IMV Inc. Announces Update on CCAA Proceedings and Sales and Investment Solicitation Process
July 26 2023 - 7:05AM
Business Wire
IMV Inc. (the “Company” or “IMV”), recently
announced an update on the Sales and Investment Solicitation
Process (the “SISP”) implemented as part of its ongoing
proceedings under the Companies' Creditors Arrangement Act (the
“CCAA”).
As previously disclosed, IMV initiated the CCAA proceedings on
May 1, 2023, to facilitate the restructuring of the Company with
the goal of implementing a transaction. Since then, the Company has
been diligently working with its advisors and stakeholders to
explore strategic alternatives that maximize value for its
stakeholders and secure the continued development of its promising
DPX platform technology and immunotherapy pipeline.
The Company has made substantial progress in the SISP and
multiple parties have expressed interest in the Company’s assets.
However, to advance ongoing discussions with interested parties in
the context of the SISP and to allow additional time to interested
parties to conduct due diligence, the Court has granted IMV an
extension of the stay period until and including August 18, 2023.
This extension will provide the necessary runway to complete
negotiations with interested parties and ultimately secure the
optimal outcome for all stakeholders involved.
Even if these negotiations are successful, the current interest
from qualified bidders in IMV is focused on its novel delivery
technology, DPX, and related intellectual property and expertise.
As a result, the Company has decided to initiate an orderly
wind-down of its clinical trials. IMV is committed to taking all
necessary measures to minimize any impact on the patients currently
enrolled in its clinical trials.
IMV remains committed to a transparent and efficient
restructuring process. The Company will continue to work closely
with its advisors, stakeholders, and the Court to ensure that all
potential options are explored thoroughly and that any transaction
pursued is in the best interest of the Company and its
stakeholders.
Shareholders and creditors are reminded that in accordance with
the Company’s CCAA proceedings, there is an ongoing claims process
and they are encouraged to carefully review the information
provided by the Court-appointed Monitor, FTI Consulting Canada. It
is important to note that claims bar dates have been established to
ensure an efficient and orderly claims resolution process. Detailed
instructions, relevant deadlines, and the necessary forms can be
accessed through the Monitor’s website:
http://cfcanada.fticonsulting.com/imv/default.htm
Further updates on the SISP and any material developments
regarding the CCAA proceedings will be provided in accordance with
applicable securities laws and as they become available. The
Company appreciates the ongoing support of its employees,
shareholders, patients, and other stakeholders as it navigates the
CCAA proceedings.
All enquiries regarding the CCAA proceedings should be directed
to the Monitor via email at: imv@fticonsulting.com or telephone:
1-416-649-8129 or 1-833-981-8009. Information about the CCAA
proceedings, including copies of all court orders, Monitor’s Report
and the SISP, are available on the Monitor’s website:
http://cfcanada.fticonsulting.com/imv/default.htm
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. 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 law. All information that addresses
activities or developments that we expect to occur in the future is
forward-looking information. Forward-looking statements use such
word 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 outcome of the CCAA
proceedings and formal sale and investment solicitation process to
secure additional financing, sell assets, or a combination thereof,
(ii) the ability of the Company to secure additional financing or
otherwise enter into a transaction. 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
the outcome of the CCAA proceedings and the capacity of the Company
to enter into a transaction that would allow the Company to pursue
its activities as a going concern. 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, but are not limited to, the ability to access capital, the
successful and, generally, the timely completion of clinical trials
and studies and the receipt of all regulatory approvals as well as
other risks detailed from time to time in our ongoing quarterly
filings and annual information form. 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, as well as its audited annual consolidated
financial statements which are available on SEDAR at
http://www.sedar.com and on EDGAR at http://www.sec.gov/edgar.
Released July 26, 2023
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726971716/en/
Investor Relations & Media Brittany Davison Chief
Accounting Officer IMV Inc. O: +1 902.492.1819 ext. 1012
bdavison@imv-inc.com
IMV (NASDAQ:IMV)
Historical Stock Chart
From Mar 2024 to Apr 2024
IMV (NASDAQ:IMV)
Historical Stock Chart
From Apr 2023 to Apr 2024