Immunovaccine Announces 2013 Year-End Results
HALIFAX, NOVA SCOTIA--(Marketwired - Mar 17, 2014) -
Immunovaccine Inc. (TSX-VENTURE:IMV), a clinical stage vaccine
company, today announced its financial and operational results for
the year ended December 31, 2013.
"During 2013, scientists provided compelling evidence that the
human immune system could be trained to destroy cancer cells," said
Dr Marc Mansour, chief operating officer. "These findings support
the idea that immunotherapies have the potential to shift cancer
from a life threatening disease to a chronic and manageable
condition.
"Several large pharmaceutical companies also announced during
the year that vaccines will play an important role in the
development of their cancer therapy programs. These industry trends
parallel our own approach to the development of therapeutic cancer
vaccines. With our planned trials in ovarian cancer, glioblastoma
and breast cancer expected to begin this year, IMV is well placed
to participate in this rapidly evolving industry."
Highlights of 2013 and First Quarter of 2014
• DPX-Survivac - Positive data from Immunovaccine's completed
Phase I study were presented at multiple venues throughout the
year, including the 2013 ASCO annual meeting. We believe that these
findings represent some of the strongest immune responses against a
cancer target seen to date.
Based on these promising data, Canada's NCIC Clinical Trials
Group (NCIC) agreed to sponsor and conduct a randomized Phase II
study of DPX-Survivac in patients with advanced ovarian cancer. We
expect this study to be initiated in 2014 with results available in
2017. Immunovaccine also signed an agreement with the University of
Rome for a multicenter Phase II study of DPX-Survivac in
glioblastoma patients. The study is expected to begin in 2014 and
its costs will be assumed by this University.
• DPX-0907 - Immunovaccine agreed to allow use of DPX-0907 in a
Phase I/II study of breast and ovarian cancer patients at the Busto
Arsizio Hospital in Italy. The study, which will be funded by Busto
Arsizio, is expected to be initiated in 2014.
• Infectious Diseases - Positive data from multiple studies of
DepoVax™-based anthrax vaccines were presented in 2013. An
immunogenicity study conducted as part of an ongoing bio-defense
research program with the National Institutes of Health in the U.S.
suggested a more rapid and long lasting immune response for the
DepoVax vaccine as compared to BioThrax™, the licensed anthrax
vaccine that is currently in use. Additionally, studies in rabbits
and non-human primates showed that a vaccine containing recombinant
protective antigen (PA) formulated in DepoVax protected the animals
against a lethal anthrax challenge.
Immunovaccine was also provided funding from the Canadian
government's Industrial Research Assistance Program (IRAP) to
develop a vaccine for respiratory syncytial virus (RSV), a lung
disease in children, the elderly and patients with a compromised
immune system.
• Leadership - Immunovaccine implemented changes to its
management team and board of directors designed to strengthen the
leadership of the Company. Albert Scardino was appointed as
Executive Chairman and Marc Mansour, Ph.D., was named Chief
Operating Officer. Dr. Mansour was also appointed to the board of
Directors. He was joined on the Board by Dr. Llew Keltner, in early
2014.
• Financial Prudence - Consistent with the Company's long-time
corporate strategy of capital efficiency, Immunovaccine relied on
various funding sources in 2013 to support its operations and
ongoing clinical development programs. These included a $5 million
loan from the Province of Nova Scotia announced in August 2013 and
private placements raising gross proceeds of $5.8 million.
Annual Financial Results
The Company prepares its audited annual consolidated financial
statements in accordance with Canadian generally accepted
accounting principles as established in the Handbook of the
Canadian Institute of Chartered Accountants - Part I ("CICA
Handbook"), which incorporates International Financial Reporting
Standards ("IFRS") as issued by the International Accounting
Standards Board ("IASB").
The net loss and comprehensive loss of $4,681,000 for the year
ended December 31, 2013 was $1,719,000 lower than the net loss and
comprehensive loss during the year ended December 31, 2012. This
relates mainly to the $792,000 decrease in research and development
(R&D) costs, a $470,000 decrease in accreted interest, an
increase in income tax recovery of $205,000, a decrease of $160,000
in general and administration (G&A) expenses, and a decrease of
$92,000 in business development (BD) costs.
At December 31, 2013, the Company had cash and cash equivalents
of $3,536,000 and working capital of $3,317,000, compared to
$2,002,000 and $2,064,000, respectively at December 31, 2012. For
the year ended December 31, 2013, the Company's quarterly "cash
burn rate" (defined as net loss for the period adjusted for
non-cash transactions including amortization, depreciation,
accretion of long-term debt, stock-based compensation and income
tax recovery) was approximately $1.4 million. The Company forecasts
the cash burn rate to be between $1.3 million to $1.4 million per
quarter over the next twelve months.
As of March 14, 2014, the number of issued and outstanding
common shares of the Company was 79,258,923. As of March 14, 2014,
the number of outstanding stock options was 5,242,185 and the
number of outstanding warrants was 50,925.
The Company's audited annual consolidated financial statements
for 2013, filed in accordance with IFRS, and the management
discussion and analysis (MD&A), are available at
www.sedar.com.
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 adjuvants 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 2014, in 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,
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.Kimberly Stephens(902)
492-1819kstephens@imvaccine.comwww.imvaccine.comVida Strategic
Partners (media)Tim Brons(415) 675-7402tbrons@vidasp.com