Immunovaccine Announces $12.5 million Bought Deal Offering
26 January 2018 - 12:26AM
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION
IN THE UNITED STATES
Immunovaccine Inc. (“Immunovaccine” or the “Corporation”)
(TSX:IMV) (OTCQX:IMMVF), a clinical stage vaccine and immunotherapy
company, announced today that it has entered into a bought deal
financing agreement to sell 6,250,000 common shares of the
Corporation (the “Common Shares”) at a price of $2.00 per Common
Share for gross proceeds of $12.5 million
(the “Offering”).
The Offering will be conducted by a syndicate of
underwriters led by Echelon Wealth Partners Inc. and including
National Bank Financial Inc., and Bloom Burton Securities Inc.
(collectively, the “Underwriters”). Immunovaccine has granted the
Underwriters an over-allotment option to purchase up to an
additional 937,500 Common Shares at the offering price, exercisable
for a period of 30 days after closing. If the over-allotment option
is exercised in full, the gross proceeds from the Offering will be
approximately $14.38 million.
The Corporation intends to use the net proceeds
of the Offering to continue to advance the Corporation’s pipeline
and conduct Phase 1 basket trial in up to five indications to
be identified and for research and development, working capital,
and for general corporate purposes.
The Common Shares will be offered by way of a
short form prospectus to be filed in the provinces of British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova
Scotia and Newfoundland and Labrador.
The Offering is expected to close on or about
February 15, 2018 and is subject to customary closing conditions
including, but not limited to, Toronto Stock Exchange’s
approval.
The securities described herein have not been,
and will not be, registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), or any state
securities laws, and accordingly, may not be offered or sold within
the United States except in compliance with the registration
requirements of the U.S. Securities Act and applicable state
securities requirements or pursuant to exemptions therefrom. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
About ImmunovaccineImmunovaccine 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 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 Corp. 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. 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 in this
press release include, without limitation, statements regarding the
Offering, including the terms, potential completion and the use of
proceeds of the Offering. Although the Corporation believes the
forward-looking statements in this press release are reasonable, it
can give no assurance that the expectations and assumptions in such
statements will prove to be correct. The Corporation cautions
investors that any forward-looking statements by the Corporation
are not guarantees of future results or performance, and that
actual results may differ materially from those in forward-looking
statements as a result of various factors, including, but not
limited to, the Corporation being unsuccessful in satisfying the
conditions to closing of the Offering including, without
limitation, obtaining Toronto Stock Exchange’s approval, the
Offering may not be completed on the terms and timeline indicated,
or at all, the Corporation’s use of proceeds of the Offering may
differ from those indicated, clinical trials may not be
successfully completed and the Corporation may not receive all
regulatory approvals and the matters discussed under “Risk Factors
and Uncertainties” in Immunovaccine’s Annual Information Form filed
on March 30, 2017. 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 Officer T: (902) 492-1819 E:
Plabbe@imvaccine.com
Patti Bank, Managing Director, Westwicke PartnersO: (415)
513-1284T: (415) 515-4572 E: patti.bank@westwicke.com
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