which could raise the company an additional $2 million. Warrant prices will be determined based on the stock’s closing price on the trading day before pricing the offering and will expire five years from the issuance date. Proceeds from the offering will be used for clinical trials of pipeline drugs as well as working capital and general corporate purposes. Shares closed up 1 cent or 2.3 percent to 24 cents on the New York Stock Exchange.