Immunovaccine Adds Broad Business Operations and Capital Raising Expertise to Board of Directors with New Appointments
Halifax, Nova Scotia; September 26, 2014 – Immunovaccine Inc. (“Immunovaccine” or “IMV” or “the Company”) (TSX-V: IMV), a clinical stage vaccine and immunotherapy company, has elected Wade K. Dawe and Alfred A. Smithers to its board of directors. The appointments are effective immediately.
Albert Scardino, Chairman of Immunovaccine, said, “Mr. Dawe and Mr. Smithers are key additions to the board based on their history of success in guiding the establishment and growth of innovative Canadian companies. Their expertise in business operations and capital raising will serve the company well as we continue on our mission of developing the next-generation of novel vaccines in the areas of cancer and infectious diseases.”
Mr. Dawe is a successful entrepreneur and financier credited with raising more than $400 million for both private and public companies during the course of his career. He most recently served as Chairman and Chief Executive Officer of Brigus Gold Corp., a gold production company listed on both the NYSE and TSX. Brigus Gold Corp. was acquired by Primero Mining Corp. in March 2014. With experience in founding, building and selling a number of successful Canadian companies, Mr. Dawe recently established a new venture capital firm, Numus Financial, Inc.
Currently the President and Chief Executive Officer of Iona Resources Holdings Limited, Mr. Smithers was founder and former President and Chief Executive Officer of the Secunda Group of Companies. For six consecutive years, Secunda Marine Limited was named one of the “50 Best Managed Companies in Canada” by Deloitte & Touche. Mr. Smithers sold Secunda Marine Services to J. Ray McDermott, an NYSE-listed company, in 2007. With a history of past board appointments, Mr. Smithers currently sits on the board of directors of the Dartmouth General Hospital.
Mr. Dawe stated, “There is great excitement and potential surrounding Immunovaccine’s DepoVax™ vaccine enhancement technology and the pipeline of products that platform has generated. Whether it is playing an important role in the burgeoning immuno-oncology space, or taking a leadership position in the development of a potential Ebola virus vaccine, Immunovaccine is well positioned for success. I am excited to have the opportunity to contribute my experience to the company’s ongoing efforts.”
Mr. Smithers added, “With a range of important studies underway and planned in areas spanning various cancers, infectious diseases like Ebola virus and biodefense targets such as anthrax, the coming quarters will be quite active for Immunovaccine. Having achieved success with other companies in equally dynamic environments, I am pleased to be able to serve as a resource to the team during this exciting time.”
In conjunction with this appointment, Mr. Smithers has been granted 50,000 stock options under Immunovaccine's Stock Option Plan, exercisable at a price equal to $0.79 per common share. The options have a term of five years and vest over a period of 18 months.
Immunovaccine also announced that Stephanie Léouzon and Llew Keltner, M.D., Ph.D. are stepping down from their positions on the board. Dr. Keltner will continue to serve as a consultant to the company in the area of business development.
DepoVax™ is a patented formulation that provides controlled and prolonged exposure of antigens plus adjuvant to the immune system, resulting in a strong, specific and sustained immune response with the potential for single-dose effectiveness. The DepoVax platform is flexible and can be used with a broad range of target antigens for preventative or therapeutic applications. The technology is designed to be commercially scalable, with the potential for years of shelf life stability.
Immunovaccine Inc. develops cancer immunotherapies and infectious disease vaccines based on the Company’s DepoVax™ platform, a patented formulation that provides controlled and prolonged exposure of antigens and adjuvant to the immune system. Immunovaccine has advanced two T cell activation therapies for cancer through Phase I human clinical trials. Lead cancer vaccine therapy, DPX-Survivac, is expected to enter Phase II clinical studies in both ovarian cancer and glioblastoma (brain cancer), with Immunovaccine also exploring additional studies in other indications including lymphoma and recurrent ovarian cancer. The Company is also advancing an infectious disease pipeline including innovative vaccines for respiratory syncytial virus (RSV), anthrax and Ebola virus.
Connect at 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 except as required by law.
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Dr. Marc Mansour, Chief Executive Officer, Immunovaccine, Inc.
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Tim Brons, Vida Strategic Partners (media)
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