Immunovaccine Announces Financial Results for Quarter Ended
September 30, 2013
HALIFAX, NOVA SCOTIA--(Marketwired - Nov 29, 2013) -
Immunovaccine Inc. ("Immunovaccine" or "IMV" or "the Company")
(TSX-VENTURE:IMV), a clinical stage vaccine and immunotherapy
company, today released its financial and operational results for
the quarter ended September 30, 2013.
Albert Scardino, Executive Chairman of Immunovaccine,
commented,
"The third quarter marked an important turning point for
Immunovaccine when we secured a long-term loan from the Province of
Nova Scotia for $5 million. This loan, together with our successful
private placement of $4.2 million announced last week, helped to
ensure that the Company can go forward through 2014 with the
development of its immune-based therapies for ovarian cancer,
breast cancer and glioblastoma (brain cancer).
"Immunovaccine also streamlined its management team by extending
Chief Science Officer Marc Mansour's responsibilities, naming him
the Company's Chief Operating Officer. Additionally, Albert
Scardino became Executive Chairman after serving on the board for
three years.
"During the quarter, Immunovaccine also announced an important
research collaboration to advance the Phase II clinical development
of its lead immunotherapy, DPX-Survivac. In July of this year, the
National Cancer Institute of Canada's Clinical Trials Group (NCIC
CTG) agreed to sponsor and conduct a randomized Phase II trial with
DPX-Survivac in ovarian cancer patients. This follows additional
collaboration news from the second quarter which announced that the
University of Rome has agreed to lead a multi-center Phase II
DPX-Survivac trial in glioblastoma (brain cancer) patients.
"These clinical development milestones strengthen
Immunovaccine's position as a key player in the fast-changing world
of cancer immunotherapy."
Highlights of the Third Quarter 2013 and Subsequent to Quarter
End:
- Reported that Canada's NCIC Clinical Trials Group (NCIC CTG)
will sponsor and conduct a randomized Phase II study of
DPX-Survivac in patients with advanced ovarian cancer. The study is
designed to assess whether IMV's vaccine therapy can delay or
prevent cancer recurrence. The Phase II trial is a randomized,
blinded, placebo-controlled study with DPX-Survivac in combination
with low dose oral cyclophosphamide as an immune modulator. The
study will enroll approximately 250 patients with ovarian cancer at
an estimated 20 clinical centers. Through its sponsorship, NCIC CTG
will contribute the majority of the clinical resources and funding
required to complete the trial. The trial is expected to get
underway in 2014 with results expected in 2017.
- Announced positive results from anthrax challenge studies in
rabbits and non-human primates using its DepoVax™ delivery system.
The studies showed that all animals administered a vaccine
containing recombinant protective antigen (PA) formulated in
DepoVax were protected against a lethal anthrax challenge.
Importantly, a single dose of DepoVax containing five micrograms of
recombinant PA protected rabbits exposed to a lethal anthrax dose.
Antibody titers plateaued in rabbits within 28 days highlighting
the DepoVax platform's potential to enable a single-dose, rapid
response anthrax vaccine.
- Closed a private placement of its securities, raising gross
proceeds of $4.2 million. Under terms of the financing, a total of
10,511,209 common shares of Immunovaccine were sold at a price of
$0.40 per Common Share. Net proceeds from the Offering will be used
for general corporate purposes. In connection with the Private
Placement, Immunovaccine has agreed to pay finders' fees
representing an aggregate of $82,562 in cash along with 167,218
Common Shares and 50,925 compensation options, each compensation
option entitling its holder to purchase one Common Share at a price
of $0.40 per share until May 21, 2015.
- Obtained a loan of $5 million from the Province of Nova Scotia,
to be used to fund a portion of working capital into 2015. The
secured loan is interest bearing and repayable in 2018.
- Implemented management team changes including the appointment
of Albert Scardino as Executive Chairman and Marc Mansour, Ph.D. as
Chief Operating Officer of the Company. Mr. Scardino has served as
a director of the Company since 2010 and as Chairman since 2011.
Dr. Mansour joined Immunovaccine's scientific team 12 years ago and
has served as Chief Science Officer since 2007.
