|QI / Mentor Capital Updates: New Video, Upcoming Presentation, Financials|
|Saturday, 02 January 2010 09:14|
The ProActive News Room website for Quantum Immunologics (QI) has been updated to include a new video interview, a 25-page PDF update report, and a link for more information on QI's upcoming presentation at the OneMed Forum in San Francisco on 13-January. In addition, the News Room site contains a three-minute video animation for an overview of the science behind QI's experimental OFA-based cancer vaccine and a 22-page report for Mentor Capital (OTC: MNTR.PK), which is a public-traded private equity firm that has an agreement to purchase at least a 20% stake (187,000 shares / $2.24 million) by 2Q10.
Below is a summary of the stepped-price warrant structure for Mentor Capital.
- Series A ($1) Mentor Capital, Inc. Warrants 2,371,379 CUSIP# 587 183-112 (83% of the $1 warrants are pledged to QI to fund up to a 20% stake, which represents 187,000 shares of QI for $2.24 million)
- Series B ($3) Mentor Capital, Inc. Warrants 8,200,818 CUSIP# 587 183-120
- Series C ($0.65) Mentor Capital, Inc. Warrants 1,854,941 CUSIP# 587 183-138 (reset from $5 to $0.65 and called on 12/14/09 by 2/1/10 for approximately $1.3 million in potential cash proceeds)
- Series D ($7) Mentor Capital, Inc. Warrants 15,315,241 CUSIP# 587 183-146
- Mentor Capital currently has 1,018,339 shares of common stock outstanding and a public float of 639,084 shares
- Cash proceeds to Mentor Capital from 100% exercise of the $1 warrants + 100% of the recently reset $0.65 warrants = $3.8 million with 5.5M shares of common stock outstanding
The new five-minute video for QI includes interviews with both the CEO (Chuck Broes) and President (Josh Coughlin) to provide an overview of the Company, the underlying science, the capital structure (including a single class of stock), the ongoing Phase I/II clinical trial in breast cancer patients, and expected upcoming catalysts / plans. QI's approach to cancer immunotherapy is similar to Dendreon (NASDAQ: DNDN) and involves sensitizing the dendritic cells (which present foreign antigens to the immune system) from a patient's blood to educate and direct the immune system to attack malignant tumor cells in a targeted effort to eradicate or stabilize the disease.
QI's scientific approach links the immunogenic and invasive properties of malignant cancers with a specific protein known as oncofetal antigen immature laminin receptor protein (OFA) that is uniquely expressed on cancer cells, but not found on normal cells outside of early fetal development. QI is the exclusive licensee patents for the use of OFA to diagnose, monitor, and treat multiple types of cancer. The OFA patents are the by-product of 20 years and $30 million of research primarily funded by the National Institute of Health / National Cancer Institute.
The Company's ongoing FDA-authorized Phase I/II clinical trial (ClinicalTrials.gov identifier NCT00879489) in patients with metastatic breast cancer is anticipated to reach full enrollment (27 patients) and begin generating preliminary data during 1Q10 that is expected to serve as the basis for a possible larger, pivotal Phase IIb/III clinical trial by late 2010.
Disclosure: Long MNTR.PK, QI