|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.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, 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. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Feb. 23, 2017 04:15 AM EST Reads: 1,158
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 23, 2017 03:45 AM EST Reads: 3,762
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 23, 2017 03:45 AM EST Reads: 6,575
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Feb. 23, 2017 03:00 AM EST Reads: 1,622
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 23, 2017 03:00 AM EST Reads: 1,859
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
Feb. 23, 2017 01:15 AM EST Reads: 1,103
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Feb. 23, 2017 12:45 AM EST Reads: 1,335
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Feb. 23, 2017 12:00 AM EST Reads: 1,703
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Feb. 22, 2017 10:45 PM EST Reads: 675
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 22, 2017 09:45 PM EST Reads: 6,716
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Feb. 22, 2017 08:45 PM EST Reads: 1,411
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 22, 2017 08:45 PM EST Reads: 1,340
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Feb. 22, 2017 08:45 PM EST Reads: 1,876
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
Feb. 22, 2017 07:45 PM EST Reads: 7,827
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 22, 2017 07:30 PM EST Reads: 1,214