ImmunoCellular to receive gross proceeds of $8.1M from sale of 5.2M units

ImmunoCellular Therapeutics, Ltd. ("ImmunoCellular" or the "Company") (OTCBB: IMUC), announced it has entered into securities purchase agreements with certain institutional and other investors in connection with a private placement financing. Upon the closing of the financing, ImmunoCellular will receive gross proceeds of approximately $8.1 million resulting from the sale of approximately 5.2 million units at a purchase price of $1.55 per unit. Each unit consists of one share of ImmunoCellular's common stock and one warrant to purchase one-half share of ImmunoCellular's common stock. The warrants will be exercisable for a five-year period and have an exercise price of $2.25 per share. The closing of the financing is subject to customary closing conditions. Proceeds from the private placement will be used to accelerate the development of ICT-107, the Company's dendritic cell-based brain cancer vaccine as well as for general corporate purposes. ICT-107 is currently in a Phase II trial.

"We are pleased to welcome many leading life sciences investors to our investor base," said Manish Singh, PhD, ImmunoCellular Therapeutics' President and Chief Executive Officer. "The proceeds from this financing should allow us to accelerate the Phase II study of ICT-107, where we are hopeful that we will further validate the efficacy results we saw in the Phase I study."

Summer Street Research Partners and Dawson James Securities, Inc. served as the exclusive placement agents for the transaction.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "Commission") or an applicable exemption from such registration requirements. ImmunoCellular has agreed to file a registration statement with the Commission covering the resale of the shares of common stock, including shares of common stock issuable upon exercise of the warrants, sold in the private placement. Any resale of the Company's securities under the foregoing resale registration statement shall be made only by means of a prospectus.