Welcome!

News Feed Item

Immunovaccine Announces Financial Results for Quarter Ended June 30, 2014

HALIFAX, NOVA SCOTIA -- (Marketwired) -- 08/15/14 -- Immunovaccine Inc. ("Immunovaccine" or "IMV") (TSX VENTURE:IMV), a clinical stage vaccine company, today released its financial and operational results for the quarter ended June 30, 2014.

"During the second quarter, Immunovaccine presented data at the annual ASCO conference that demonstrated DPX-Survivac's mechanism of action in cancer patients, while highlighting tumor shrinkage and stabilization in an ovarian cancer patient with measurable disease," said Dr. Marc Mansour, chief executive officer of Immunovaccine. "Importantly, this first association of DPX-Survivac with a clinical benefit has generated interest from key opinion leaders from around the world, who have expressed a desire to collaborate with Immunovaccine on future clinical trials."

"Momentum with our cancer vaccine programs extends beyond the data presented at ASCO. The Dana-Farber Cancer Institute elected to use DepoVax(TM) as the underlying enhancement technology for a new HPV-related cervical and head and neck cancer vaccine. This vaccine will be the focus of a clinical study, expected to start in 2015, that will be funded by a grant from Stand Up To Cancer (SU2C) and the Farrah Fawcett Foundation," Dr. Mansour continued.

"We also continue to make steady progress with our infectious disease programs with an infectious disease vaccine against RSV expected to enter a Phase I study in 2014, and an ongoing collaboration with the NIH for a rapid response anthrax vaccine which may lead to the testing of DepoVax to combat other important diseases for which there are no vaccine today."

Highlights of the Second Quarter 2014 and Subsequent to Quarter End:

- First Ever Evidence of Clinical Benefit with DPX-Survivac - Positive results from a Phase I/Ib clinical study of the Company's lead cancer vaccine candidate, DPX-Survivac, were presented at the American Society of Clinical Oncology (ASCO) 2014 Annual Meeting. In a poster presentation at the conference, Immunovaccine highlighted promising early evidence of clinical activity for DPX-Survivac in ovarian cancer patients. One patient, who experienced a 43% reduction in tumor size, was classified as a partial response (PR) as measured by Response Evaluation Criteria In Solid Tumors (RECIST 1.1). The PR, which persisted following discontinuation of treatment, was accompanied by reduction in levels of a commonly used ovarian cancer biomarker (CA125) and a significant increase in vaccine-induced immune responses. The patient's tumor and CA125 levels remain stable eight months following initiation of the DPX-Survivac therapy demonstrating a potentially durable effect of the therapy.

- Positive Study Data Supports Combination Therapies Featuring DPX-Survivac - Positive data from clinical and preclinical vaccine studies, including DPX-Survivac, were presented at the American Association for Cancer Research (AACR) 2014 Annual Meeting. Results demonstrated that metronomic cyclophosphamide (mCPA), an immune modulating agent, enhanced the immunogenicity of DepoVax(TM)-based vaccines in preclinical cancer models consistent with previously reported Phase I data showing a similar enhancement of DPX-Survivac in patients. Importantly, the animal studies demonstrated the combination therapy's ability to eliminate advanced tumors that could not be treated with vaccine or mCPA alone. The addition of anti-PD-1 checkpoint inhibitor to the DepoVax vaccine/mCPA combination resulted in further enhanced anti-tumor activity, which allowed the treatment of more advanced tumors. The effective tumor regressions that were observed could not be achieved without the use of vaccine and the use of anti-PD-1.

- Dana-Farber to Study DepoVax(TM)-Based Cancer Vaccine - DepoVax(TM) was selected by the Dana-Farber Cancer Institute as the underlying adjuvanting technology for a new cancer vaccine that will be evaluated in a study in patients with cervical and head and neck cancer. Dana-Farber has been awarded a three-year, $1.2 million research grant from Stand Up To Cancer (SU2C) and the Farrah Fawcett Foundation to fund a Phase I clinical trial of the group's peptide cancer antigen formulated in DepoVax in patients with HPV-related cervical and head and neck cancers.

- DepoVax-Based Vaccine Protects Against Lethal Anthrax Challenge - Immunovaccine announced positive results from anthrax challenge studies showing that rabbits administered a vaccine containing mutant recombinant Protective Antigen (mrPA) formulated in DepoVax were protected against a lethal anthrax challenge at a range of antigen doses. All animals vaccinated with a single dose of mrPA - DepoVax(TM) containing as little as one third of a microgram of antigen were protected from anthrax infection. Four out of five animals vaccinated with mrPA - DepoVax(TM) containing one tenth of a microgram of antigen were also protected. These findings indicated that DepoVax(TM) can rapidly produce protection against anthrax with single doses of very little antigen.

- New Chief Executive Officer Named - Immunovaccine appointed Dr. Marc Mansour as chief executive officer. Dr. Mansour has previously served as the Company's chief operating officer and chief science officer and is a member of its board of directors.

Q2 2014 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 and comprehensive loss of $1,330,000 for Q2 Fiscal 2014 was $365,000 higher than the net loss and comprehensive loss for Q2 Fiscal 2013. This relates mainly to the $275,000 increase in research and development costs, an increase of $22,000 in business development expenses, and a $441,000 increase to accreted interest and adjustments, offset by a decrease of $373,000 in general and administrative expenses.

For the quarter ended June 30, 2014, the Company reported total R&D expenses of $980,000, less government loans and assistance of $55,000 and investment tax credits of $63,000. This represented a $238,000 increase of net R&D expenses over the three months ended June 30, 2013. G&A expenses of $188,000 were reported for Q2 Fiscal 2014 compared to $561,000 for the three months ended June 30, 2013, an overall decrease of $373,000. Total business development expenses of $214,000 in Q2 Fiscal 2014 represented an increase of $22,000 compared to the three months ended June 30, 2013.

At June 30, 2014, Immunovaccine had cash and cash equivalents of $1.7 million and working capital of $1.7 million as compared to $3.5 million in cash and $3.3 million in working capital at December 31, 2013.

As of June 30, 2014, the number of issued and outstanding common shares was 79,550,642. On June 30, 2014, the number of stock options outstanding was 4,945,716 and the number of outstanding warrants was 31,325.

Immunovaccine's unaudited interim condensed consolidated financial statements for June 30, 2014, filed in accordance with IFRS, and the management discussion and analysis (MD&A), are available at www.sedar.com.

Pursuant to terms and conditions of the Company's stock option plan, Immunovaccine has granted 400,000 stock options to the chief executive officer. The options were granted on August 14, 2014 at an exercise price of $0.71, vested immediately and are set to expire five years from the date of grant.

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:
Kimberly Stephens, Immunovaccine Inc.
T: (902) 492-1819 E: [email protected]

Tim Brons, Vida Strategic Partners (media)
T: (415) 675-7402 E: [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
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, 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.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
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...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., 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...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, 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.
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, 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.
SYS-CON Events announced today that Telecom Reseller 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, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.