Immunovaccine Receives an Extension to the Maturity Date of its $5M Loan Until 2020
October 17 2017 - 6:05AM
Immunovaccine Inc. (TSX:IMV) (OTCQX:IMMVF), a clinical stage
immuno-oncology company, today announced that it has received a
two-year extension of the maturity of its Province of Nova Scotia
loan authorized in 2013. Originally, the maturity date of the loan
in the principal amount of $5 million was August 9, 2018. The new
maturity date is now August 9, 2020. The annual interest rate
remains at the Province’s cost of funds plus 1%.
"Maintaining a strong financial position is a critical step for
our organization as we make this important transition into a
later-clinical stage life sciences company," said Pierre Labbé,
Chief Financial Officer of Immunovaccine.
"As we approach the anticipated topline data from our Phase 1
clinical trial with Incyte Corporation, and several additional
near-term milestones for our lead product candidate, DPX-Survivac,
the extension of this loan’s maturity date will allow us to
maintain a stronger balance sheet,” said Frederic Ors, Chief
Executive Officer of Immunovaccine.
About ImmunovaccineImmunovaccine Inc. is a
clinical stage biopharmaceutical company dedicated to making
immunotherapy more effective, more broadly applicable, and more
widely available to people facing cancer and other serious
diseases. Immunovaccine develops T cell-activating cancer
immunotherapies and other vaccine candidates based on DepoVax™, the
Company’s patented platform 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 1b study with Incyte Corporation assessing lead
cancer therapy, DPX-Survivac, as a combination therapy in ovarian
cancer. The Company is also exploring additional applications of
DepoVax, including DPX-RSV, an innovative vaccine candidate for
respiratory syncytial virus (RSV), which has recently completed a
Phase 1 clinical trial. Immunovaccine also has ongoing clinical
projects to assess the potential of DepoVax to address malaria and
the Zika virus. Connect at www.imvaccine.com.
Immunovaccine Forward-Looking StatementsThis
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.
Contacts for Immunovaccine:
MEDIA Mike Beyer, Sam Brown
Inc.T: (312) 961-2502 E: mikebeyer@sambrown.com
INVESTOR RELATIONSPierre Labbé, Chief
Financial OfficerT: (902) 492-1819 E:
info@imvaccine.com
Patti Bank, Managing Director, Westwicke
PartnersO: (415) 513-1284T: (415) 515-4572 E:
patti.bank@westwicke.com
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