Immunovaccine Announces 2011 Year-End Results
- Clinical Advancement of DPX-0907 and DPX-Survivac - Pivotal Partnerships Advancing Our Infectious Diseases Pipeline - Combination of Non-Dilutive and Equity Funding Totaling $5.7M
(firmenpresse) - HALIFAX, NOVA SCOTIA -- (Marketwire) -- 04/20/12 -- 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."
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 .
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 .
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.
Contacts:
Immunovaccine Inc.
Kimberly Stephens
CFO
(902) 492-1819
Tiberend Strategic Advisors, Inc.
Andrew Mielach
(212) 827-0020
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Datum: 20.04.2012 - 06:05 Uhr
Sprache: Deutsch
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