Annual Financial Results
The Company prepares its audited annual consolidated financial statements in accordance with Canadian generally accepted accounting principles as established in the Handbook of the Canadian Institute of Chartered Accountants - Part I ("CICA Handbook"), which incorporates International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").
The net loss and comprehensive loss of $6,400,000 for the year ended December 31, 2012 was $406,000 lower than the net loss and comprehensive loss during the year ended December 31, 2011. This relates mainly to the $906,000 decrease in R&D costs, a $47,000 decrease in accreted interest and an income tax recovery of $27,000, offset by a $439,000 increase in G&A expenses and an increase of $135,000 in BD costs.
At December 31, 2012, the Company had cash and cash equivalents of $2,001,000 and working capital of $2,064,000, as compared to $5,071,000 and $5,133,000, respectively at December 31, 2011. For the year ended December 31, 2012, the Company's quarterly "cash burn rate" (defined as net loss for the period adjusted for non-cash transactions including amortization, depreciation, accretion of long-term debt, stock-based compensation and income tax recovery) was approximately $1.4 million. The Company forecasts the cash burn rate to be between $1.0 million to $1.6 million per quarter over the next twelve months.
As of March 28, 2013, the number of issued and outstanding common shares of the Company was 68,412,996. As of March 28, 2013, the number of outstanding stock options was 5,229,650, and the number of outstanding warrants was 3,732,550.
The Company's audited annual consolidated financial statements for 2012, filed in accordance with IFRS, and the management discussion and analysis (MD&A), are available at www.sedar.com.
Amendment to Contract with Brisco Capital Partners Corp.
In 2012, the Company retained Brisco Capital Partners Corp ("Brisco") to provide strategic investor relations services. This contract was amended on March 28, 2013. Under the terms of the amended agreement with Brisco, the Company will pay Brisco a fee of $5,000 for each full working day of services provided by Brisco to the Company at the Company's request.
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 1 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, former animal health division of Pfizer. 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 except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vida Strategic Partners (media)
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