IMV Inc. Announces Closing of $25.1 Million Private Placement
May 07 2020 - 9:16AM
Business Wire
IMV Inc. (“IMV” or the “Company”) (Nasdaq: IMV; TSX: IMV), a
clinical-stage biopharmaceutical company pioneering a novel class
of cancer immunotherapies and vaccines to fight against infectious
diseases including COVID-19, today announced that it has completed
its previously announced non-brokered private placement (the
“Private Placement”) of 8,770,005 units of the Company (each, a
“Unit”) at Cdn$2.86 per Unit for gross proceeds of approximately
Cdn$25.1 million. The size of the Private Placement has increased
by approximately Cdn$2.8 million following our earlier announcement
on April 30, 2020.
Each Unit consists of one common share of the Company (“Common
Share”) and 0.35 of one common share purchase warrant (each whole
common share purchase warrant, a “Warrant”). Each Warrant entitles
its holder to purchase one Common Share at an exercise price of
Cdn$3.72 per share and is exercisable until May 7, 2022.
The private placement is being co-led by Fonds de Solidarité
FTQ, an existing investor, and Lumira Ventures, a new investor in
the Company, along with participation by Altium Capital, also a new
investor in IMV, together with incumbent investors.
The Company intends to use the net proceeds from the Private
Placement for the clinical development of its lead candidate,
DPX-Survivac, currently being assessed in advanced ovarian cancer,
as well as in multiple clinical studies in combination with Merck’s
Keytruda®. The balance of the net proceeds will be used for general
corporate purposes, including funding research and development,
preclinical and clinical expenses, and corporate costs.
All securities issued pursuant to the Private Placement will be
subject to a four month and one day hold period in Canada in
accordance with applicable securities laws.
Fred Ors, President and CEO of IMV commented, “We are pleased to
welcome both Lumira Ventures and Altium Capital as new investors
and thank Fonds de Solidarité FTQ for their leadership in this
round of financing. We greatly appreciate the confidence shown in
the Company. We look forward to further advancing our existing
clinical pipeline and leveraging our unique and proprietary
delivery platform against other selected targets including
COVID-19.”
“Since 1989, the Fonds de Solidarité FTQ has supported the life
sciences sector with direct investments in companies and in
specialized funds which invest in Québec. More than ever, it is
important to proactively support our portfolio companies like IMV
that give hope to patients in particular and society in general,
whether it be for the fight against cancer or COVID-19,” said
Didier Leconte, Vice-President for Investments, Life Sciences and
Funds of Funds, at the Fonds de Solidarité FTQ.
“We believe that an effective immunotherapy treatment must be
capable of eliciting rapid, robust, and long-lasting responses and
we have been impressed with the ability of the DPX platform to
produce clinical evidence of such type of immune responses. We are
happy to support IMV in advancing such a differentiated
immunotherapy approach to potentially provide a much needed new
treatment option for women with advanced ovarian cancer.” said
Daniel Hétu, Managing director at Lumira Ventures.
About IMV
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 Company’s proprietary drug delivery platform (DPX). 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 in advanced ovarian cancer,
as well as in a combination therapy in multiple clinical studies
with Merck’s Keytruda®. IMV is also developing a DPX-based vaccine
to fight against COVID-19. Connect at www.imv-inc.com.
Cautionary Language 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 proposed use of proceeds of the Private Placement. Such
statements 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 and
uncertainties affecting the Company and its products.
The Company assumes no responsibility to update forward-looking
statements in this press release except as required by law. These
forward-looking statements involve known and unknown risks and
uncertainties and those risks and uncertainties are detailed from
time to time in the Company’s ongoing filings and in its annual
information form filed with the Canadian regulatory authorities on
SEDAR as www.sedar.com and with the United States Securities and
Exchange Commission on EDGAR at www.sec/edgar. Investors are
cautioned not to rely on these forward-looking statements and are
encouraged to read the Company’s continuous disclosure documents
which are available on SEDAR and on EDGAR.
The Units, Common Shares and Warrants have not been
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
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Investor Relations
Marc Jasmin, Senior Director, Investor Relations, IMV O:
(902) 492-1819, ext: 1042 M: (514) 617-9481 E:
mjasmin@imv-inc.com
Josh Rappaport, Director, Stern IR O: (212) 362-1200 E:
josh.rappaport@sternir.com
Media
Delphine Davan, Director of Communications, IMV M: (514)
968-1046 E: ddavan@imv-inc.com
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