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news.ImmunoCellular Therapeutics has entered into a binding memorandum of agreement with Molecular Discoveries to acquire its monoclonal antibody-related technology.
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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.
Under the terms of the acquisition, ImmunoCellular Therapeutics (IMUC) will issue Molecular Discoveries (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.
The technology to be acquired and owned by IMUC under the memorandum of agreement consists of 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 certain monoclonal antibody candidates for the potential detection and treatment of multiple myeloma, colon, small cell lung, pancreatic and ovarian cancers.
John Yu, chairman of IMUC, said: “With the acquisition of this powerful technology, IMUC will have a full armamentarium of immune solutions for cancer: from cellular cancer vaccines that generate a long-lived response, to an antibody-based therapy to kill cancer cells. Developing these two technologies in tandem will position IMUC at the forefront of companies with an immune-based therapy for cancer.”