Immunovaccine Inc.

Immunovaccine Inc.

September 10, 2010 09:58 ET

Immunovaccine Announces the Filing of Its Final Short Form Prospectus

HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 10, 2010) -


Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV) is pleased to announce that it has filed a final short form prospectus dated September 9, 2010 with the securities regulatory authorities in the Provinces of British Columbia, Alberta, Ontario, Nova Scotia and Newfoundland and Labrador in connection with the offering of a minimum of 6,500,000 units and a maximum of 8,000,000 units (each, a "Unit") of the Company at the price of $1.00 per Unit, for aggregate gross proceeds of a minimum of $6,500,000 and a maximum of $8,000,000 (the "Offering"). Each Unit will consist of one common share of Immunovaccine (each, a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one Common Share upon payment of the exercise price of $1.30 per Warrant for a period of 36 months following the date of closing of the Offering.

The Offering is being led by Paradigm Capital Inc., on behalf of a syndicate of agents including Dundee Securities Corporation and Beacon Securities Limited (collectively, the "Agents") with S.P. Angel Corporate Finance LLP and Bloom Burton & Co. Inc. being members of the selling group.

The Company has granted the Agents an option, exercisable in whole or in part at any time up to 30 days after the date of closing of the Offering, to purchase an additional number of Units equal to up to 15% of the number of Units sold pursuant to the Offering at a price of $1.00 per Unit.

The Company proposes to use the net proceeds of the Offering to develop vaccine product candidates for human health using its DepoVax™ vaccine platform and for general corporate purposes. A copy of the final short form prospectus relating to the Offering may be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at or from Paradigm Capital Inc. at 95 Wellington Street West, Suite 2101, Toronto, Ontario M5J 2N7 or by calling (416) 361-9892.

The TSX Venture Exchange (the "TSXV") has conditionally approved the listing of the Common Shares, subject to Immunovaccine fulfilling the requirements of the TSXV. The Offering is subject to normal regulatory approvals and is expected to close on or about September 16, 2010.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

Immunovaccine Inc. (TSX VENTURE:IMV) is a clinical stage vaccine development company focused on the commercialization of its patented DepoVax™ vaccine delivery technology and product candidates. The company continues to strengthen its vaccine pipeline through licensing and strategic partnerships to develop therapeutic cancer and infectious disease vaccines.

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 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.

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.

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