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ImmunoCellular completes sale of drug assets to private biotechnology company

ImmunoCellular Therapeutics Ltd. completed the sale of its remaining assets to a private biotechnology company after receiving the second of two $500,000 payments.

Los Angeles-based ImmunoCellular agreed to sell the assets for $1 million, payable in two portions of $500,000 each, and received the first payment May 8.

The asset sale was conducted as part of a strategic move following a detailed review that started in early 2018. The deal includes ImmunoCellular's preclinical and clinical programs, technology and intellectual property.

The company plans to look into other potential strategic alternatives, which could include a reverse merger with a private company looking to go public.