QUÉBEC CITY, April 30, 2020
/CNW Telbec/ - The Fonds de solidarité FTQ (the "Fonds" will
invest $7.5 million in IMV
Inc. ("IMV") (Nasdaq: IMV); (TSX: IMV) to support the
development of highly innovative immunotherapies and of a potential
vaccine against COVID-19. A co‑lead investor with Lumira Ventures
in this financing round, the Fonds has been a partner of IMV since
February 2018.
IMV, whose management team is based in Québec, is currently
working on a vaccine candidate against COVID-19. IMV is a
clinical-stage biopharmaceutical company pioneering a novel class
of cancer-targeted immunotherapies and vaccines against infectious
diseases based on its proprietary delivery technology, DPX. The
unique mechanism of action of the DPX platform generates a specific
immune response against a target, here the novel coronavirus. In
clinical studies in oncology and infectious diseases, the DPX
platform has demonstrated the potential to be used widely,
including in older adults and people with weakened immune systems.
Fully synthetic, the vaccine candidate has the potential for fast
and large-scale manufacturing to supply a significant number of
doses rapidly.
Intial studies for the candidate virus are ongoing with the
Centre Hospitalier Universitaire de Québec and Université
Laval's Centre de Recherche en
Infectiologie. The first human clinical trials are planned for
July, namely in collaboration with the McGill
University Health Center.
"This investment by the Fonds de solidarité FTQ in IMV reflects
our desire to support the development of innovative solutions for
unmet medical needs. This has guided our involvement in the life
sciences sector since our first investment in 1989 in Biochem
Pharma, the Québec company that developed and commercialized 3TC
against HIV/AIDS. Thanks to its world-class researchers,
state-of-the-art research infrastructure and the availability of
capital, Québec's biopharmaceutical industry is well positioned to
take up today's human health challenges, and the Fonds de
Solidarité FTQ will continue to support it," said Janie Béïque, the
Fonds' Executive Vice-President, Investments.
"Faced with the COVID-19 pandemic, the IMV team quickly
identified a path for the development of a vaccine. This speaks to
the vitality of the Québec life sciences sector. The arrival of
Lumira Ventures as an investor, in addition to the CTI Life
Sciences Fund which is reinvesting in the company, shows that
homegrown companies can also get local financial support in these
difficult times. When the investment ecosystem rallies together,
great things can be accomplished, for the benefit of all," said
Didier Leconte, Vice-President,
Investments, Life Sciences and Funds of Funds at the Fonds.
The Fonds de solidarité FTQ has invested $1.6 billion since 1989 to support the Québec
life sciences sector. With nine members, including a senior
scientific advisor, its specialized life sciences team invests
directly in companies and in specialized life sciences investment
funds.
This private placement is subject to the usual closing
conditions, including regulatory approval.
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
$16.7 billion in net assets as at
November 30, 2019, the Fonds has
helped create and protect more than 215,000 jobs. The Fonds has
over 3,100 partner companies and upwards of 700,000
shareholders-savers.
SOURCE Fonds de solidarité FTQ
