IMV Announces Proposed $22.3 Million Private Placement
April 30 2020 - 7:05AM
Business Wire
IMV Inc. (Nasdaq: IMV; TSX: IMV), a clinical-stage
biopharmaceutical company, today announced its intention to
complete a private placement (the “Private Placement”) of 7,797,203
units of the Company (each, a “Unit”) at the market price of
Cdn$2.86 per Unit based on the volume-weighted average price
calculated over the 5 days ending Friday, April 24, 2020.
With aggregate gross proceeds of approximately Cdn$22.3 million
this non-brokered 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 and including other
institutional 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.
Each Unit will consist 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 will have an exercise price of Cdn$3.72 and will be
exercisable until 24 months after its issuance.
The Company anticipates that the Private Placement will close on
or about May 7, 2020. The Private Placement is conditional upon the
Company receiving the conditional approval of the Toronto Stock
Exchange (the “TSX”) to list the Common Shares underlying the Units
and the Warrants on the TSX. Listing will be subject to satisfying
all of the requirements of the TSX. The Private Placement is also
subject to the requirements of the NASDAQ Stock Market
(“NASDAQ”).
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.
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 Company’s ability to obtain requisite approvals, including
approval of the TSX and NASDAQ for the Private Placement, the
Company’s ability to complete the Private Placement on the terms
described herein or at all, the anticipated closing date for the
Private Placement and the proposed use of proceeds. 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 include, but are
not limited to, the satisfaction of customary closing conditions
related to the Private Placement, including obtaining the requisite
approvals and other risks 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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