On August 28, 2019 ImmunoCellular Therapeutics, Ltd. ("ImmunoCellular") (OTC: IMUC) reported receipt of payment of $500,000 in conjunction with the completion of a transaction for the purchase of substantially all of ImmunoCellular’s remaining assets, including its preclinical and clinical programs, technology, intellectual property and know-how (Press release, ImmunoCellular Therapeutics, AUG 28, 2019, View Source [SID1234539084]).
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As previously disclosed, the aggregate purchase price of the assets was $1,000,000, payable by a private biotechnology company ("Purchaser") in two payments. The first upfront payment of $500,000 was received by ImmunoCellular upon the initial closing of the asset sale transaction on May 8, 2019, and was non-refundable. The second, or continuation, payment of $500,000, which has been received, was dependent upon the satisfactory outcome of certain discussions between the Purchaser and the US Food and Drug Administration.
With the successful completion of the asset sale, ImmunoCellular plans to continue to pursue additional strategic alternatives, including a potential reverse merger with a private company seeking an expedited route to the public markets. The Company welcomes inquiries by parties interested in such a potential collaboration. As of August 23, 2019, ImmunoCellular’s balance sheet reflected a cash position of approximately $2.0 million with no debt or other liabilities other than ongoing trade payables related to its limited operations. The Company cannot guarantee that any ongoing or future strategic discussions will be successfully concluded.