Immunovaccine Inc. Has Applied to List its Common Shares on Nasdaq, Announces Reverse Stock Split
May 03 2018 - 6:05AM
Immunovaccine Inc. (“Immunovaccine” or the “Corporation”) (TSX:IMV)
(OTCQX:IMMVF), a clinical stage immunotherapy company, announced
today that it has applied to list its common shares on the Nasdaq
Stock Market LLC ( “Nasdaq”). In connection with the planned U.S.
listing, and as previously authorized by its shareholders, the
Corporation is implementing a consolidation of its outstanding
common shares, and changing the Corporation name to IMV Inc.
"In an effort to deliver value to our
shareholders and partners, our Company has made remarkable progress
in positioning and validating our unique value proposition in
immuno-oncology,” said Frederic Ors, Immunovaccine's Chief
Executive Officer. “On June 3 at the 2018 American Society of
Clinical Oncology (ASCO) Annual Meeting, we will present new data
from our ongoing Phase 1b/2 advanced ovarian cancer study in
collaboration with Incyte. This year, we also plan to publish data
from two additional oncology clinical studies (with our partner
Merck), to expand our immuno-oncology clinical program, and to
continue to leverage the novel aspects of our technology and the
potential of our clinical candidates. The steady flow, and
potential significance, of these upcoming milestones indicate to us
that it is the right time for our Corporation to apply for a Nasdaq
listing."
The Corporation's board of directors has
determined that the consolidation will be done on the basis of one
new common share for every 3.2 currently outstanding common shares.
The consolidation has taken effect on May 2, 2018, and the
Corporation's common shares are expected to commence trading on the
Toronto Stock Exchange under the name IMV Inc. on a
post-consolidation basis beginning at the open of markets on May
10, 2018. There are currently 137,383,353 common shares issued and
outstanding, and it is expected that there will be
42,932,315 common shares issued and outstanding following the
consolidation, subject to rounding for any fractional shares. No
fractional shares will be issued as a result of the share
consolidation. Fractional interests of 0.5 or greater will be
rounded up to the nearest whole number of shares and fractional
interests of less than 0.5 will be rounded down to the nearest
whole number of common shares.
Registered shareholders holding share
certificates will be mailed a letter of transmittal advising of the
share consolidation and instructing them to surrender their share
certificates representing pre-consolidation common shares for
replacement certificates or direct registration advice representing
their post-consolidation common shares. Until surrendered for
exchange, following the effective date of the consolidation, each
share certificate formerly representing pre-consolidation common
shares will be deemed to represent the number of whole
post-consolidation common shares to which the holder is entitled as
a result of the consolidation.
Holders of common shares of the Corporation who
hold uncertificated common shares (that is common shares held in
book-entry form and not represented by a physical share
certificate), either as registered holders or beneficial owners,
will have their existing book-entry account(s) electronically
adjusted by the Corporation's transfer agent or, for beneficial
shareholders, by their brokerage firms, banks, trusts or other
nominees that hold in street name for their benefit. Such holders
do not need to take any additional actions to exchange their
pre-consolidation common shares for post-consolidation common
shares.
Beneficial shareholders holding their common
shares through a bank, broker or other nominee should note that
such banks, brokers or other nominees may have different procedures
for processing the consolidation than those that have been put in
place by the Corporation for registered shareholders. If you hold
your common shares with such a bank, broker or other nominee, and
if you have questions in this regard, you are encouraged to contact
your nominee.
The Corporation currently anticipates that,
subject to the receipt of all required approvals, its common shares
would begin trading on the Nasdaq before the end of Q2 2018. The
listing of the Corporation's common shares on the Nasdaq listing
remains subject to the approval of that exchange and the
satisfaction of all applicable listing requirements
Concurrently with the consolidation and as
previously authorized by its shareholders, the Corporation has
changed its name from “Immunovaccine Inc.” to “IMV Inc.” This
change has been implemented in an effort to ensure that its
corporate denomination does not convey any ambiguities as to the
nature of the activities and technologies of the Corporation, which
are not limited to vaccines.
About Immunovaccine
Immunovaccine 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 is
pioneering a new class of immunotherapies based on the Company’s
proprietary drug delivery platform. This patented technology
leverages a novel mechanism of action that enables the
reprogramming of immune cells in vivo, which are aimed at
generating powerful new synthetic therapeutic capabilities.
Immunovaccine’s lead candidate, DPX-Survivac, is a T cell
activating immunotherapy that combines the utility of the platform
with a target: survivin. Immunovaccine is currently conducting
three Phase 2 studies with Incyte and Merck assessing DPX-Survivac
as a combination therapy in ovarian cancer and diffuse large B-cell
lymphoma. Connect at www.imvaccine.com.
Immunovaccine Forward-Looking
Statements
This press release contains forward-looking
information under applicable Canadian and U.S. securities law. All
information that addresses activities or developments that we
expect to occur in the future is forward-looking information.
Forward-looking statements in this press release include, without
limitation, statements regarding a potential listing on the Nasdaq
and the consolidation of the Corporation’s common shares. Although
the Corporation believes the forward-looking statements in this
press release are reasonable, it can give no assurance that the
expectations and assumptions in such statements will prove to be
correct. The Corporation cautions investors that any
forward-looking statements by the Corporation are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward-looking statements as a result of
various factors, including, but not limited to, the matters
discussed under “Risk Factors and Uncertainties” in Immunovaccine’s
Annual Information Form filed on March 20, 2018. 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 RELATIONS Pierre Labbé, Chief
Financial Officer T: (902) 492-1819 E: Plabbe@imvaccine.com
Patti Bank, Managing Director, Westwicke
Partners O: (415) 513-1284 T: (415) 515-4572 E:
patti.bank@westwicke.com
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