ImmunoVaccine Inc. (IMV: CA) has entered into a bought deal financing agreement to sell 7,692,308 common shares of the corporation at a price of $1.30 per common share for gross proceeds of approximately $10-million.

The offering will be conducted through a syndicate of underwriters led by Echelon Wealth Partners Inc. and National Bank Financial Inc., and including Mackie Research Capital Corp. ImmunoVaccine has granted the underwriters an overallotment option to purchase up to an additional 1,153,846 common shares at the offering price, exercisable for a period of 30 days after closing. If the overallotment option is exercised in full, the gross proceeds from the offering will be approximately $11.5-million.

The corporation intends to use the net proceeds of the offering to advance the company’s various DepoVax-based products clinical studies and for general corporate and working capital purposes.

The common shares will be offered by way of a short form prospectus to be filed in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, and Newfoundland and Labrador.

The offering is expected to close on or about June 21, 2017, and is subject to customary closing conditions, including, but not limited to, Toronto Stock Exchange’s approval.

About ImmunoVaccine Inc.

ImmunoVaccine is a clinical-stage biopharmaceutical company dedicated to making immunotherapy more effective, more broadly applicable and more widely available to people facing cancer and infectious diseases. ImmunoVaccine develops T-cell-activating cancer immunotherapies and infectious disease vaccines based on DepoVax, the corporation’s patented platform 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 1 human clinical trials and is currently conducting a phase 1b study with Incyte Corp. and a phase 2 study with Merck assessing lead cancer therapy, DPX-Survivac, as a combination therapy in ovarian cancer. The corporation is also exploring additional applications of DepoVax, including DPX-RSV, an innovative vaccine candidate for respiratory syncytial virus, which has recently completed a phase 1 clinical trial. ImmunoVaccine also has continuing clinical projects to assess the potential of DepoVax to address malaria and the Zika virus.

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