ImmunoCellular Therapeutics Ltd (OTCMKTS:IMUC) Stock Surges 18% After Announcing Merger Agreement

Shares of ImmunoCellular Therapeutics Ltd (OTCMKTS:IMUC) closed sharply higher on Thursday on unusual volume.

Market Reaction

On Thursday, IMUC stock ended higher by 17.65% to $0.60 with more than 57.17k shares, compared to its average volume of 10.54K shares. The stock has moved within a range of $0.4550 – 0.7500 after opening trade at $0.6651.

Announce Entry Into And Close Of Definitive Merger Agreement

Clinical-stage pharmaceutical company, EOM Pharmaceuticals, Inc and ImmunoCellular Therapeutics Ltd (OTCMKTS:IMUC) on December 2, 2021, announced that the firms have entered into a merger agreement pursuant to which shareholders of EOM will be majority shareholders of the combined company.

The merger will result in a public company continuing EOM’s focus on advancing novel immunomodulatory as well as retinal disease drug agents for addressing a range of viral, inflammatory, and other diseases.

ImmunoCellular would be renamed EOM Pharmaceuticals Holdings and new ticker symbol, EOM Pharmaceuticals’ Common Stock will be continuing on OTC Markets under the symbol “IMUC.”

The company may explore a principal listing of the firm’s common stock to a national exchange, assuming it would be meeting relevant listing requirements.

EOM Founder, Board Chairman, and Chief Operating Officer Eli Goldberger said that the merger gives resources vital for advancing the lead program, EOM613, as a potential treatment for COVID-19. Eli added that the company is looking forward to advancing its pipeline assets and delivering value to all stakeholders, including patients, shareholders as well as the medical community.

EOM Chief Executive Officer and Director IrachTaraporewala, Ph.D. said that coronavirus continues to be a threat to millions of people globally and that the firm is grateful to patients in Brazil participating in the EOM613 clinical trial.  Gary S. Titus, ImmunoCellular’s Chairman of the Board said that after the review of strategic options for the company, the firm is happy to announce the merger with EOM.

Traders Review

IMUC stock is trading above the 20-Day and 50-Day Moving averages of $0.57 and $0.59 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.57. The stock is up 28% over the past 3-month.

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