Immunovaccine Announces Withdrawal of Preliminary Prospectus

HALIFAX, NOVA SCOTIA--(Marketwired - May 7, 2014) -

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Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV) announced today that, in light of current market conditions, it has determined not to proceed with its previously announced overnight marketed public offering of common shares at this time and is withdrawing its preliminary short form prospectus previously filed on May 6, 2014. The Company does not intend, as well, to move forward with the contemplated concurrent private placement of common shares.

Albert Scardino, Executive Chairman of the Board of Directors of Immunovaccine stated: "While there was interest from new investors and key current shareholders indicated their continued support for the Company, the board of directors considered that the proposed terms of the offering were not in the best long-term interest of the Company. We sincerely appreciate the support of our long-term shareholders."

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 adjuvants 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 2014, in 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, 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.