HALIFAX, NOVA SCOTIA--(Marketwired - April 16, 2013) - The National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) has provided a financial contribution of up to $407,700 to Immunovaccine Inc. ("Immunovaccine" or "IMV") (TSX VENTURE:IMV) for development of a vaccine for respiratory syncytial virus (RSV), a common lung disease in children, the elderly and patients with a compromised immune system. The funding will be used to advance Immunovaccine's RSV program, including the formulation of RSV antigens in IMV's patented DepoVax™ vaccine adjuvanting technology. Extensive preclinical research has demonstrated the ability of DepoVax™ to generate rapid and robust immune responses required for protection against infectious diseases.
"There is no vaccine currently available to protect against this disease. It is second only to influenza as a killer of vulnerable people, taking an estimated 160,000 lives around the world each year," said John Trizzino, chief executive officer of Immunovaccine. "We are grateful to the IRAP Industrial Technology Advisors for being proactive in working with our company to assist in identifying and supporting research that is directed to the most technically challenging aspects of new product development. We very much appreciate that IRAP recognizes the value in this research and is providing essential non-dilutive funding to help advance this important program."
The funding will help IMV prepare for the first human trial of its DepoVax™ platform technology in infectious diseases. To date, Immunovaccine has completed Phase I clinical trials with two cancer vaccines and its first animal vaccine, for use in cattle, is expected to move into commercial production in 2014.
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 capability for single-dose effectiveness. The DepoVax™ platform possesses impressive flexibility, allowing it to work with a broad range of target antigens in various therapeutic applications. The technology is also commercially scalable, with potential for years of stability and ease of use in the clinic.
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.