ImmunoCellular Therapeutics Ltd. has announced a purchase agreement with a privately held biotech company, according to a statement from the Calabasas company on Tuesday.
The unnamed purchaser has agreed to pay $1 million conditionally. The first payment of $500,000 was made on the day of closing, May 8. The second $500,000 is dependent upon the outcome of discussions between the purchaser and Food and Drug Administration about the viability of ImmunoCellular’s drug to treat brain cancer called glioblastoma.
Discussions are expected to take place within 120 days from the closing.
The purchaser will assume ownership of ImmunoCellular’s remaining clinical and pre-clinical assets, including programs, technology, intellectual property and know-how.
ImmunoCellular, which developed immuno-based cancer therapies involving the use of stem cells, voluntarily delisted its shares from the New York Stock Exchange and curtailed operations in October.
Dr. Anthony Gringeri, chief executive, as well as other executives, resigned from the company in October.