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- Clinical Advancement of DPX-0907 and DPX-Survivac

Fri, 04/20/2012 - 4:45am
The Associated Press

(http://www.imvaccine.com/)

Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:

IMV), a clinical stage vaccine development company focused on

advancing its patented DepoVax vaccine adjuvanting platform and

product candidates for cancer therapy and infectious diseases,

released today its financial and operational results for the year

ended December 31, 2011.

"2011 was a year of significant progress for Immunovaccine, both in

the clinic and as a company. Among the noteworthy accomplishments for

the year, the value of our DepoVax platform was affirmed by the

positive results of our Phase I study of DPX-0907 for breast, ovarian

and prostate cancer, and then through the initiation of the Phase 1

clinical study of DPX-Survivac", commented John Trizzino, CEO; "This

momentum has since carried into 2012 with the completion of a private

placement financing and the initiation of research agreements to

advance bio-defense vaccines and to develop a vaccine for cocaine

addiction - two high profile and potentially high value initiatives."

Highlights of the Year

DPX-Survivac

-- Initiated the Phase I clinical trial of DPX-Survivac and vaccinated the

first patient in December 2011. The Phase I clinical trial is being

conducted in eight clinical sites in the US and in Canada, having

received clearance for both Phase I and Phase II clinical trials by

regulators in both countries. The Phase I is an open label clinical

trial designed to evaluate the safety of two DPX-Survivac dosing

regimens in approximately 15 patients. The goal of the Phase I clinical

trial is to establish the safety and immune activity of DPX-Survivac in

patients with advanced ovarian cancer.

DPX-0907

-- Completed the Phase I clinical trial of DPX-0907, a therapeutic cancer

vaccine, in patients with breast, ovarian and prostate cancers. The

clinical trial results show that DPX-0907 is well tolerated and can

generate a targeted antigen-specific, poly-functional CD8 T-cell immune

response.

Corporate

-- Awarded $2.9 million from the Atlantic Canada Opportunities Agency

(ACOA), under the Atlantic Innovation Fund (AIF) in March 2011. This

non-dilutive funding is enabling Immunovaccine to develop new

diagnostics to identify specific subsets of cancer patient populations

that would benefit most from receiving DepoVax-based vaccine therapies.

This funding is also aiding the development of additional methods for

measuring vaccine activity, which will help the Company design future

Phase II clinical trials.

-- Appointed John J. Trizzino as Chief Executive Officer and Director to

the Board of Directors, in September 2011. As a senior executive with

more than 25 years of broad industry experience, Mr. Trizzino has been

instrumental in creating joint ventures, licensing agreements and sales

to major pharmaceutical companies and government agencies.

-- Appointed Brad Thompson, Ph.D., co-founder and Chief Executive of

Oncolytics Biotech Inc., and Wayne Pisano, former President and Chief

Executive Officer of Sanofi Pasteur, to the Company's Board of

Directors.

Highlights of the first quarter of 2012

Corporate and Business Development

-- Raised gross proceeds of $2.8 million through its non-brokered private

placement on March 7, 2012. Immunovaccine issued 9,294,005 common shares

at the price of $0.30 per common share.

-- Signed a research agreement with Weill Cornell Medical College to

advance a vaccine for treating cocaine addiction. The project will

combine Cornell's novel cocaine antigen with Immunovaccine's DepoVax

adjuvanting platform to strengthen the immune response shown in research

animals in previous studies at the College.

-- Entered a research collaboration to advance the development of next

generation bio-defense vaccines against the most threatening biological

agents. These novel vaccine candidates will be evaluated as part of a US

National Institutes of Health (NIH) funded study, initiated in the first

quarter of 2012.

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 ("CICA Handbook"). In 2010, the CICA Handbook

was revised to incorporate International Financial Reporting Standards

(IFRS) and requires publicly accountable enterprises to apply such

standards effective for years beginning on or after January 1, 2011.

Accordingly, the Company is reporting on this basis in their annual

audited consolidated financial statements for the year-ended December

31, 2011.

As a result of having two vaccine candidates in Phase I clinical

trials in 2011, the Company's net loss increased from a loss of $5.7

million, during the year ended December 31, 2010 to a loss of $6.8

million during the year ended December 31, 2011. While expenses rose

relating to pre-clinical and clinical research expenses for DPX-0907

and DPX-Survivac by $2.9 million, these costs were offset by a

decrease in general and administration expenses, general research and

development costs not related to the clinical or pre-clinical trials,

business development costs and stock-based compensation by $393,000,

$370,000, $252,000 and $421,000, respectively.

As at December 31, 2011, the Company had cash resources of $5 million

and identified additional potential cash resources of $2 million. For

the year ended December 31, 2011, the Company's "cash burn rate"

(defined as net loss for the period adjusted for non-cash transactions

including amortization, accretion of long-term debt and adjustments,

stock-based compensation and shares issued for professional services),

was approximately $1.47million per quarter. Management believes the

Company has sufficient funds to execute the strategy of completing the

Phase I trial of DPX-Survivac, executing business development efforts

and pre-clinical collaborations on infectious diseases, while

maintaining adequate working capital for the next twelve months.

As of April 19, 2012, the number of issued and outstanding common

shares was 63,505,152. On December 31, 2011, the number of stock

options outstanding was 4,299,650 and the number of outstanding

warrants was 4,137,556.

The Company's audited annual consolidated financial statements for

2011, filed in accordance with IFRS, and the management discussion and

analysis (MD&A), are available at www.sedar.com(http://www.sedar.com).

Retains Capital Ideas Research for Strategic Investor Relations

Services

Effective April 16, 2012, Immunovaccine has retained Capital Ideas

Research ("Capital Ideas") to provide strategic investor relations

services. Under the terms of the agreement, the Company will pay

Capital Ideas a monthly fee of $4,000 for select strategic

communication services. The initial contract term is 12 months and

commences immediately. Neither Capital Ideas nor any of its principals

have an ownership interest, directly or indirectly, in Immunovaccine

or its securities, nor has the Company granted Capital Ideas or its

principals any rights to acquire any such interests.

About Immunovaccine

Immunovaccine Inc. develops vaccines formulated in its vaccine

delivery 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. Connect at

www.imvaccine.com(http://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.

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