Immunovaccine Announces Closing of $14.375 million Bought Deal Offering with Over-allotment option exercised in full
February 15 2018 - 9:00AM
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DISSEMINATION IN THE UNITED STATES
Immunovaccine Inc. (“Immunovaccine” or the “Corporation”)
(TSX:IMV) (OTCQX:IMMVF), a clinical stage vaccine and immunotherapy
company, announced today that it has closed the previously
announced bought deal public offering (the “Offering”) of
common shares of the Corporation (the “Common Shares”),
including exercise of the over-allotment option in full. An
aggregate of 7,187,500 Common Shares were issued at a price of
$2.00 per Common Share, raising gross proceeds of
$14.375 million.
“This bought deal offering will enable us to
continue expanding our world-class immuno-oncology clinical
program. We are grateful for the continued support and commitment
from investors who have been with the Corporation for many years,
and we are very pleased to welcome the new institutional investors
who participated in this funding round,” said Pierre Labbé, Chief
Financial Officer at Immunovaccine. “We look forward to continuing
maximizing the value in our technology and in our advancing
clinical programs.”
The Offering was conducted by a syndicate of
underwriters (the “Underwriters”) led by Echelon Wealth Partners
Inc. and including National Bank Financial Inc. and Bloom Burton
Securities Inc.
The Corporation intends to use the net proceeds
of the Offering to continue to advance the Corporation’s pipeline
and conduct a Phase 1 basket trial in up to five indications
to be identified, for research and development, working capital,
and for general corporate purposes.
Certain insiders of the Corporation participated
in the Offering and purchased an aggregate of 2,500,000 Common
Shares. Participation of insiders of the Corporation in the
Offering constitutes a “related party transaction” as defined under
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions (“MI 61-101”), but is exempt from
the formal valuation and minority shareholder approval requirements
of MI 61-101, as neither the fair market value of securities
being issued to insiders nor the consideration being paid by
insiders will exceed 25% of the Corporation’s market
capitalization. None of the Corporation’s directors has expressed
any contrary views or disagreements with respect to the foregoing.
The Corporation did not file a material change report 21 days prior
to the closing of the Offering as the details of the participation
of the insiders of the Corporation had not been confirmed at that
time.
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 shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
About Immunovaccine
Immunovaccine 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 infectious
diseases. Immunovaccine is developing T cell-activating
cancer immunotherapies based on its patented immuno-stimulating
technology platform, which provides controlled and prolonged
delivery of immuno-stimulating agents to the immune
system.
Immunovaccine has advanced two T cell
activation therapies for cancer through Phase 1 human clinical
trials, and is currently conducting multiple Phase 1b and Phase 2
studies with Incyte Corporation and Merck. These studies
are assessing lead candidate, DPX-Survivac, as a combination
therapy in ovarian cancer and diffuse large B cell lymphoma. The
Corporation is also exploring additional applications of its
platform for infectious diseases and other therapeutic areas.
DPX-RSV is an innovative vaccine candidate for respiratory
syncytial virus (RSV), which has recently completed a Phase 1
clinical trial. Connect at www.imvaccine.com.
Immunovaccine Forward-Looking
StatementsThis 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
in this press release include, without limitation, statements
regarding the Offering, including the use of proceeds of the
Offering. Although the Corporation believes the forward-looking
statements in this press release are reasonable, it can give no
assurance that the expectations and assumptions in such statements
will prove to be correct. The Corporation cautions investors that
any forward-looking statements by the Corporation are not
guarantees of future results or performance, and that actual
results may differ materially from those in forward-looking
statements as a result of various factors, including, but not
limited to, the Corporation’s use of proceeds of the Offering may
differ from those indicated, clinical trials may not be
successfully completed and the Corporation may not receive all
regulatory approvals and the matters discussed under “Risk Factors
and Uncertainties” in Immunovaccine’s Annual Information Form filed
on March 30, 2017. Immunovaccine Inc. assumes no
responsibility to update forward-looking statements in this press
release except as required by law.
Contacts for Immunovaccine:
MEDIA Mike Beyer, Sam Brown Inc. T: (312)
961-2502 E: mikebeyer@sambrown.com
INVESTOR RELATIONS Pierre Labbé, Chief
Financial Officer T: (902) 492-1819 E: Plabbe@imvaccine.com
Patti Bank, Managing Director, Westwicke Partners O: (415)
513-1284 T: (415) 515-4572 E: patti.bank@westwicke.com
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