HALIFAX, NOVA SCOTIA -- (Marketwired) -- 08/29/13 -- Immunovaccine Inc. ("Immunovaccine" or "IMV") (TSX VENTURE: IMV), a clinical stage vaccine company, today released its financial and operational results for the quarter ended June 30, 2013.
John Trizzino, CEO of Immunovaccine, commented,
"During the quarter, our cancer vaccine program grew rapidly. The NCIC Clinical Trials Group, supported by the Canadian Cancer Society, agreed to provide clinical and operational support for a Phase II study of our lead product, DPX-Survivac in advanced ovarian cancer patients. That trial is expected to begin in the new year. The company also entered into Phase II collaborations of DPX-Survivac in the treatment of glioblastoma and with DPX-0907 for breast and ovarian cancer. Both of these collaborations involve research organizations in Europe. In addition, the company received additional financial support from the Province of Nova Scotia. On August 2, 2013, the Province awarded the company a secured $5.0 million loan to help underwrite our working capital needs. These new relationships, with the NCIC CTG, the two European research centers and the Province, serve as certification of the science that forms the foundation of everything we do at Immunovaccine. These trials will provide the additional validating data that we need to move these vaccines toward our goal of delivering breakthrough therapies for patients in need."
Highlights of the Second Quarter 2013 and Subsequent to Quarter End:
-- Canada's NCIC Clinical Trials Group (NCIC), supported by the Canadian Cancer Society, will sponsor and conduct a randomized Phase II study of DPX-Survivac in patients with advanced ovarian cancer. The study is designed to assess whether IMV's vaccine therapy can delay or prevent cancer recurrence. The Phase II trial is a randomized, blinded, placebo- controlled study with DPX-Survivac in combination with low dose oral cyclophosphamide as an immune modulator. The study will enroll approximately 250 patients with ovarian cancer at an estimated 20 clinical centers. Through its sponsorship, NCIC will contribute the majority of the clinical resources and non-dilutive financial support required to complete the trial. The trial is expected to get underway in 2014 with results in 2017.-- The Province of Nova Scotia's Economic and Rural Development department is supporting IMV with a $5 million loan to be used to fund a portion of working capital through 2016. The secured loan, which was obtained on August 2, 2013, is interest bearing and repayable in 2018.-- The Company has agreed to use its lead cancer product, DPX-Survivac, in a study based in Rome designed to extend life for glioblastoma patients. The multicenter Phase II trial will be led by Professor Marianna Nuti, Ph.D., Department of Experimental Medicine at the University of Rome, and conducted in collaboration with neurosurgeons and oncologists coordinated by Professor Maurizio Salvati, M.D. Four major trial centers across Italy will be involved, with the cost of the trial being assumed by the university. The randomized, placebo-controlled study will enroll more than 50 patients with newly diagnosed brain tumors that have been maximally resected. The study is expected to start in Q4 of 2013.-- Positive results from a Phase I clinical study of DPX-Survivac were presented at ASCO 2013. In a poster presentation at the conference, Immunovaccine highlighted study results that showed ovarian cancer patients treated with DPX-Survivac combined with low dose oral cyclophosphamide experienced pronounced and persistent T cell immune responses against survivin, a protein strongly associated with several tumor types. The Company believes that these immune responses are consistent in profile to those necessary from a cancer vaccine to potentially impact disease progression.