Welcome!

News Feed Item

Immunovaccine Announces 2013 Year-End Results

HALIFAX, NOVA SCOTIA -- (Marketwired) -- 03/17/14 -- 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(TM)-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(TM), 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(TM) 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.

Contacts:
Immunovaccine Inc.
Kimberly Stephens
(902) 492-1819
[email protected]
www.imvaccine.com

Vida Strategic Partners (media)
Tim Brons
(415) 675-7402
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...