Q3 2013 Financial Results
The Company prepares its unaudited interim condensed
consolidated financial statements in accordance with Canadian
generally accepted accounting principles as set out in the Handbook
of the Canadian Institute of Chartered Accountants - Part I ("CICA
Handbook"), which incorporates International Financial Reporting
Standards ("IFRS") as issued by the International Accounting
Standards Board ("IASB").
The net loss and comprehensive loss of $1,306,000 for Q3 Fiscal
2013 was $395,000 lower than the net loss and comprehensive loss
for Q3 Fiscal 2012. This relates mainly to the $474,000 decrease in
research and development costs, a $201,000 increase in income tax
recovery and a $38,000 decrease to accreted interest and
adjustments, offset by an increase of $261,000 in general and
administrative expenses and an increase of $57,000 in business
development expenses.
For the quarter ended September 30, 2013, the Company reported
total R&D expenses of $527,000, a decrease of $474,000 compared
to the three months ended September 30, 2012. G&A expenses of
$762,000 were reported for Q3 Fiscal 2013 compared to $491,000 for
the three months ended September 30, 2012, an overall increase of
$261,000. Total business development expenses of $248,000 in Q3
Fiscal 2013 represented an increase of $57,000 compared to the
three months ended September 30, 2012.
At September 30, 2013, Immunovaccine had cash and cash
equivalents of $1,139,000 and working capital of $484,000, as
compared to $2,002,000 and $2,064,000, respectively at December 31,
2012.
As of September 30, 2013, the number of issued and outstanding
common shares was 68,412,996. On September 30, 2013, the number of
stock options outstanding was 5,118,720.
Immunovaccine's unaudited interim condensed consolidated
financial statements for September 30, 2013, filed in accordance
with IFRS, and the management discussion and analysis (MD&A),
are available at www.sedar.com.
About Ovarian Cancer
Ovarian cancer accounts for more deaths than any other
gynecologic cancer. Symptoms do not occur until it is in the later
stages of the disease, reducing the chance for successful treatment
and remission. It kills more than 100,000 women annually around the
world. Improved surgical techniques have helped to reduce the rate
of recurrence according to some studies, but the average life
expectancy of newly diagnosed ovarian cancer patients is less than
four years.
About Glioblastoma
Glioblastoma, the most common form of brain cancer, is a
fast-growing tumor type that develops from astrocytes, a type of
glial cell present in the brain. The National Cancer Institute
estimates that more than 23,000 Americans will be diagnosed with
brain and other nervous system tumors in 2013. Glioblastoma
accounts for approximately 15 percent of all brain tumors. The
current standard of care for glioblastoma patients calls for
patients to receive maximum surgical resection combined with
radiation and concomitant and adjuvant temozolomide therapy. Newly
diagnosed glioblastoma patients have a median overall survival of
less than 24 months.
About Immunovaccine
Immunovaccine Inc. develops cancer immunotherapies and
infectious disease vaccines based on the Company's DepoVax™
platform, a patented formulation that provides controlled and
prolonged exposure of antigens and adjuvant to the immune system.
Immunovaccine has advanced two T cell activation therapies for
cancer through Phase I human clinical trials. Lead cancer vaccine
therapy, DPX-Survivac, is expected to enter Phase II clinical
studies in both ovarian cancer and glioblastoma (brain cancer). The
Company is also advancing an infectious disease pipeline including
innovative vaccines for respiratory syncytial virus (RSV) and
anthrax.
Connect at www.imvaccine.com
This press release contains forward-looking information
under applicable securities law. All information that addresses
activities or developments that we expect to occur in the future,
including information regarding the use of proceeds of the
financing, is forward-looking information. Forward-looking
statements are based on the estimates and opinions of management on
the date the statements are made. However, they should not be
regarded as a representation that any of the plans will be
achieved. Actual results may differ materially from those set forth
in this press release due to risks affecting the company, including
access to capital, the successful completion of clinical trials and
receipt of all regulatory approvals. Immunovaccine Inc. assumes no
responsibility to update forward-looking statements in this press
release except as required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Immunovaccine Inc.Kimberly StephensCFO(902)
492-1819info@imvaccine.comVida Strategic Partners (media)Tim
Brons(415) 675-7402tbrons@vidasp.com
(TSXV:IMV)
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