ImmunoCellular Therapeutics Ltd., a Los Angeles company developing novel cancer treatments, said that it has entered into a research and license option agreement with Swiss pharmaceutical giant Roche Group.

The company, which is developing therapies that employ human antibodies to kill brain and other cancers, said late Wednesday that it will license to Roche the right to evaluate the potential of its ICT-69 antibody, which targets multiple myeloma and ovarian cancers.

ImmunoCellular will receive an undisclosed upfront payment now, and up to $32 million if Roche decides to license the treatment for commercial development and all milestones are met. ImmunoCellular also could receive ongoing royalties from any products produced.

“We are extremely pleased to have generated the interest of such a significant player in the international healthcare market,” said Chief Executive Manish Singh in a statement.

ImmunoCellular, which has no products on the market, also is developing without a pharmaceutical company support a therapeutic antibody vaccine for brain cancer that is expected to enter clinical trials next year.