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Share Name | Share Symbol | Market | Type |
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IMV Inc | TSX:IMV | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.12 | 0.60 | 0.70 | 0 | 01:00:00 |
Immunovaccine Inc. (“Immunovaccine” or the “Company”) (TSX: IMV; OTCQX: IMMVF), a clinical-stage vaccine and immunotherapy company, today released its financial and operational results for the second quarter ended June 30, 2015.
“In the second quarter and recent weeks, Immunovaccine continued to strengthen and advance its growing presence in immuno-oncology, which is a key priority in our multi-pronged growth strategy. In April, we presented data at the 2015 Annual Meeting of the American Association for Cancer Research that provided a strong rationale for combining our DepoVax™-based cancer immunotherapies with checkpoint inhibitors to modulate the tumor environment. In June, we entered into a non-exclusive clinical trial collaboration with Incyte Corporation to evaluate the combination of DPX-Survivac with an investigational oral Incyte drug candidate in ovarian cancer. Clinical trial results recently published in Oncoimmunology showed that the combination immunotherapy of the DPX-Survivac vaccine and metronomic cyclophosphamide was immunogenic in individuals with high-risk ovarian cancer. We also received an Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) in July for DPX-Survivac across all of its applications in ovarian cancer,” said Marc Mansour, Ph.D., Chief Executive Officer of Immunovaccine.
“Importantly, we also have delivered on key development milestones for our proprietary vaccine adjuvanting platform technology DepoVax™,” he added. “We recently signed an exclusive worldwide license agreement with PharmAthene, Inc. to develop and commercialize an anthrax vaccine using DepoVax™, which is the first step in our strategy to accelerate deployment of this platform across multiple vaccine applications. And, in June, we initiated a Phase 1 clinical trial with our DPX respiratory syncytial virus (RSV) vaccine to evaluate its safety and immune response profile in healthy adults.”
Highlights of the Second Quarter 2015 and Subsequent to Quarter End:
Q2 2015 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 Company’s net loss and comprehensive loss of $2,553,000 for Q2 Fiscal 2015 was $1,233,000 higher than the net loss and comprehensive loss for Q2 Fiscal 2014. This relates mainly to the $587,000 increase in research and development costs, $433,000 increase in general and administrative expenses, and $179,000 increase in business development expenses, offset by a decrease of $25,000 in accreted interest.
For the quarter ended June 30, 2015, the Company reported total R&D expenses of $1,449,000, net of government loans and assistance of $23,000 and investment tax credits of $104,000. This represented a $587,000 increase of net research and development expenses over the three months ended June 30, 2014. General and administrative expenses of $621,000 were reported for Q2 Fiscal 2015 compared to $188,000 for the three months ended June 30, 2014. The significant increase in general and administrative expenses of $433,000 is due to an accounting adjustment made for the recording of the government assistance in June 30, 2014 of $463,000. Total business development expenses of $404,000 in Q2 Fiscal 2015 represented an increase of $179,000 compared to the three months ended June 30, 2014.
At June 30, 2015, Immunovaccine had cash and cash equivalents of $6.9 million and working capital of $7.0 million as compared to $8.6 million in cash and $9.1 million in working capital at March 31, 2015.
As of June 30, 2015, the number of issued and outstanding common shares was 91,799,002. On June 30, 2015, the number of stock options outstanding was 6,128,050 and the number of outstanding warrants was 5,777,446.
Immunovaccine’s unaudited interim condensed consolidated financial statements for June 30, 2015, filed in accordance with IFRS, and the management discussion and analysis (MD&A), will be available at www.sedar.com.
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 1 human clinical trials and is currently conducting a Phase 2 study with its lead cancer vaccine therapy, DPX-Survivac, in recurrent lymphoma. DPX-Survivac is expected to enter additional Phase 2 clinical studies in 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
Forward-looking Statement
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, 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 and the matters discussed under “Risk Factors and Uncertainties” in Immunovaccine’s Annual Information Form filed on March 20, 2015. Immunovaccine Inc. assumes no responsibility to update forward-looking statements in this press release except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150812006299/en/
MEDIASam Brown Inc.Michael Beyer, 312-961-2502mikebeyer@sambrown.comorINVESTORSImmunovaccine Inc.Kimberly Stephens, Chief Financial Officer902-492-1819kstephens@imvaccine.comor902-492-1819ir@imvaccine.com
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