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™-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.

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
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
DXWorldEXPO LLC announced today that "IoT Now" was named media sponsor of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
SYS-CON Events announced today that Silicon India has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Published in Silicon Valley, Silicon India magazine is the premiere platform for CIOs to discuss their innovative enterprise solutions and allows IT vendors to learn about new solutions that can help grow their business.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, discussed how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He also discussed how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
You want to start your DevOps journey but where do you begin? Do you say DevOps loudly 5 times while looking in the mirror and it suddenly appears? Do you hire someone? Do you upskill your existing team? Here are some tips to help support your DevOps transformation. Conor Delanbanque has been involved with building & scaling teams in the DevOps space globally. He is the Head of DevOps Practice at MThree Consulting, a global technology consultancy. Conor founded the Future of DevOps Thought Leade...
Jo Peterson is VP of Cloud Services for Clarify360, a boutique sourcing and benchmarking consultancy focused on transforming technology into business advantage. Clarify360 provides custom, end-to-end solutions from a portfolio of more than 170 suppliers globally. As an engineer, Jo sources net new technology footprints, and is an expert at optimizing and benchmarking existing environments focusing on Cloud Enablement and Optimization. She and her team work with clients on Cloud Discovery, Cloud ...
Everyone wants the rainbow - reduced IT costs, scalability, continuity, flexibility, manageability, and innovation. But in order to get to that collaboration rainbow, you need the cloud! In this presentation, we'll cover three areas: First - the rainbow of benefits from cloud collaboration. There are many different reasons why more and more companies and institutions are moving to the cloud. Benefits include: cost savings (reducing on-prem infrastructure, reducing data center foot print, redu...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...