Immunovaccine Announces a Proposed Equity Offering

HALIFAX, NOVA SCOTIA--(Marketwired - Aug. 25, 2014) -

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Immunovaccine Inc. ("Immunovaccine", "IMV", or the "Company") (TSX VENTURE:IMV), a clinical stage vaccine and immunotherapy company, announces its intention to undertake an overnight marketed offering of approximately $5 million common shares (the "Offering").

The Offering is to be effected in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and Newfoundland and Labrador by way of a prospectus supplement to Immunovaccine's base shelf prospectus dated August 27, 2012. The number of common shares (the "Common Shares") to be distributed and the price of each common share will be determined in the context of the market with final terms to be determined at the time of pricing. Mackie Research Capital Corporation will be the lead underwriter and sole bookrunner on behalf of a syndicate of underwriters including Maxim Group LLC and Cormark Securities Inc. (together, the "Underwriters") on the Offering.

The Company has granted to the Underwriters an over-allotment option (the "Over-Allotment Option"), which entitles the Underwriters to acquire at any time up to 30 days following the closing of the Offering, at the same issue price as the Offering, up to an additional 15% of the Common Shares distributed in the Offering.

The Company expects to close the Offering during the week of September 1, 2014, subject to satisfaction of customary closing conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, such as the approval of the TSX Venture Exchange, and the entering into of an underwriting agreement among the Company and the Underwriters.

The net proceeds of the Offering will be used to advance the research and development and clinical advancement of the Company's cancer and infectious vaccine candidates and for general corporate and working capital purposes.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Immunovaccine

Immunovaccine Inc. develops cancer immunotherapies and infectious disease vaccines based on the Company's DepoVax™ platform, a patented formulation that provides controlled and prolonged exposure of antigens and adjuvant to the immune system. Immunovaccine has advanced two T cell activation therapies for cancer through Phase I human clinical trials. Lead cancer vaccine therapy, DPX-Survivac, is expected to enter Phase II clinical studies in both ovarian cancer and glioblastoma (brain cancer). The Company is also advancing an infectious disease pipeline including innovative vaccines for respiratory syncytial virus (RSV) and anthrax.

Connect at www.imvaccine.com.

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, including information regarding the use of proceeds of the financing, is forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. 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 access to capital, the successful completion of clinical trials and receipt of all regulatory approvals. Immunovaccine Inc. assumes no responsibility to update forward-looking statements in this press release except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.