12 March 2019 - - The underwriters of immuno-oncology company Canadian IMV Inc.'s (NASDAQ: IMV) (TSX: IMV) have partially exercised their option to purchase additional common shares, resulting in the issuance of an additional 504,855 common shares of the company at a price of CDN 5.45 per share for additional gross proceeds of approximately CDN 2.75m (USD 2.05m), the company said.

As a result of the exercise of this option, the company has raised total gross proceeds of approximately CDN 29.46m from the offering, before deducting the underwriting commissions and offering expenses.

The company plans to use the net proceeds of the offering to accelerate the development of DPX-Survivac in combination with Keytruda as part of the basket trial select advanced or recurrent solid tumours in bladder, liver (hepatocellular carcinoma), ovarian or non-small-cell lung cancers, as well as tumours shown to be positive for the microsatellite instability high biomarker and for general corporate purposes.

Wells Fargo Securities and Raymond James acted as joint book-running managers for the offering. B. Riley FBR acted as co-manager.

IMV is a clinical stage biopharmaceutical company dedicated to making immunotherapy more effective, more broadly applicable, and more widely available to people facing cancer and other serious diseases. IMV is pioneering a new class of immunotherapies based on the company's proprietary drug delivery platform.

This patented technology leverages a novel mechanism of action that enables the programming of immune cells in vivo, which are aimed at generating powerful new synthetic therapeutic capabilities.

IMV's lead candidate, DPX-Survivac, is a T cell-activating immunotherapy that combines the utility of the platform with a target: survivin. IMV is currently assessing DPX-Survivac as a monotherapy in advanced ovarian cancer, as well as a combination therapy in multiple clinical studies in collaboration with Merck.