SYS-CON MEDIA Authors: Yeshim Deniz, Elizabeth White, Sean Houghton, Glenn Rossman, Ignacio M. Llorente

News Feed Item

Immunovaccine Announces 2013 Year-End Results

HALIFAX, NOVA SCOTIA -- (Marketwired) -- 03/17/14 -- Immunovaccine Inc. (TSX VENTURE: IMV), a clinical stage vaccine company, today announced its financial and operational results for the year ended December 31, 2013.

"During 2013, scientists provided compelling evidence that the human immune system could be trained to destroy cancer cells," said Dr Marc Mansour, chief operating officer. "These findings support the idea that immunotherapies have the potential to shift cancer from a life threatening disease to a chronic and manageable condition.

"Several large pharmaceutical companies also announced during the year that vaccines will play an important role in the development of their cancer therapy programs. These industry trends parallel our own approach to the development of therapeutic cancer vaccines. With our planned trials in ovarian cancer, glioblastoma and breast cancer expected to begin this year, IMV is well placed to participate in this rapidly evolving industry."

Highlights of 2013 and First Quarter of 2014

- DPX-Survivac - Positive data from Immunovaccine's completed Phase I study were presented at multiple venues throughout the year, including the 2013 ASCO annual meeting. We believe that these findings represent some of the strongest immune responses against a cancer target seen to date.

Based on these promising data, Canada's NCIC Clinical Trials Group (NCIC) agreed to sponsor and conduct a randomized Phase II study of DPX-Survivac in patients with advanced ovarian cancer. We expect this study to be initiated in 2014 with results available in 2017. Immunovaccine also signed an agreement with the University of Rome for a multicenter Phase II study of DPX-Survivac in glioblastoma patients. The study is expected to begin in 2014 and its costs will be assumed by this University.

- DPX-0907 - Immunovaccine agreed to allow use of DPX-0907 in a Phase I/II study of breast and ovarian cancer patients at the Busto Arsizio Hospital in Italy. The study, which will be funded by Busto Arsizio, is expected to be initiated in 2014.

- Infectious Diseases - Positive data from multiple studies of DepoVax™-based anthrax vaccines were presented in 2013. An immunogenicity study conducted as part of an ongoing bio-defense research program with the National Institutes of Health in the U.S. suggested a more rapid and long lasting immune response for the DepoVax vaccine as compared to BioThrax™, the licensed anthrax vaccine that is currently in use. Additionally, studies in rabbits and non-human primates showed that a vaccine containing recombinant protective antigen (PA) formulated in DepoVax protected the animals against a lethal anthrax challenge.

Immunovaccine was also provided funding from the Canadian government's Industrial Research Assistance Program (IRAP) to develop a vaccine for respiratory syncytial virus (RSV), a lung disease in children, the elderly and patients with a compromised immune system.

- Leadership - Immunovaccine implemented changes to its management team and board of directors designed to strengthen the leadership of the Company. Albert Scardino was appointed as Executive Chairman and Marc Mansour, Ph.D., was named Chief Operating Officer. Dr. Mansour was also appointed to the board of Directors. He was joined on the Board by Dr. Llew Keltner, in early 2014.

- Financial Prudence - Consistent with the Company's long-time corporate strategy of capital efficiency, Immunovaccine relied on various funding sources in 2013 to support its operations and ongoing clinical development programs. These included a $5 million loan from the Province of Nova Scotia announced in August 2013 and private placements raising gross proceeds of $5.8 million.

Annual Financial Results

The Company prepares its audited annual consolidated financial statements in accordance with Canadian generally accepted accounting principles as established in the Handbook of the Canadian Institute of Chartered Accountants - Part I ("CICA Handbook"), which incorporates International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

The net loss and comprehensive loss of $4,681,000 for the year ended December 31, 2013 was $1,719,000 lower than the net loss and comprehensive loss during the year ended December 31, 2012. This relates mainly to the $792,000 decrease in research and development (R&D) costs, a $470,000 decrease in accreted interest, an increase in income tax recovery of $205,000, a decrease of $160,000 in general and administration (G&A) expenses, and a decrease of $92,000 in business development (BD) costs.

At December 31, 2013, the Company had cash and cash equivalents of $3,536,000 and working capital of $3,317,000, compared to $2,002,000 and $2,064,000, respectively at December 31, 2012. For the year ended December 31, 2013, the Company's quarterly "cash burn rate" (defined as net loss for the period adjusted for non-cash transactions including amortization, depreciation, accretion of long-term debt, stock-based compensation and income tax recovery) was approximately $1.4 million. The Company forecasts the cash burn rate to be between $1.3 million to $1.4 million per quarter over the next twelve months.

As of March 14, 2014, the number of issued and outstanding common shares of the Company was 79,258,923. As of March 14, 2014, the number of outstanding stock options was 5,242,185 and the number of outstanding warrants was 50,925.

The Company's audited annual consolidated financial statements for 2013, filed in accordance with IFRS, and the management discussion and analysis (MD&A), are available at www.sedar.com.

About Immunovaccine

Immunovaccine Inc. develops cancer immunotherapies and infectious disease vaccines based on the Company's DepoVax™ platform, a patented formulation that provides controlled and prolonged exposure of antigens and adjuvants to the immune system. Immunovaccine has advanced two T cell activation therapies for cancer through Phase I human clinical trials. Lead cancer vaccine therapy, DPX-Survivac, is expected to enter Phase II clinical studies in 2014, in ovarian cancer and glioblastoma (brain cancer). The Company is also advancing an infectious disease pipeline including innovative vaccines for respiratory syncytial virus (RSV) and anthrax.

Connect at www.imvaccine.com.

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 except as required by law.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
This builds on Puppet Labs' first class Windows support, including native .MSI packages for x32 and x64 operating systems, modules to extend common Windows server management tools, including Powershell, and integrations with Microsoft Azure and Visual Studio. By automating common Windows administration tasks, Puppet Labs is enabling users to adopt DevOps practices, thereby reducing the time needed to deploy applications from weeks to hours.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.