IMV Inc. Announces Pricing of Public Offering
March 01 2019 - 9:02AM
IMV Inc. (“IMV” or the “Corporation”) (NASDAQ: IMV; TSX: IMV),
a clinical-stage immuno-oncology corporation, announced today the
pricing of its previously-announced underwritten public offering
(the “Offering”) of 4,900,000 common shares at a price to
the public of Cdn$5.45 per common share, for aggregate gross
proceeds to the Corporation of approximately Cdn$26,705,000
million, before deducting the underwriting discounts and
commissions and estimated Offering expenses. In addition, the
Corporation has granted the underwriters of the Offering a 30-day
option to purchase up to an additional 735,000 common shares
on the same terms and conditions. All of the shares are being
offered by the Corporation.
The Corporation intends to use the net proceeds
of the Offering to accelerate the development of DPX-Survivac in
combination with Keytruda as part of the basket trial select
advanced or recurrent solid tumours in bladder, liver
(hepatocellular carcinoma), ovarian or non-small-cell lung cancers,
as well as tumours shown to be positive for the microsatellite
instability high biomarker and for general corporate purposes.
Wells Fargo Securities and Raymond James are
acting as joint book-running managers for the Offering. B. Riley
FBR is acting as co-manager.
The Offering is expected to close on or about
March 6, 2019, subject to the satisfaction of customary
closing conditions, including the listing of the common shares to
be issued under the Offering on the TSX and Nasdaq and any required
approvals of each exchange.
The Offering is being made pursuant to a U.S.
registration statement on Form F-10, declared effective by the U.S.
Securities and Exchange Commission (the “SEC”) on June 6, 2018 (the
“Registration Statement”), and the Company’s existing Canadian
short form base shelf prospectus (the “Base Prospectus”) dated June
5, 2018. A preliminary prospectus supplement relating to the
Offering has been filed with the securities commissions in the
provinces of British Columbia, Alberta, Saskatchewan, Manitoba,
Ontario, Québec, Nova Scotia and Newfoundland and Labrador in
Canada, and with the SEC in the United States, and a final
prospectus supplement relating to the Offering (the “Supplement”)
will be filed with the securities commissions in the provinces of
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec,
Nova Scotia and Newfoundland and Labrador in Canada, and with the
SEC in the United States. The Supplement and the accompanying
Base Prospectus contain important detailed information about the
Offering. The Supplement and the accompanying Base Prospectus, once
available, can be found for free on SEDAR at www.sedar.com and on
EDGAR at www.sec.gov. Copies of the Supplement and accompanying
Base Prospectus may also be obtained, once available, from Wells
Fargo Securities, Attn: Equity Syndicate, 375 Park Avenue, New
York, NY 10152, by telephone at (800) 326-5897, or by email
at cmclientsupport@wellsfargo.com or from Raymond James, Attn:
Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida
33716, or by telephone at (800) 248-8863, or e-mail at
prospectus@raymondjames.com. Prospective investors should read the
Supplement and accompanying Base Prospectus and the other documents
the Corporation has filed before making an investment decision.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any province, state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such province, state or jurisdiction.
About IMV Inc.
IMV 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. IMV is pioneering a new class of
immunotherapies based on the Corporation’s proprietary drug
delivery platform. This patented technology leverages a novel
mechanism of action that enables the programming of immune cells in
vivo, which are aimed at generating powerful new synthetic
therapeutic capabilities. IMV’s lead candidate, DPX-Survivac, is a
T cell-activating immunotherapy that combines the utility of the
platform with a target: survivin. IMV is currently assessing
DPX-Survivac as a monotherapy in advanced ovarian cancer, as well
as a combination therapy in multiple clinical studies in
collaboration with Merck.
Cautionary Note Regarding Forward
Looking Statements
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. In the press release, such forward-looking
statements include, but are not limited to, statements regarding
the Offering, the anticipated use of proceeds from the Offering and
the expected closing of the Offering. 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 known and unknown risks and
uncertainties affecting the Corporation, including satisfaction of
closing conditions, access to capital, the successful design and
completion of clinical trials, the receipt and timely receipt of
all regulatory approvals and other risks detailed from time to time
in our ongoing quarterly filings and annual information
form. IMV Inc. assumes no responsibility to update
forward-looking statements in this press release except as required
by law. Investors are cautioned not to rely on these
forward-looking statements and are encouraged to read IMV’s
continuous disclosure documents, including its current annual
information form, as well as its audited annual consolidated
financial statements which are available on SEDAR
at www.sedar.com and on EDGAR
at www.sec.gov/edgar.
Contacts for IMV:
MEDIA Andrea Cohen, Sam Brown Inc.
T: (917) 209-7163 E: AndreaCohen@sambrown.com
INVESTOR RELATIONS Marc Jasmin,
IMV Senior Director, Investor Relations T: (902) 492-1819
E: info@imv-inc.com
Source: IMV Inc.
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