MONTRÉAL, Feb. 16, 2018 /CNW Telbec/ - The Fonds de
solidarité FTQ is investing $5.75
million in the share capital of biopharmaceutical firm
Immunovaccine Inc. (TSX: IMV) (OTCQX: IMMVF). This transaction was
completed as part of Immunovaccine's Bought Deal Offering with
Over-allotment option fully exercised announced by the company on
February 15, 2018.
The funding will be used to develop new immunotherapies for
fighting cancer using DepoVax™, the company's proprietary drug
release platform. Immunovaccine has offices and laboratories in
Halifax and Québec City, and is
planning to increase its staff from 37 to up to 60 by 2020.
Quotes
"Immunovaccine is a platform company that
stands out by having programs in immuno-oncology and infectious
diseases at several clinical stages, generating very encouraging
preliminary results. This motivates us to invest in supporting
their R&D efforts for the various indications in their product
pipeline. We are pleased to support entrepreneurs with a successful
track record, as in this case, where some members of
Immunovaccine's management and the Chairman of the Board have
already contributed to Medicago's success. With some 15 biotechs
funded, the Fonds has one of the largest portfolio in this sector
in Québec and Canada. We are
committed to supporting this industry, which has a bright future
ahead thanks to its talent pool and innovative R&D and service
infrastructures."
Alain
Denis, Senior Vice-President, Innovation, Fonds de
solidarité FTQ
"We have the privilege of collaborating with major strategic
players in our industry and are proud to be able to count on the
Fonds de solidarité FTQ as an investor partner to enable us to
continue developing and eventually bringing our products to market.
Immunotherapy in oncology is one of the major medical breakthroughs
of the past decade and it's been proven beyond a doubt that it
works, which is why we are using our expertise in this field to
innovate and multiply tests and clinical trials that will lead to
the discovery and application of new anti-cancer
therapies."
Frédéric Ors, President and CEO,
Immunovacine
About Immunovaccine
Immunovaccine Inc. is a
clinical-stage biopharmaceutical company dedicated to making
immunotherapy more effective, more broadly applicable, and more
widely available to people facing cancer and infectious
diseases. Immunovaccine is developing T cell-activating
cancer immunotherapies based on DepoVax™, its patented
immuno-stimulating technology platform, which provides controlled
and prolonged delivery of immuno-stimulating agents to the immune
system. Immunovaccine has advanced two T cell activation
therapies for cancer through two Phase 1 human clinical trials, and
is currently conducting multiple Phase 1b and Phase 2 studies with Incyte
Corporation and Merck. These studies are assessing a
combination therapy in ovarian cancer and diffuse large B cell
lymphoma. The Company is also exploring additional applications of
DepoVax™ for infectious diseases and other therapeutic areas,
including DPX-RSV, an innovative vaccine candidate for respiratory
syncytial virus (RSV) that recently completed a Phase 1 clinical
trial. Connect at www.imvaccine.com.
About the Fonds de solidarité FTQ
The Fonds de
solidarité FTQ is a capital development fund that channels the
savings of Quebecers into investments. With $13.7 billion in net assets as at November 30, 2017, the Fonds has helped create
and maintain over 186,440 jobs. The Fonds has more than 2,700
partner companies and over 645,000 shareholder-savers.
SOURCE Fonds de solidarité FTQ
