Immunovaccine Announces 2011 Third Quarter Results

HALIFAX, Nov. 8, 2011 /CNW/ - Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX-V: IMV), a clinical stage vaccine development company, released today its financial and operational results for the third quarter ended September 30, 2011 ("Q3 2011"). The Company's unaudited condensed interim consolidated financial statements for Q3 2011, filed in accordance with International Financial Reporting Standards ("IFRS"), and the management discussion and analysis (MD&A), are available at www.sedar.com.

Immunovaccine's recently appointed CEO, John Trizzino, said, "I look forward to realizing the untapped potential of Immunovaccine's DepoVax™ vaccine delivery and immune enhancement platform as we advance our clinical vaccine pipeline. Last quarter, we completed the Phase I clinical trial of DPX-0907, a therapeutic cancer vaccine, and we are expecting to publish the final results within the next few months. I am enthusiastic about taking a second cancer antigen, Survivac, into the clinic with our DepoVax technology and, now with approval from Health Canada, we have expanded our clinical sites to include locations in both the U.S. and Canada."

Highlights:

DPX-Survivac

  • Immunovaccine submitted a clinical trial application to Health Canada as a result of interest expressed by Canadian oncologists to participate in the trial for DPX-Survivac. The Company received Health Canada clearance to enter into a Phase I/II multicenter clinical trial treating patients with ovarian cancer on October 26, 2011. DPX-Survivac is a therapeutic cancer vaccine that uses survivin-based antigens formulated in the DepoVax delivery platform. In June 2011, Immunovaccine previously received approval from the FDA to proceed with human clinical trials in the U.S.

DPX-0907

  • Immunovaccine completed the Phase I clinical trial of DPX-0907, a therapeutic cancer vaccine, in patients with breast, ovarian and prostate cancers and is planning to submit a detailed analysis of the final DPX-0907 clinical trial results to a peer reviewed journal over the next few weeks. The clinical trial results show that DPX-0907 is well tolerated and can generate an antigen-specific, poly-functional CD8 T-cell immune response.

Corporate

  • John Trizzino was appointed Chief Executive Officer and Director. Mr. Trizzino is a senior executive with more than 25 years of broad industry experience. He joins Immunovaccine, most recently from Novavax Inc., where he provided strategic direction in negotiating joint ventures and licensing agreements with major pharmaceutical companies and government agencies. 
  • Immunovaccine also appointed Wayne Pisano, former President and Chief Executive Officer of Sanofi Pasteur, to its board of directors. During his 14-year career at Sanofi, Mr. Pisano played a significant role in leading the company to become the world's largest vaccine company. In conjunction with this appointment, Mr. Pisano has been granted 50,000 stock options under Immunovaccine's Stock Option Plan, exercisable at a price equal to $0.45 per common share. The options have a term of five years and vest over a period of 18 months.

Financial Results

The Company's net loss increased by $51,000 from $1,445,000 during the three month period ended September 30, 2010 to a loss of $1,496,000 in Q3 2011. Operating expenses increased by $45,000, due mainly to the $1,986,000 of expenses related to pre-clinical research on DPX-Survivac, offset by an increase of $1,255,000 in government assistance, a $229,000 decrease in expenses associated with the Phase I clinical trial of DPX-0907, a $286,000 decrease in general research and development (R&D) costs, and a decrease in general and administration (G&A) expenses of $167,000.

For Q3 2011, the Company reported total R&D expenses of $2,434,000 (less government assistance of $1,416,000 and investment tax credits of $45,000), total G&A expenses of $336,000 and total business development (BD) expenses of $158,000 compared to total R&D expenses of $1,021,000 (less government assistance of $161,000 and investment tax credits of $171,000), total G&A expenses of $503,000 and total BD expenses of $239,000 for the three month period ended September 30, 2010.

At September 30, 2011, the Company had cash resources of $4.2 million and identified additional potential cash resources of $3.8 million. For Q3 2011, the Company's "cash burn rate" (defined as net loss for the period adjusted for non-cash transactions including amortization, accreted interest, stock-based compensation and shares issued for professional services) was approximately $1.3 million. Management is of the opinion that this provides the Company with sufficient funds to execute the strategy of completing the Phase I trial of DPX-0907 and to advance the Phase I clinical trial of DPX-Survivac, while maintaining adequate working capital for the next 12 months.

As at November 8, 2011, the number of issued and outstanding common shares is 53,987,084. On September 30, 2011, the number of stock options outstanding is 5,130,650 and the number of outstanding warrants is 4,137,556.

About Immunovaccine

Immunovaccine Inc. develops vaccines formulated in its vaccine delivery platform for cancer therapy and infectious disease. The Company's DepoVax™ platform is a patented lipid delivery system that presents antigens plus adjuvant to the immune system for a prolonged period and has the potential to enhance immune responses. Immunovaccine has taken its platform technology and proprietary cancer vaccine into Phase I human trials and has demonstrated its safety and immunogenicity potential. The Company is also capitalizing on the broad potential of its delivery platform by creating new DepoVax-based vaccines through multiple development collaborations. In addition to the Company's human health vaccine strategy, it continues to capture value from animal health vaccine applications. Pfizer Animal Health has licensed the Company's delivery technology platform to develop vaccines for livestock.  Connect at www.imvaccine.com or www.twitter.com/immunovaccine

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.


SOURCE Immunovaccine Inc.

For further information:

Kimberly Stephens, CFO, Immunovaccine Inc.
T: (902) 492-1819   E: info@imvaccine.com

Madeline Desmond, Tiberend Strategic Advisors, Inc.
T: (212) 827-0020  E: mdesmond@tiberendstrategicadvisors.com

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Immunovaccine Inc.

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