IMV

Immunovaccine Inc. ("Immunovaccine" or "IMV") (TSX VENTURE:IMV), a clinical
stage vaccine company, today released its financial and operational results for
the quarter ended March 31, 2014.


"Since the beginning of 2014, Immunovaccine has made important strides in
advancing its DepoVax(TM) adjuvanting platform for the development of novel
vaccines for cancer and infectious disease indications," said Dr Marc Mansour,
chief operating officer of Immunovaccine. "A new collaboration with the
Dana-Farber Cancer Institute, focused on HPV-related cervical and head and neck
cancers, expands our cancer vaccine clinical research. Importantly, our work
with Dana-Farber represents the first time that academic researchers will
conduct clinical studies with a novel vaccine candidate created by combining
DepoVax(TM) with their own antigen."


"Our collaboration with the US National Institutes of Health also yielded strong
results in the development of a single-dose, rapid response anthrax vaccine. Our
latest anthrax challenge studies demonstrated that a DepoVax(TM)-enabled vaccine
may provide rapid protection using a low level of antigen," Dr. Mansour said.
"More studies will be needed but the evidence thus far suggests that we are on
the right path to providing a single-dose solution for a possible bioterrorism
application." 


Highlights of the First Quarter 2014 and Subsequent to Quarter End:

- DepoVax(TM) Platform - DepoVax(TM) was selected by the Dana-Farber Cancer
Institute as the underlying adjuvanting technology for a new cancer vaccine that
will be evaluated in a study in patients with cervical and head and neck cancer.
Dana-Farber has been awarded a three-year, $1.2 million research grant from
Stand Up To Cancer (SU2C) and the Farrah Fawcett Foundation to fund a Phase I
clinical trial of the group's peptide cancer antigen formulated in DepoVax in
patients with HPV-related cervical and head and neck cancers.


- Cancer Vaccines - New positive clinical data on the Company's cancer vaccine
candidate, DPX-Survivac, will be presented as a poster at the 2014 American
Society of Clinical Oncology ("ASCO") Annual Meeting in Chicago, IL from May 30
to June 3. Results presented from the Phase I/Ib clinical study demonstrate
promising early evidence of clinical activity for DPX-Survivac in ovarian cancer
patients, including one patient who experienced a partial response (PR). The PR,
defined as a shrinking of tumor size by at least 30%, using Response Evaluation
Criteria In Solid Tumors (RECIST 1.1), was accompanied by reduction in levels of
a commonly used ovarian cancer biomarker (CA125) and a significant increase in
vaccine-induced immune responses.


Additionally, positive data from clinical and preclinical vaccine studies,
including DPX-Survivac, were presented at the American Association for Cancer
Research (AACR) 2014 Annual Meeting. Results demonstrated that metronomic
cyclophosphamide (mCPA), an immune modulating agent, enhanced the immunogenicity
of DepoVax(TM)-based vaccines in preclinical cancer models consistent with
previously reported Phase I data showing a similar enhancement of DPX-Survivac
in patients. Importantly, the animal studies demonstrated the combination
therapy's ability to eliminate advanced tumors that could not be treated with
vaccine or mCPA alone. The addition of anti-PD-1 checkpoint inhibitor to the
DepoVax vaccine/mCPA combination resulted in further enhanced anti-tumor
activity, which allowed the treatment of more advanced tumors. The effective
tumor regressions that were observed could not be achieved without the use of
vaccine and the use of anti-PD-1. 


- Infectious Diseases - Immunovaccine announced positive results from anthrax
challenge studies showing that rabbits administered a vaccine containing mutant
recombinant Protective Antigen (mrPA) formulated in DepoVax were protected
against a lethal anthrax challenge at a range of antigen doses. All animals
vaccinated with a single dose of mrPA - DepoVax(TM) containing as little as one
third of a microgram of antigen were protected from anthrax infection. Four out
of five animals vaccinated with mrPA - DepoVax(TM) containing one tenth of a
microgram of antigen were also protected. These findings indicated that
DepoVax(TM) can rapidly produce protection against anthrax with single doses of
very little antigen.


- Leadership - Immunovaccine appointed Dr. Llew Keltner to its board of
directors as part of its ongoing efforts to strengthen the leadership of the
Company. 


Q1 2014 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 Company's net loss for the period increased from a loss of $1.6 million
during the quarter ended March 31, 2013 to a loss of $1.9 million during the
quarter ended March 31, 2014. This relates mainly to a decrease of $185,000 in
government loans and assistance.


For the quarter ended March 31, 2014, the Company reported total R&D expenses of
$1,135,000, less government loans and assistance of $152,000 and investment tax
credits of $67,000. This represented a $296,000 increase of net R&D expenses
over the three months ended March 31, 2013. G&A expenses of $684,000 were
reported for Q1 Fiscal 2014 compared to $614,000 for the three months ended
March 31, 2013, an overall increase of $70,000. Total business development
expenses of $299,000 in Q1 Fiscal 2014 represented an increase of $78,000
compared to the three months ended March 31, 2013.


At March 31, 2014, Immunovaccine had cash and cash equivalents of $2.0 million
and working capital of $1.9 million as compared to $3.5 million in cash and $3.3
million in working capital at December 31, 2013. 


As of March 31, 2014, the number of issued and outstanding common shares was
79,550,642. On March 31, 2014, the number of stock options outstanding was
5,217,835 and the number of outstanding warrants was 31,325.


Immunovaccine's unaudited interim condensed consolidated financial statements
for March 31, 2014, filed in accordance with IFRS, and the management discussion
and analysis (MD&A), are available at www.sedar.com.


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 adjuvants 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 2014, in 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. 


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. 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
(902) 492-1819
kstephens@imvaccine.com
www.imvaccine.com


Vida Strategic Partners (media)
Tim Brons
(415) 675-7402
tbrons@vidasp.com

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