IMV Announces Closing of US$9 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
20 Diciembre 2022 - 11:37AM
Business Wire
IMV Inc. (“IMV” or the “Company”) (NASDAQ: IMV; TSX: IMV), a
clinical-stage biopharmaceutical company advancing a portfolio of
therapies based on the Company’s immune-educating platform, DPX®,
to potentially treat solid and hematologic cancers, announced today
the closing of its previously announced registered direct offering
(the “Offering”) for the sale of an aggregate of 3,448,276 common
shares (or common share equivalents) (each, a “Share” and,
collectively, the “Shares”) and warrants to purchase up to an
aggregate of 3,448,276 common shares (each, a “Warrant” and,
collectively, the “Warrants”) at a purchase price of US$2.61 per
common share (or common share equivalent) and accompanying Warrant
priced at-the-market under the Nasdaq Capital Market (the “Nasdaq”)
rules. The Warrants have an exercise price of US$2.50 per share,
are exercisable immediately, and will expire five years following
their date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the Offering.
The gross proceeds from the Offering to IMV, before deducting
placement agent commissions and other offering expenses and
excluding any proceeds that may be received upon exercise of the
Warrants, were approximately US$9 million. IMV intends to use the
net proceeds from the Offering to continue the clinical development
of its lead product candidate, maveropepimut-S, in diffuse large B
cell lymphoma (DLBCL), ovarian cancer, the completion of its
ongoing basket trial and to continue the development of its
proprietary drug delivery platform (DPX®) and for general corporate
purposes.
The Offering was made pursuant to a registration statement on
Form F-10 (File No. 333-266082), effective upon filing with the
United States Securities and Exchange Commission (the “SEC”) on
July 25, 2022 (the “Registration Statement”), and the Company’s
Canadian short form base shelf prospectus (the “Base Shelf
Prospectus”) dated July 22, 2022. IMV offered and sold the
securities in the United States only. No securities were offered or
sold to Canadian purchasers.
A prospectus supplement and accompanying Base Shelf Prospectus
relating to the Offering and describing the terms thereof was filed
with the applicable securities commissions in Canada and with the
SEC in the United States and is available for free by visiting the
Company’s profiles on the SEDAR website maintained by the Canadian
Securities Administrators at www.sedar.com or the SEC’s website at
www.sec.gov, as applicable. Electronic copies of the prospectus
supplement and accompanying Base Shelf Prospectus may be obtained
upon request by contacting H.C. Wainwright & Co., LLC, 430 Park
Avenue, 3rd Floor, New York, NY 10022, or by calling (212) 856-5711
or by emailing placements@hcwco.com.
For the purpose of Toronto Stock Exchange (“TSX”) approval, the
Company relied on the exemption set forth in Section 602.1 of the
TSX Company Manual, which provides that the TSX will not apply its
standards to certain transactions involving eligible interlisted
issuers on a recognized exchange, such as NASDAQ, provided that the
transaction is being completed in compliance with the requirements
of such other recognized exchange
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About IMV
IMV Inc. is a clinical-stage immuno-oncology company advancing a
portfolio of therapies based on the Company’s immune-educating
platform, DPX®.
IMV Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements under applicable securities laws. 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. In the press
release, such forward-looking statements include, but are not
limited to, statements regarding the anticipated use of proceeds
from the Offering. 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 known and unknown risks and uncertainties affecting
the Company, including market conditions, access to capital, the
successful design and completion of clinical trials, the receipt
and timely receipt of all regulatory approvals and other risks
detailed in the offering documents. IMV assumes no responsibility
to update forward-looking statements in this press release except
as required by law. Investors are cautioned not to unduly rely on
these forward-looking statements and are encouraged to read the
offering documents, as well as IMV’s continuous disclosure
documents, including its current annual information form, as well
as its audited annual consolidated financial statements which are
available on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov/edgar.
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Investor Relations & Media
Delphine Davan Senior Director, Communications and
Investor Relations IMV Inc. O: (902) 492.1819 ext: 1049
E: ddavan@imv-inc.com
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