HALIFAX, NOVA SCOTIA--(Marketwired - Jan 20, 2014) - Immunovaccine Inc. ("Immunovaccine" or "IMV" or "the Company") (TSX VENTURE:IMV), a clinical stage vaccine and immunotherapy company, today announced that pursuant to terms and conditions of the Company's stock option plan, it has granted 1,731,500 stock options to employees, consultants, officers and directors. Employees and consultants were granted an aggregate of 457,500 options and officers and directors were granted an aggregate of 1,274,000 options. The options were granted on January 17, 2014 at an exercise price of $0.74. The options for the employees, consultants and directors will vest in three equal tranches at 6, 12, and 18 months from date of grant and the options for the officers will vest in three equal tranches, the first on the date of grant and the others on the first and second anniversary of the date of grant. All options are set to expire five years from the date of grant.
Immunovaccine expects three trials to be initiated in 2014 with its cancer immunotherapies, the largest of which is a randomized Phase II trial of DPX-Survivac in ovarian cancer being sponsored and conducted by Canada's NCIC Clinical Trials Group (NCIC CTG). The trial is expected to begin enrolling the first of its 250 patients in 2014. Additionally, researchers at the University of Rome have announced plans to initiate a Phase II trial of DPX-Survivac in glioblastoma (brain cancer) patients in the first half of 2014. A third trial, using DPX-0907 to treat breast and ovarian cancer, is planned for initiation at Busto Arsizio Hospital in Milan.
About Ovarian Cancer
Ovarian cancer accounts for more deaths than any other gynecologic cancer. Symptoms do not occur until it is in the later stages of the disease, reducing the chance for successful treatment and remission. It kills more than 100,000 women annually around the world. Improved surgical techniques have helped to reduce the rate of recurrence according to some studies, but the average life expectancy of newly diagnosed ovarian cancer patients is less than four years.
Glioblastoma, the most common form of brain cancer, is a fast-growing tumor type that develops from astrocytes, a type of glial cell present in the brain. The National Cancer Institute estimates that more than 23,000 Americans will be diagnosed with brain and other nervous system tumors in 2014. Glioblastoma accounts for approximately 15 percent of all brain tumors. The current standard of care for glioblastoma patients calls for patients to receive maximum surgical resection combined with radiation and concomitant and adjuvant temozolomide therapy. Newly diagnosed glioblastoma patients have a median overall survival of less than 24 months.
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). The Company is also advancing an infectious disease pipeline including innovative vaccines for respiratory syncytial virus (RSV) and anthrax.
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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, including information regarding the use of proceeds of the financing, 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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