IMV Announces US$9 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
December 16 2022 - 8:00AM
Business Wire
IMV Inc. (“IMV” or the “Company”) (NASDAQ: IMV; TSX: IMV), a
clinical-stage biopharmaceutical company advancing a portfolio of
therapies based on the Company’s immune-educating platform, DPX®,
to potentially treat solid and hematologic cancers, announced today
that it has entered into definitive agreements for the sale of an
aggregate of 3,448,276 common shares (or common share equivalents)
(each, a “Share” and, collectively, the “Shares”) and warrants to
purchase up to an aggregate of 3,448,276 common shares (each, a
“Warrant” and, collectively, the “Warrants”) at a purchase price of
US$2.61 per common share (or common share equivalent) and
accompanying Warrant in a registered direct offering (the
“Offering”) priced at-the-market under the Nasdaq Capital Market
(the “Nasdaq”) rules. The Warrants have an exercise price of
US$2.50 per share, are exercisable immediately, and will expire
five years following their date of issuance.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the Offering.
The gross proceeds from the Offering to IMV, before deducting
placement agent commissions and other offering expenses and
excluding any proceeds that may be received upon exercise of the
Warrants, are expected to be approximately US$9 million. IMV
intends to use the net proceeds from the Offering to continue the
clinical development of its lead product candidate,
maveropepimut-S, in diffuse large B cell lymphoma (DLBCL), ovarian
cancer, the completion of its ongoing basket trial and to continue
the development of its proprietary drug delivery platform (DPX®)
and for general corporate purposes. The Offering is expected to
close on or about December 20, 2022, subject to the satisfaction of
customary closing conditions.
The Offering will be made pursuant to a registration statement
on Form F-10 (File No. 333-266082), effective upon filing with the
United States Securities and Exchange Commission (the “SEC”) on
July 25, 2022 (the “Registration Statement”), and the Company’s
Canadian short form base shelf prospectus (the “Base Shelf
Prospectus”) dated July 22, 2022. IMV will offer and sell the
securities in the United States only. No securities will be offered
or sold to Canadian purchasers.
A prospectus supplement and accompanying Base Shelf Prospectus
relating to the Offering and describing the terms thereof will be
filed with the applicable securities commissions in Canada and with
the SEC in the United States and will be available for free by
visiting the Company’s profiles on the SEDAR website maintained by
the Canadian Securities Administrators at www.sedar.com or the
SEC’s website at www.sec.gov, as applicable. Electronic copies of
the prospectus supplement and accompanying Base Shelf Prospectus
may be obtained, when available, upon request by contacting H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY
10022, or by calling (212) 856-5711 or by emailing
placements@hcwco.com.
For the purpose of Toronto Stock Exchange (“TSX”) approval, the
Company intends to rely on the exemption set forth in Section 602.1
of the TSX Company Manual, which provides that the TSX will not
apply its standards to certain transactions involving eligible
interlisted issuers on a recognized exchange, such as NASDAQ,
provided that the transaction is being completed in compliance with
the requirements of such other recognized exchange
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About IMV IMV Inc. is a clinical-stage immuno-oncology
company advancing a portfolio of therapies based on the Company’s
immune-educating platform, DPX®.
IMV Forward-Looking Statements This press release contains
forward-looking information or forward-looking statements under
applicable securities laws. 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 satisfaction of the closing conditions of the Offering, the
amount of anticipated proceeds from the Offering, and the
anticipated use of proceeds from 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 Company, including market 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 in the offering documents. IMV assumes no
responsibility to update forward-looking statements in this press
release except as required by law. Investors are cautioned not to
unduly rely on these forward-looking statements and are encouraged
to read the offering documents, as well as 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221216005232/en/
Investor Relations & Media Delphine Davan Senior
Director, Communications and Investor Relations IMV Inc.
O: (902) 492.1819 ext: 1049 E: ddavan@imv-inc.com
IMV (NASDAQ:IMV)
Historical Stock Chart
From Jun 2024 to Jul 2024
IMV (NASDAQ:IMV)
Historical Stock Chart
From Jul 2023 to Jul 2024