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Immunovaccine Announces Year-End 2017 Financial ResultsHALIFAX, Nova Scotia, March 20, 2018 (GLOBE NEWSWIRE) -- Immunovaccine Inc. (TSX:IMV) (OTCQX:IMMVF), a clinical stage immuno-oncology corporation, today released its financial and operational results for the fiscal year ended December 31, 2017. “2017 was a truly pivotal year for Immunovaccine. We released our first clinical efficacy results, with the topline data for our lead product candidate, DPX-Survivac, in recurrent ovarian cancer. This announcement reflects our most significant clinical milestone so far for two major reasons: it supports the potential of the novel anti-cancer activity of DPX-Survivac; and reduces the risk-profile of our future clinical developments, thus providing, we believe, a solid foundation for our ambitious development plan,” said Frederic Ors, Immunovaccine’s Chief Executive Officer. “We continued the significant expansion of our immuno-oncology clinical program in 2017 by adding two phase 2 clinical trials in collaboration with Merck. In addition, we continued to advance our phase 1b study in ovarian cancer with Incyte, and our partnered and early-stage programs experienced several significant milestones. Taken together, we have strengthened our value proposition in 2017, and will be well positioned for the next stage of our growth in 2018.” Clinical program updates from 2017 include: DPX-Survivac
Other programs
“Our fundamental immuno-oncology offering has evolved significantly in the past few years, and 2018 will likely prove to be another very active, expansive year for our Corporation,” added Mr. Ors. “We will hold our first investor day in New York City on April 10, where KOLs will share their perspectives on our novel approach and its clinical applications and benefits. We plan to publish clinical data from our multiple clinical programs in oncology with our partners Incyte and Merck, further expand our immuno-oncology program, and continue to leverage the novel aspects of our technology and the potential of our clinical candidates to deliver value to our shareholders and partners.” Anticipated upcoming clinical milestones for the Corporation’s lead product DPX-Survivac include:
Overview of 2017 Financial Results The net loss and comprehensive loss of $12,028,000 ($0.10 per share) for the year ended Dec. 31, 2017, was $3,132,000 higher than the net loss and comprehensive loss for the year ended Dec. 31, 2016. This relates mainly to a $1,733,000 increase in research and development (R&D) expenses, a $1,644,000 increase in general and administrative expenses, a $543,000 increase in business development and investor relations expenses - offset by a $540,000 decrease in accreted interest and no impairment loss in 2017. At December 31, 2017, the corporation had cash and cash equivalents of $14,909,000 and working capital of $13,627,000, compared with $13,547,000 and $12,982,000, respectively at December 31, 2016. For the year ended December 31, 2017, the corporation's cash burn rate (defined as net loss for adjusted for non-cash transactions including amortization, depreciation, accretion of long-term debt and stock-based compensation) was approximately $9.7-million. Based on the current business plan, the corporation forecasts the cash burn rate to be between $12-million and $14-million over the next 12 months. As of March 20, 2018, the number of issued and outstanding common shares was 137,106,558, the number of stock options outstanding was 4,078,780, the number of outstanding deferred share units was 596,246, and the number of outstanding warrants was 6,680,313. The corporation's audited annual consolidated financial statements for 2017 and the related management's discussion and analysis (MD&A) are available on SEDAR. About Immunovaccine Immunovaccine Inc. is a clinical-stage biopharmaceutical corporation dedicated to making immunotherapy more effective, more broadly applicable, and more widely available to people facing cancer and infectious diseases. Immunovaccine develops T cell activating cancer immunotherapies and infectious disease vaccines based on DepoVax™, the Corporation’s patented platform that provides controlled and prolonged exposure of antigens and adjuvant to the immune system. Immunovaccine has advanced two T cell activation therapies for cancer through Phase 1 human clinical trials and is currently conducting a Phase 1b study with Incyte Corporation assessing lead cancer therapy, DPX-Survivac, as a combination therapy in ovarian cancer. The Corporation is also exploring additional applications of DepoVax™, including DPX-RSV, an innovative vaccine candidate for respiratory syncytial virus (RSV), which has recently completed a Phase 1 clinical trial. Immunovaccine also has ongoing clinical projects to assess the potential of DepoVax™ to address malaria and the Zika virus. Connect at www.imvaccine.com. Immunovaccine Forward-Looking Statements Contacts for Immunovaccine: MEDIA INVESTOR RELATIONS Patti Bank, Managing Director, Westwicke Partners |