ImmunoCellular Therapeutics Agrees to Acquire Molecular Antibody Technology

ImmunoCellular Therapeutics, Ltd. announced that it has entered into a binding Memorandum of Agreement with Molecular Discoveries LLC (MDC), covering the IMUC’s acquisition of all monoclonal antibody related technology owned by MDC.

The parties have agreed to work together to sign a definitive agreement within 30 days and to close the acquisition transaction within 60 days of the signing of the Memorandum of Agreement.

The technology to be acquired and owned by IMUC under the Memorandum of Agreement consists of (i) a platform technology referred to by MDC as DIAAD™ for the potentially rapid discovery of monoclonal antibodies to detect and treat cancer and other chronic diseases and (ii) certain monoclonal antibody candidates for the potential detection and treatment of multiple myeloma, colon, small cell lung, pancreatic and ovarian cancers.

The monoclonal antibodies are covered by five issued patents and pending patent applications in the fields of multiple myeloma, colon, small cell lung, pancreatic and ovarian cancers. The monoclonal antibody therapeutic market is substantial, with monoclonal antibody-based cancer treatments accounting for over $6 billion in annual sales worldwide.

Under the terms of the acquisition, IMUC will issue MDC 800,000 shares of IMUC’s common stock. IMUC also will reimburse MDC and one of its principals for certain patent expenses related to the acquired technology.

IMUC contemplates commencing the initial phase of development of a diagnostic/prognostic product for small cell lung and pancreatic cancers and a therapeutic product for the treatment of small cell lung and pancreatic cancers, based upon the acquired proprietary monoclonal antibody candidates.

The monoclonal antibody technology is at a pre-clinical stage of development and will require further development by IMUC before an IND can potentially be filed for human therapeutic testing of the acquired product candidates.