HALIFAX, NOVA SCOTIA--(Marketwired - April 30, 2013) - Immunovaccine Inc. ("Immunovaccine" or "IMV") (TSX VENTURE:IMV), a clinical stage vaccine company, today announced the results of the Company's Annual General Meeting (AGM) of shareholders held on April 30, 2013.
During the AGM, the shareholders re-elected Wade K. Dawe, James W. Hall, Stephanie Léouzon, Wayne Pisano, Bradley Thompson, Ph.D., John J. Trizzino and Albert Scardino to serve on the board of directors until the next annual meeting of shareholders. Mr. Scardino will also continue his duties as non-executive chairman of the board. Former director William A. Cochrane, M.D., did not stand for re-election.
"The Board and management wish to thank Dr. Cochrane for his service and contributions to the Board," said Mr. Scardino.
The shareholders approved all motions put forth at the meeting including the appointment of PriceWaterhouseCoopers LLP, Chartered Accountants, as the Company's independent auditors.
Immunovaccine Stock Option Plan
Immunovaccine today announced that its board of directors has approved certain modifications to the Company's stock option plan. Specifically, the number of Immunovaccine common shares reserved for issuance under the plan will increase from 6,250,000 to 6,750,000. These modifications are subject to approval by the TSX Venture Exchange.
Pursuant to terms and conditions of the Company's stock option plan, Immunovaccine also announced that it has granted 514,070 stock options to employees, consultants and directors. Employees and consultants were granted an aggregate of 244,070 options, while directors were granted an aggregate of 270,000 options. The options, granted on April 30, 2013, have an exercise price of $0.28 and will vest in three equal tranches at six, 12, and 18 months from date of grant. The options are set to expire five years from the date of grant.
Immunovaccine Inc. applies its novel adjuvanting platform to the development of vaccines for cancer therapy, infectious diseases and animal health. The Company's DepoVax™ platform is a patented formulation that provides controlled and prolonged exposure of antigens plus adjuvant to the immune system. Immunovaccine has advanced two DepoVax™-based cancer vaccines into Phase I human clinical trials. The Company is also advancing a broad infectious diseases pipeline including vaccines in such indications as malaria, respiratory syncytial virus (RSV) and anthrax. In addition to the Company's human health vaccine strategy, it continues to capture value from animal health vaccine applications. Immunovaccine has key partnerships in the animal health sector including an agreement with Zoetis (formerly Pfizer Animal Health). 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.