Immunovaccine Grants Stock Options
January 20 2014 - 8:05AM
Marketwired
Immunovaccine Grants Stock Options
HALIFAX, NOVA SCOTIA--(Marketwired - Jan 20, 2014) -
Immunovaccine Inc. ("Immunovaccine" or "IMV" or "the Company")
(TSX-VENTURE:IMV), a clinical stage vaccine and immunotherapy
company, today announced that pursuant to terms and conditions of
the Company's stock option plan, it has granted 1,731,500 stock
options to employees, consultants, officers and directors.
Employees and consultants were granted an aggregate of 457,500
options and officers and directors were granted an aggregate of
1,274,000 options. The options were granted on January 17, 2014 at
an exercise price of $0.74. The options for the employees,
consultants and directors will vest in three equal tranches at 6,
12, and 18 months from date of grant and the options for the
officers will vest in three equal tranches, the first on the date
of grant and the others on the first and second anniversary of the
date of grant. All options are set to expire five years from the
date of grant.
Immunovaccine expects three trials to be initiated in 2014 with
its cancer immunotherapies, the largest of which is a randomized
Phase II trial of DPX-Survivac in ovarian cancer being sponsored
and conducted by Canada's NCIC Clinical Trials Group (NCIC CTG).
The trial is expected to begin enrolling the first of its 250
patients in 2014. Additionally, researchers at the University of
Rome have announced plans to initiate a Phase II trial of
DPX-Survivac in glioblastoma (brain cancer) patients in the first
half of 2014. A third trial, using DPX-0907 to treat breast and
ovarian cancer, is planned for initiation at Busto Arsizio Hospital
in Milan.
About Ovarian Cancer
Ovarian cancer accounts for more deaths than any other
gynecologic cancer. Symptoms do not occur until it is in the later
stages of the disease, reducing the chance for successful treatment
and remission. It kills more than 100,000 women annually around the
world. Improved surgical techniques have helped to reduce the rate
of recurrence according to some studies, but the average life
expectancy of newly diagnosed ovarian cancer patients is less than
four years.
About Glioblastoma
Glioblastoma, the most common form of brain cancer, is a
fast-growing tumor type that develops from astrocytes, a type of
glial cell present in the brain. The National Cancer Institute
estimates that more than 23,000 Americans will be diagnosed with
brain and other nervous system tumors in 2014. Glioblastoma
accounts for approximately 15 percent of all brain tumors. The
current standard of care for glioblastoma patients calls for
patients to receive maximum surgical resection combined with
radiation and concomitant and adjuvant temozolomide therapy. Newly
diagnosed glioblastoma patients have a median overall survival of
less than 24 months.
About Immunovaccine
Immunovaccine Inc. develops cancer immunotherapies and
infectious disease vaccines based on the Company's DepoVax™
platform, a patented formulation that provides controlled and
prolonged exposure of antigens and adjuvant 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 both 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.
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 use of proceeds of the
financing, 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.
Immunovaccine, Inc.Dr. Marc MansourChief Operating Officer(902)
492-1819mmansour@imvaccine.comwww.imvaccine.comVida Strategic
Partners (media)Tim Brons(415) 675-7402tbrons@vidasp.com