HALIFAX, NS, July 23 /CNW/ - ImmunoVaccine Technologies Inc. (IVT), a
Canadian vaccine development company, has received a non-repayable
contribution of up to $260,000 from the National Research Council of Canada
Industrial Research Assistance Program (NRC-IRAP). The funding, in addition to
both technical and business-oriented advisory services, will support IVT's
development of a pipeline of proprietary therapeutic cancer and infections
disease vaccines.
"Using our proprietary DepoVax(TM) technology, we are developing vaccines
that have the potential to stimulate a long-lasting immune response in a
single dose," said Dr. Randal Chase, president and CEO of IVT. "NRC-IRAP has
been instrumental in supporting our efforts to leverage the potential of our
technology, including strengthening our patent protection along the way."
"Our strategy all along has been to develop safe and potent vaccines that
are easy to use. The NRC-IRAP support will give us the opportunity to expand
on our research and enhance IVT's future pipeline. This research will also
increase our understanding of DepoVax's mechanism of action in vivo,"
commented Dr Marc Mansour, vice president of R&D at IVT.
IVT's patented DepoVax(TM) formula has the potential to solve the current
market need for better vaccines and analysts predict the vaccine market to
grow to $23.8 billion by 2012. Presently, the company is preparing its first
therapeutic cancer vaccine for Phase 1 clinical trials.
Winner of Canada's Top 10 Life Sciences Companies, ImmunoVaccine
Technologies continues to strengthen its innovative vaccine pipeline through
licensing and strategic partnering to develop therapeutic cancer and infection
disease vaccines. In 2008, Pfizer Animal Health licensed its proprietary
DepoVax(TM) technology for two livestock vaccines. With positive pre-clinical
safety data and recent partnerships with LIAI, NIH, Yokohoma City University,
Defence Research & Development Canada and FIT Biotech, the value of
Depovax(TM) has been significantly enhanced. www.immunovaccine.com.
NRC-IRAP works with small- and medium-sized Canadian firms, providing
expertise and advice as well as potential funding in developing their
innovative ideas. Financial assistance for this project is a direct result of
the Government of Canada's Economic Action Plan outlined in Budget 2009.
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 are 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. IVT
assumes no responsibility to update forward-looking statements in this press
release.
For further information: Jennifer Ayotte, Communications, (902)
209-4704, jayotte@impactcommunications.ca
