HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 10, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV) is pleased to announce that it intends to complete a non-brokered private placement of a minimum of 6,666,667 common shares of the Company (the "Common Shares") and a maximum of 10,000,000 Common Shares at a price of $0.30 per Common Share for gross proceeds of a minimum of $2 million and a maximum of $3 million (the "Offering").
The Common Shares issued in connection with the non-brokered private placement will be issued pursuant to exemptions from the prospectus requirements of applicable securities laws and will be subject to a four month hold period.
Net proceeds from the Offering will be used to fund the Company's research and development activities and other corporate purposes.
The Offering is expected to close on or about February 21st, 2012, subject to the satisfaction of all necessary regulatory approvals, as well as to the satisfaction of customary closing conditions provided for in the subscription agreements.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.
Immunovaccine Inc. develops vaccines formulated in its vaccine adjuvanting 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. 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.
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.