Fonds de solidarité FTQ disclosed today that it had invested $5.75 million in Immunovaccine Inc. (TSX: IMV; OTCQX: IMMVF), as part of a $14.375 million bought deal closed on February 15, 2018.
Immunovaccine issied 7,187,500 common shares, including exercise of the over-allotment option in full, at a price of $2.00 per share to raise gross proceeds of $14.375 million.
The offering was conducted by a syndicate of underwriters led by Echelon Wealth Partners Inc. and including National Bank Financial Inc. and Bloom Burton Securities Inc.
McCarthy Tétrault LLP and Gowling WLG (Canada) LLP acted as legal counsel to Immunovaccine and the underwriters respectively.
Halifax, Nova Scotia based Immunovaccine intends to use the net proceeds to continue to advance its pipeline and conduct a Phase 1 basket trial in up to five indications to be identified, for research and development, working capital, and for general corporate purposes.
Immunovaccine Inc. is a clinical-stage biopharmaceutical company. Immunovaccine has advanced two T cell activation therapies for cancer through Phase 1 human clinical trials, and is currently conducting multiple Phase 1b and Phase 2 studies with Incyte Corporation and Merck. These studies are assessing lead candidate, DPXSurvivac, as a combination therapy in ovarian cancer and diffuse large B cell lymphoma. The Corporation is also exploring additional applications of its platform for infectious diseases and other therapeutic areas. DPX-RSV is an innovative vaccine candidate for respiratory syncytial virus (RSV), which has recently completed a Phase 1 clinical trial.
photo credit: Immunovaccine