LOS ANGELES--(BUSINESS WIRE)-- ImmunoCellular Therapeutics (OTCBB: IMUC) announced today that Dr. Rahul Singhvi has been appointed to the company’s Board of Directors. Dr. Singhvi is currently the President and Chief Executive Officer of Novavax, Inc. (NASDAQ: NVAX), a clinical-stage biopharmaceutical company creating novel vaccines to address a broad range of infectious diseases worldwide. His appointment increases the number of independent directors to five.
Dr. Singhvi is a recognized vaccine specialist, manufacturing expert, and business leader in the pharmaceutical industry. Under his leadership, Novavax has created novel vaccine candidates to prevent influenza, respiratory syncitial virus (RSV), and other infectious diseases and has rapidly advanced from an early-stage to a clinical-stage biotechnology company. During his tenure, Novavax has also formed corporate partnerships with GE Healthcare, Cadila Pharmaceuticals and other companies and has raised more than $100 million. Prior to joining Novavax in 2004, Dr. Singhvi served in a number of positions at Merck & Co., where he helped develop several vaccines including Zostavax®, the only vaccine on the market to prevent shingles.
“Dr. Singhvi brings a rare combination of vaccine development, production and commercialization expertise to ImmunoCellular that will be invaluable as we work to advance our cancer vaccines and therapeutics,” said John Yu, M.D., Chairman of ImmunoCellular Therapeutics. “His success in securing corporate partnerships and raising new capital will also be helpful to our product licensing and corporate development efforts. We are delighted to welcome him to our board.”
“I am excited about joining ImmunoCellular’s Board of Directors and look forward to supporting the development of its portfolio of promising cancer vaccines and immunotherapies,” said Dr. Singhvi. “In the short time since it has been public, the company has entered into a partnership with Roche, reported promising data for its lead cancer vaccine candidate and built a world-class Scientific Advisory Board. These achievements reflect the promise and potential of a very exciting company and talented team.”
Earlier this year, Dr. Singhvi was named one of the most influential Marylanders in the healthcare field by The Daily Record and Novavax was named one of the ten most innovative companies in the biotechnology industry by Fast Company magazine.
Dr. Singhvi also serves on the Board of Directors of the Tech Council of Maryland. He received an M.S. and a Sc.D. in Chemical Engineering from the Massachusetts Institute of Technology and an M.B.A. from the Wharton School of the University of Pennsylvania.
About ImmunoCellular Therapeutics, Ltd.
IMUC is a Los Angeles-based clinical-stage company that is developing immune-based therapies for the treatment of brain and other cancers. The Company recently completed a Phase I trial of its lead product candidate, ICT-107, a dendritic cell-based vaccine targeting multiple tumor associated antigens for glioblastoma. The Company is planning to initiate a multicenter phase II study in the second half of 2010. The Company’s “off the shelf” therapeutic vaccine product candidate (ICT-121) targeting cancer stem cells for multiple cancer indications is targeted by IMUC to enter clinical trials for glioblastoma during the second half of 2010. IMUC has entered into a research and license option deal with the Roche Group for one of the Company’s monoclonal antibody product candidates for the diagnosis and treatment of ovarian cancer and multiple myeloma, which provides for potential licensing and milestone payments of $32MM and royalties if the Roche Group exercises its option and commercializes this antibody technology for multiple indications. IMUC is in pre-clinical development of another monoclonal antibody product candidate for the treatment of small cell lung cancer and pancreatic cancer, and is also evaluating its platform technology for monoclonal antibody discovery to target cancer stem cells. To learn more about IMUC, please visit www.imuc.com.
This press release contains certain forward-looking statements that are subject to a number of risks and uncertainties, including without limitation, the risks associated with the potential inability to obtain licenses from third parties that will be needed to commercialize ICT-107 in many major commercial territories; the potential inability to secure a partner for ICT-107; the risk that future trials of ICT-107, if any, do not confirm the safety and efficacy data generated in the Phase I trial; the need to satisfy performance milestones to maintain the vaccine technology licenses with Cedars-Sinai; the risks associated with obtaining a patent that provides commercially significant protection for ICT-107; and the need for substantial additional capital to fund development of product candidates beyond their initial clinical or pre-clinical stages and to continue IMUC’s operations. Additional risks and uncertainties are described in IMUC’s most recently filed SEC documents, such as its most recent annual report on Form 10-K, all quarterly reports on Form 10-Q and any current reports on Form 8-K. IMUC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CEOcast, Inc. for ImmunoCellular Therapeutics
Gary Nash, 212-732-4300
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INDUSTRY KEYWORDS: Health Biotechnology Clinical Trials Infectious Diseases Oncology Pharmaceutical