ImmunoCellular to gain MDC technology

ImmunoCellular Therapeutics (IMUC) says that it has entered into a binding memorandum of agreement with fellow US firm Molecular Discoveries covering the former's acquisition of all monoclonal antibody-related technology owned by MDC. The parties have agreed to work together to sign a definitive deal within 30 days and to close the transaction within 60 days of the signing of the memorandum.

The technology to be acquired and owned by IMUC under the accord consists of: a platform technology referred to by MDC as DIAAD for the potentially rapid discovery of MAbs to detect and treat cancer and other chronic diseases; and certain MAb candidates for the potential detection and treatment of multiple myeloma, colon, small cell lung, pancreatic and ovarian cancers. The MAbs are covered by five issued patents and pending applications in the fields of multiple myeloma, colon, small-cell lung, pancreatic and ovarian cancers. The MAb therapeutic market is substantial, with MAb-based cancer treatments accounting for over $6.0 billion in annual sales worldwide, according to IMUC.

Under the terms of the acquisition, IMUC will issue MDC 800,000 shares of its common stock. Also, it will reimburse MDC and one of its principals for certain patent expenses related to the acquired technology.