IMV Receives NASDAQ Delisting Notice
May 08 2023 - 4:30PM
Business Wire
IMV Inc. (the “Company” or “IMV”) (Nasdaq: IMV;
TSX: IMV), a clinical-stage biopharmaceutical company developing a
portfolio of immune-educating therapies based on its novel DPX®
platform to treat solid and hematologic cancers, today announced
that it was notified by the Listing Qualifications Department of
The Nasdaq Stock Market LLC ("Nasdaq") that Nasdaq, in accordance
with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, has in
exercising its discretion determined to delist the Company's common
shares as a result of the Company's announcement on May 1, 2023
that the Nova Scotia Supreme Court had issued an initial order (the
“Initial Order”) granting the Company and its subsidiaries
protection under the Companies’ Creditors Arrangement Act (R.S.C.,
1985, c. C-36) (the “CCAA”). The Company also announced on
such date that it will seek the recognition of the Initial Order in
the United States by filing a petition commencing proceedings under
the Chapter 15 of the United States Bankruptcy Code. Nasdaq
informed the Company that trading in the Company's common shares
would be suspended at the opening of business on May 11, 2023, and
a Form 25-NSE will be filed with the United States Securities and
Exchange Commission, which will remove the Company’s common shares
from listing on the Nasdaq.
IMV previously announced on March 31, 2023, its receipt of a
letter from the Nasdaq Listing Qualifications Department regarding
its failure to meet the minimum bid price of US$1.00 per share
required for continued listing on Nasdaq pursuant to Nasdaq Listing
Rule 5550(a)(2).
About IMV
IMV Inc. is a clinical-stage biopharmaceutical company
developing a novel class of cancer vaccines based on DPX®, our
immune-educating technology platform. DPX is designed to inform a
specific, coordinated and persistent anti-tumor immune response,
improving the lives of patients with solid or hematological
cancers. DPX can package a wide range of bioactive molecules in a
single formulation to incite the tumor-killing function of
multiple, distinct immune cell subtypes. IMV’s lead therapeutic
candidate, maveropepimut-S (MVP-S), is a DPX-based cancer vaccine
that delivers antigenic peptides from survivin, a well-recognized
cancer antigen commonly overexpressed in advanced cancers. MVP-S
also delivers an innate immune activator and a universal CD4 T cell
helper peptide. Together, these elements are designed to foster
maturation of antigen presenting cells as well as robust activation
of CD8 T cell effector and memory function that drive a targeted,
sustained immune response. In our clinical trials, MVP-S treatment
has been well tolerated and has demonstrated favorable clinical
outcomes in multiple cancer indications as well as the activation
of a targeted and sustained, survivin-specific anti-tumor immune
response. MVP-S is administered in very low doses approximately
once every two months, which drives a persistent immune attack on
tumor cells. MVP-S is currently being evaluated in Phase 2B
clinical trials for advanced r/r Diffuse Large B Cell Lymphoma
(DLBCL) and platinum resistant ovarian cancer. IMV is also
developing a dual-targeted cancer vaccine candidate leveraging the
DPX delivery platform, DPX-SurMAGE. This cancer vaccine combines
antigenic peptides for both the survivin and MAGE-A9 cancer
proteins to elicit immune responses to these two distinct cancer
antigens simultaneously. For more information, visit
https://www.imv-inc.com and connect with us on Twitter and
LinkedIn.
IMV Forward-Looking Statements
This press release contains forward-looking information under
applicable securities laws. All information that addresses
activities or developments that we expect to occur in the future is
forward-looking information. Forward-looking statements use such
words as “will”, “may”, “potential”, “believe”, “expect”,
“continue”, “anticipate” and other similar terminology.
Forward-looking statements are based on the estimates and opinions
of management on the date the statements are made. In the press
release, such forward-looking statements include, but are not
limited to, statements relating to: (i) the Company’s intention to
seek recognition of the Initial Order in the United States
Bankruptcy Court, and (ii) the delisting of the Company’s common
shares from Nasdaq. Forward-looking statements 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
the outcome of the CCAA proceedings and actions by the United
States Bankruptcy Court. IMV assumes no responsibility to update
forward-looking statements in this press release except as required
by law. These forward-looking statements involve known and unknown
risks and uncertainties, and those risks and uncertainties include
the various risks detailed from time to time in our ongoing annual
and quarterly filings. Investors are cautioned not to rely on these
forward-looking statements and are encouraged to read IMV’s
continuous disclosure documents, including its current annual
information form, its audited annual consolidated financial
statements, and its annual report on Form 20-F, which are available
on SEDAR at http://www.sedar.com and on EDGAR at
http://www.sec.gov/.
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Investor Relations & Media
Brittany Davison Chief Accounting Officer IMV Inc.
O: +1 902.492.1819 ext. 1012 bdavison@imv-inc.com
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