Immunovaccine Announces 2012 Year-End Results

Immunovaccine Inc. (TSX VENTURE:IMV), a clinical stage vaccine company, today
announced its financial and operational results for the year ended December 31,
2012.


"2012 was a year of impressive achievement and advancement for Immunovaccine,"
commented John Trizzino, CEO of Immunovaccine. "The Company reached important
milestones during the year, all of which resulted in greater visibility within
the industry, validation of our platform technology and programs, and
ultimately, the enhancement of Immunovaccine's value. I'm particularly proud of
the fact that these achievements came from the broad utilization of our
technology platform, DepoVax(TM), in cancer and infectious diseases."


Highlights of 2012 and First Quarter of 2013 



--  DPX-Survivac Vaccine for Advanced Ovarian Cancer - Immunovaccine
    released positive results from its Phase 1 clinical trial of DPX-
    Survivac, an ovarian cancer vaccine candidate. Clinical data showed that
    all patients treated with the vaccine therapy produced targeted immune
    responses and that there were multiple strong responders among this
    group who presented circulating target specific T cells (CD8 T cells) in
    their blood. The presence of circulating CD8 T cells is critical in
    treating cancer because these particular T cells are implicated in
    identifying cancer cells, infiltrating tumors and killing cancer
    targets.   

--  DPX-0907 Vaccine for Breast and Ovarian Cancer - The Company signed an
    Investigator-Initiated Study Agreement for the ongoing evaluation of its
    DPX-0907 vaccine candidate in patients with breast and ovarian cancer.
    Immunovaccine expects the Phase 1/2 study, which will be funded by the
    investigator's research organization, to be initiated during the fourth
    quarter of 2013. This vaccine candidate has been shown to be well-
    tolerated while generating specific polyfunctional T cell responses and
    triggering increases in antigen-targeted CD8 T cells in a completed
    Phase 1 trial. These positive Phase 1 results were published in the
    peer-reviewed Journal of Translational Medicine. 

--  Infectious Diseases - Expanded Internal Program and Collaboration with
    NIH - In addition to its cancer vaccine work, Immunovaccine is also
    focused on aggressively advancing a broad infectious diseases vaccine
    pipeline with specific programs targeting areas such as anthrax, malaria
    and RSV. As part of this work, the Company has aligned with the National
    Institutes of Health (NIH) to develop vaccines for anthrax and malaria.
    Studies conducted by the NIH in the area of anthrax showed anthrax
    vaccines formulated with Immunovaccine's DepoVax technology provided a
    more rapid and long-lasting immune response as compared to the FDA-
    licensed anthrax vaccine, BioThrax. Based on this data, Immunovaccine
    intends to initiate additional studies of DepoVax(TM)-based anthrax
    vaccines in 2013. The Company also reported positive results from early
    malaria studies conducted by the NIH using Immunovaccine's DepoVax(TM)
    technology. At the same time, RSV studies are being advanced
    independently by Immunovaccine and the Company plans to move this
    program into Phase 1 trials in the near term. 

--  Financing, equity and non-dilutive funding - In the last year,
    Immunovaccine has dedicated itself to being capital efficient in support
    of our ambitious clinical development plans, successfully raising $4.4
    million while leveraging an additional $6.0 million in non-dilutive
    funding. Immunovaccine will continue to use a combination of strategic
    partnerships, non-dilutive financing and equity to support its
    development programs and in turn drive value creation. 

--  Recognized in the industry as the "Best Early-Stage Vaccine Biotech" at
    the 5th Vaccine Industry Excellence (VIE) Awards - The "Best Early-Stage
    Vaccine Biotech" was awarded to Immunovaccine based on the Company's
    strong early clinical trial results in immunotherapy and key
    collaborations that have expanded its product pipeline in infectious
    diseases, addiction and biodefense vaccines. 



Annual Financial Results

The Company prepares its audited annual consolidated financial statements in
accordance with Canadian generally accepted accounting principles as established
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 $6,400,000 for the year ended December
31, 2012 was $406,000 lower than the net loss and comprehensive loss during the
year ended December 31, 2011. This relates mainly to the $906,000 decrease in
R&D costs, a $47,000 decrease in accreted interest and an income tax recovery of
$27,000, offset by a $439,000 increase in G&A expenses and an increase of
$135,000 in BD costs. 


At December 31, 2012, the Company had cash and cash equivalents of $2,001,000
and working capital of $2,064,000, as compared to $5,071,000 and $5,133,000,
respectively at December 31, 2011. For the year ended December 31, 2012, the
Company's quarterly "cash burn rate" (defined as net loss for the period
adjusted for non-cash transactions including amortization, depreciation,
accretion of long-term debt, stock-based compensation and income tax recovery)
was approximately $1.4 million. The Company forecasts the cash burn rate to be
between $1.0 million to $1.6 million per quarter over the next twelve months. 


As of March 28, 2013, the number of issued and outstanding common shares of the
Company was 68,412,996. As of March 28, 2013, the number of outstanding stock
options was 5,229,650, and the number of outstanding warrants was 3,732,550. 


The Company's audited annual consolidated financial statements for 2012, filed
in accordance with IFRS, and the management discussion and analysis (MD&A), are
available at www.sedar.com.


Amendment to Contract with Brisco Capital Partners Corp.

In 2012, the Company retained Brisco Capital Partners Corp ("Brisco") to provide
strategic investor relations services. This contract was amended on March 28,
2013. Under the terms of the amended agreement with Brisco, the Company will pay
Brisco a fee of $5,000 for each full working day of services provided by Brisco
to the Company at the Company's request. 


About Immunovaccine

Immunovaccine Inc. applies its novel adjuvanting platform to the development of
vaccines for cancer therapy, infectious diseases and animal health. The
Company's DepoVax(TM) platform is a patented formulation that provides
controlled and prolonged exposure of antigens plus adjuvant to the immune
system. Immunovaccine has advanced two DepoVax(TM)-based cancer vaccines into
Phase 1 human clinical trials. The Company is also advancing a broad infectious
diseases pipeline including vaccines in such indications as malaria, respiratory
syncytial virus (RSV) and anthrax. In addition to the Company's human health
vaccine strategy, it continues to capture value from animal health vaccine
applications. Immunovaccine has key partnerships in the animal health sector
including an agreement with Zoetis, former animal health division of Pfizer.
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 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Immunovaccine Inc.
Kimberly Stephens
[phone]
[e-mail]
www.imvaccine.com


Vida Strategic Partners (media)
Tim Brons
[phone]
[e-mail]