Immunovaccine Announces Financial Results for Quarter Ended September 30, 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(TM) 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(TM) 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.


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


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