HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 23, 2011) - Immunovaccine Inc. (TSX VENTURE:IMV) ("Immunovaccine"), a vaccine development company, announces that, further to the Company's announcement of September 12, 2011, John J. Trizzino commences his role as the new Chief Executive Officer and Director of Immunovaccine, effective today.
In connection with Mr. Trizzino's appointment as Chief Executive Officer, and as an inducement to his employment, Immunovaccine's Board of Directors approved the grant of a stock option to Mr. Trizzino to purchase up to 1,860,000 shares of Immunovaccine's common stock at an exercise price of $0.37 per share, expiring on September 26, 2016. Under the Stock Option Plan ("the Plan"), the options will vest in three equal tranches; the first on the date of grant and the others on the first and second anniversary of the date of grant.
In addition, the Board of Directors of Immunovaccine approved certain modifications to the Plan to increase the number of common shares of the Corporation reserved for issuance under the Plan from 4,500,000 to 5,300,000 and to include a definition of "change of control" and specify the rights of the Board of Directors upon the occurrence of same. The modifications to the Plan were approved by the TSX Venture Exchange on September 15, 2011.
Immunovaccine Inc. develops vaccines formulated in its vaccine delivery platform for cancer therapy and for the prevention of 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. In addition to its own clinical trials, the Company is capitalizing on the broad potential of its delivery platform by creating new DepoVax-based vaccines through strategic partnerships. Pfizer Animal Health has also licensed the Company's delivery platform to develop vaccines for livestock.
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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.
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