back to release list
Immunovaccine Announces Financing Plans
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
Halifax, Nova Scotia; February 6, 2013 – Immunovaccine Inc. (“Immunovaccine” or “IMV”) (TSX-V: IMV), a clinical stage vaccine company, announced that it has modified its financing plans and intends to pursue a private placement of its securities in place of a public marketed offering. The private placement will be for up to 6,060,606 units at a price of $0.33 per unit (“Unit”) representing gross proceeds of up to $2.0 million, and is expected to close no later than February 28, 2013. IMV has received a lead order as well as commitments for participation from directors of IMV.
Each Unit will consist of one common share and a warrant to purchase one-half of one common share. Each full warrant will have an exercise price of $0.50, exercisable for a period of 24 months following the closing date of the private placement.
John Trizzino, the Chief Executive Officer of IMV, stated “Pursuing a private placement is in the best interest of the existing shareholders and new investors and therefore would be more beneficial to Immunovaccine than a public offering and so we have modified our financing plans.”
Immunovaccine intends to use the net proceeds from the financing to fund the preclinical research and development efforts in the areas of infectious diseases, including respiratory syncytial virus, malaria and anthrax, to specifically support a Phase I clinical trial , as well as ongoing development and Phase II preparation of its clinical stage cancer vaccine candidate DPX-Survivac. Proceeds will also be used for other general corporate and working capital purposes.
The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
Immunovaccine Inc. applies its novel adjuvanting platform to the development of vaccines for cancer therapy, infectious diseases and animal health. The Company’s DepoVax™ platform is a patented formulation that provides controlled and prolonged exposure of antigens plus adjuvant to the immune system. Immunovaccine has advanced two DepoVax-based cancer vaccines into Phase I human clinical trials. The Company is also advancing a broad infectious disease pipeline including vaccines in such indications as malaria, respiratory syncytial virus (RSV) and anthrax. In addition to the Company’s human health vaccine strategy, it continues to capture value from animal health vaccine applications. Immunovaccine has key partnerships in the animal health sector including an agreement with Pfizer Animal Health. Connect at www.imvaccine.com.
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, including information regarding the offering, 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 relating to the financing, and 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.
Kimberly Stephens, Immunovaccine Inc.
T: (902) 492-1819 E: email@example.com
Tim Brons, Vida Strategic Partners (media)
T: (415) 675-7402 E : firstname.lastname@example.org
Stephanie Diaz, Vida Strategic Partners (investors)
T: (415) 675-7401 E : email@example.com
Scott Koyich, Brisco Capital Partners (Canadian investors)
T : (403) 262-9888 E : firstname.lastname@example.org
back to release list