Immunovaccine Inc. (TSX:IMV) (OTCQX:IMMVF), a clinical stage
immuno-oncology company, today released its financial and
operational results for the third quarter ended September 30,
2017.
“We have had another successful quarter at
Immunovaccine, during which we continued to advance our clinical
program in conjunction with our partners Incyte, Merck, and
Dana-Farber Cancer Institute,” said Frederic Ors, Immunovaccine’s
Chief Executive Officer. “In addition, our early stage programs
experienced several significant milestones. Taken together, we
believe that this has strengthened our value proposition across the
full spectrum of our research and development operations.”
Clinical program updates from third quarter 2017 and to date
include:
- Completing enrollment in the 100mg epacadostat dose cohort, and
initiating recruitment of the 300mg epacadostat dose cohort, for
the Company’s Phase 1b clinical trial with Incyte Corporation,
which is evaluating DPX-Survivac, mCPA and epacadostat in advanced
ovarian cancer patients.
- Receiving regulatory clearance from Health Canada (shortly
following the end of the quarter) to allow initiation of a Phase 2
clinical trial evaluating the combination of DPX-Survivac, mCPA and
Merck’s checkpoint inhibitor, pembrolizumab, in diffuse large
B-cell lymphoma (DLBCL).
Operational highlights of the third quarter 2017 and to date
include:
- Breakthrough process established for DPX-NEO
program: Technological achievements in synthesizing a
broad range of diverse peptides in the DPX-NEO program may enable
Immunovaccine to address some of the major roadblocks to bringing
these types of novel therapies to market.
- Veterinary vaccine milestones reached in the
Zoetis collaboration: The Company’s
long-standing animal health contract with Zoetis to develop cattle
vaccines achieved multiple research milestones, which will allow
Zoetis to advance two Immunovaccine-formulated vaccine candidates
into late stage testing.
- Extension of the Province of Nova Scotia loan
maturity date: Shortly after the quarter ended,
Immunovaccine received a two-year extension of the maturity of the
loan authorized in 2013. Under terms of the agreement, the original
maturity date of August 9, 2018 was extended to August 9,
2020.
Anticipated upcoming milestones
include:
- Q4 2017: Anticipated topline results for the
100mg epacadostat dosing cohort in the Phase 1b trial in
collaboration with Incyte will mark the first clinical efficacy
results of DPX-Survivac on active tumors.
- 1H 2018: Additional topline data are expected
from the 300mg epacadostat dosing cohort in the Phase 1b Incyte
trial.
- 1H 2018: Early data are expected from the
Phase 2 combination trial evaluating Merck’s pembrolizumab and
DPX-Survivac in ovarian cancer.
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
Chartered Professional Accountants of Canada – Accounting Part I
(“CPA Canada Handbook”), which incorporates International Financial
Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board (“IASB”).
The net loss and comprehensive loss of
$2,122,000 or $0.02 per basic and diluted share for the quarter
ended September 30, 2017 was $223,000 higher than the net loss and
comprehensive loss for the three months ended September 30, 2016.
This relates mainly to an increase in expenses of $468,000 in
research and development, $203,000 in general and administrative,
$119,000 in business development and investor relations costs and
$142,000 in accreted interest. This increase in expenses was
partly offset by a $514,000 increase in government assistance and
no impairment loss in 2017.
For the nine months ended September 30, 2017,
the net loss and comprehensive loss was $7,098,000 or $0.06 per
basic and diluted share, $1,943,000 higher compared to the same
period in 2016. This relates mainly to a decrease in revenues
of $130,000 and an increase in expenses of $617,000 in research and
development, $539,000 in general and administrative, $494,000 in
business development and investor relations costs and $472,000 in
accreted interest. This was partly offset by a $114,000
increase in government assistance and no impairment loss in
2017.
At September 30, 2017, Immunovaccine had cash
and cash equivalents of $16,595,000 and working capital of
$16,735,000 as compared to $13,547,000 in cash and $12,982,000 in
working capital as at December 31, 2016.
As of November 9, 2017, the number of issued and
outstanding common shares was 127,729,709, the number of stock
options outstanding was 4,894,773, the number of outstanding
deferred share units was 557,524 and the number of outstanding
warrants was 7,938,221.
About
ImmunovaccineImmunovaccine Inc. is a clinical-stage
biopharmaceutical company 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 Company’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 Company 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
StatementsThis 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.
Contacts for Immunovaccine:
MEDIA Mike Beyer, Sam Brown
Inc.T: (312) 961-2502 E: mikebeyer@sambrown.com
INVESTOR RELATIONSPierre Labbé, Chief
Financial OfficerT: (902) 492-1819 E:
info@imvaccine.com
Patti Bank, Managing Director, Westwicke
PartnersO: (415) 513-1284T: (415) 515-4572 E:
patti.bank@westwicke.com
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