|By Marketwired .||
|November 16, 2012 08:05 AM EST||
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 11/16/12 -- Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV), a clinical stage vaccine company developing the patented DepoVax(TM) vaccine-adjuvanting platform and product candidates for cancer therapy and infectious diseases, today released its financial and operational results for the quarter ended September 30, 2012.
John Trizzino, CEO of Immunovaccine, commented,
"The success of an effective therapeutic cancer vaccine will be based on a candidate that brings the right target, the right immune enhancement technology and the right therapy to the patient. The positive results from our DPX-Survivac Phase I trial validate this strategy by triggering a cancer fighting immune response in these ovarian cancer patients." He also added, "The data reported from our work on a cocaine vaccine and our focus on malaria and RSV vaccine candidates along with the expectation that these will be in human clinical trials by 2014, reinforces the value of our DepoVax(TM) platform."
Highlights of the Third Quarter 2012 and Subsequent to Quarter End:
-- Published a detailed analysis from its Phase I clinical trial of DPX- 0907 in the Journal of Translational Medicine. The published paper entitled, "First-in-Man Application of a Novel Therapeutic Cancer Vaccine Formulation with the Capacity to Induce Multi-functional T cell Responses in Ovarian, Breast and Prostate Cancer Patients," highlights positive data including targeted multi-functional immunotherapeutic responses generated by DPX-0907. -- Scott Halperin, M.D., joined the Company's scientific advisory board (SAB). Dr. Halperin strengthens the SAB's broad expertise in infectious diseases vaccine research and development, particularly in the area of clinical trial design and execution. -- Positive interim results from the Company's Phase I clinical trial of DPX-Survivac, an ovarian cancer vaccine candidate. The ongoing Phase I study is evaluating the potency, safety and tolerability of DPX-Survivac alone or in combination with low dose oral cyclophosphamide. Interim results showed that, to date, all nine patients receiving DPX-Survivac, in combination with cyclophosphamide, produced a targeted immune response following only one or two vaccine administrations. -- Positive results from a preliminary study of an anti-cocaine vaccine in collaboration with Weill Cornell Medical College. The study showed that the vaccine, which added Immunovaccine's DepoVax(TM)-adjuvanting technology to Weill Cornell's novel anti-cocaine vaccine (dAd5GNE), produced high levels of target antibodies that were able to sequester cocaine in the blood of immunized mice and block its delivery to the brain.
Q3 2012 Financial Results
The Company prepares its unaudited interim condensed consolidated financial statements in accordance with Canadian generally accepted accounting principles as set out 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 Company's net loss for the period increased from a loss of $1.5 million during the quarter ended September 30, 2011 to a loss of $1.7 million during the quarter ended September 30, 2012. This relates mainly to the $155,000 increase in general and administration expenses, a $33,000 increase in business development expenses and a $28,000 increase in research and development costs.
For the quarter ended September 30, 2012, the Company reported total R&D expenses of $1.0 million, less government loans and assistance of $191,000 and investment tax credits of $80,000. This represented a $28,000 increase over the three months ended September 30, 2011. G&A expenses of $491,000 were reported for Q3 Fiscal 2012 compared to $336,000 for the three months ended September 30, 2011, an overall increase of $155,000. Total business development expenses of $191,000 in Q3 Fiscal 2012 represented an increase of $33,000 compared to the three months ended September 30, 2011.
At September 30, 2012, Immunovaccine had cash and cash equivalents of $3.6 million and working capital of $3.7 million as compared to $5.1 million in both cash and working capital at December 31, 2011.
As of November 15, 2012, the number of issued and outstanding common shares was 63,505,152. On September 30, 2012, the number of stock options outstanding was 4,982,150 and the number of outstanding warrants was 3,732,550.
Immunovaccine's unaudited interim condensed consolidated financial statements for September 30, 2012, filed in accordance with IFRS, and the management discussion and analysis (MD&A), are available at www.sedar.com.
Amendments to its Stock Option Plan
In addition, the Board of Directors of Immunovaccine approved certain modifications to the Plan to increase the number of common shares of the Corporation reserved for issuance under the Plan from 5,300,000 to 6,250,000. The modifications to the Plan were approved by the TSX Venture Exchange on November 15, 2012.
Retains Brisco Capital Partners Corp. for Strategic Investor Relations Services
The Company is pleased to announce it has retained Brisco Capital Partners Corp ("Brisco") to provide strategic investor relations services. Brisco will aid the Company in building awareness in the financial community by introducing, maintaining and protecting relationships between the management of the Company and professional investors. Based in Calgary, Alberta, Brisco is an investor relations firm with a broad range of clients representing a cumulative market capitalization of $3.3 billion. Neither Brisco nor any of its principals have an ownership interest, directly or indirectly, in Immunovaccine.
Under the terms of the agreement with Brisco, the Company will pay Brisco a monthly fee of $7,500 and is granting Brisco 250,000 stock options under its Amended Stock Option Plan. The options are exercisable at the earlier of 24 months from the date of grant or 30 days after Brisco ceases to be engaged, at an exercise price of $0.39 per share and the options are subject to vesting over 12 months with one-quarter of the options vesting each quarter. The options follow the guidelines as set out in the Company's stock option plan and as set by TSX Venture Exchange. The consulting agreement and the options granted thereby are subject to the approval of the TSX Venture Exchange. The agreement has a term of 12 months, unless extended in writing, but may be terminated by either party with 30 days written notice.
Immunovaccine Inc. applies its novel adjuvanting platform to the development of vaccines for cancer therapy, infectious diseases and animal health. The Company's DepoVax(TM) platform is a patented formulation that provides controlled and prolonged exposure of antigens plus adjuvant to the immune system. Immunovaccine has advanced two DepoVax(TM)-based cancer vaccines into Phase I human clinical trials. The Company is also advancing a broad infectious disease pipeline including vaccines in such indications as malaria, respiratory syncytial virus (RSV) and anthrax. In addition to the Company's human health vaccine strategy, it continues to capture value from animal health vaccine applications. Immunovaccine has key partnerships in the animal health sector including an agreement with Pfizer Animal Health. 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.
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.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 8, 2016 01:15 PM EST Reads: 1,159
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Dec. 8, 2016 01:15 PM EST Reads: 716
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Dec. 8, 2016 01:00 PM EST Reads: 452
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
Dec. 8, 2016 01:00 PM EST Reads: 1,177
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
Dec. 8, 2016 12:45 PM EST Reads: 1,225
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 8, 2016 12:45 PM EST Reads: 1,733
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 12:15 PM EST Reads: 1,106
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 8, 2016 12:00 PM EST Reads: 2,180
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 8, 2016 12:00 PM EST Reads: 494
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 8, 2016 11:30 AM EST Reads: 2,329
"This is specifically designed to accommodate some of the needs for high availability and failover in a network managed system for the major Korean corporations," stated Thomas Masters, Managing Director at InfranicsUSA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:21 AM EST Reads: 223
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:00 AM EST Reads: 895
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:00 AM EST Reads: 988
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Dec. 8, 2016 10:30 AM EST Reads: 7,306
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
Dec. 8, 2016 10:30 AM EST Reads: 530