|ImmunoCellular Therapeutics shares rocket on heavy volume|
|Tuesday, 31 January 2012 06:52|
The biotechnology company focused on developing new therapeutics to fight cancer using the immune system saw 755,068 shares trade hands during Monday's regular session—more than three times the daily average. Shares closed at 1.55 +0.20 (up 14.81%) when the closing bell rang, but headed higher after hours to close at $1.61 +0.06 (3.87%).
Dr. Singh's presentation titled "Targeting Cancer Stem Cells Via Immunotherapy" and was to include an overview of ImmunoCellular's clinical activities to date including ICT-107, its lead program targeting cancer stem cells (CSC) in Glioblastoma. ICT-107 is currently in a randomized phase II clinical trial at multiple centers in the US. Company is also developing two additional products targeting CSCs in tumors via modulating immune system.
ICT107 is a new generation dendritic cell-based therapeutic vaccine that consists of a number of specific tumor antigens which, when loaded onto the dendritic cells, are expected to stimulate the body's T cells to target only these specific proteins on the patient's tumor cells. This is accomplished by extracting dendritic cells from a patient, loading them with the antigens, and reintroducing them to the patient's body to trigger an immune response. ICT107 is being developed in the form of intradermal injection as a therapeutic vaccine for glioblastoma multiforme.
Shares nearly touched the 200 day moving average before pulling back in afternoon trading. Prices for the equity are currently -39.22 % from their previous 52-Wk High ($ 2.55). Shares had traded down briefly following a financing on January 10, 2012 from which the company received net proceeds of approximately $9.4 million.