HALIFAX, NOVA SCOTIA--(Marketwired - May 12, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV) announces that the Investment Industry Regulatory Organization of Canada ("IIROC"), the regulation services provider of the TSX Venture Exchange, has authorized the resumption of trading in Immunovaccine's shares at 3:45 p.m. on May 12, 2014 at a price of $0.65 per share. This follows the decision by IIROC to halt trading of Immunovaccine shares at 2:46 p.m. based on perceived irregularities in trading activity. This decision was made in accordance with IIROC's Universal Market Integrity Rules (UMIR) which are designed to ensure fairness and maintain investor confidence.
After looking into the matter, IIROC determined that unintended and unreasonable trades were made as a result of a key error ("fat finger" error). This error caused a rapid and unintended decrease in the price of Immunovaccine stock. Following its investigation, IIROC has ruled that all trades in the common shares of Immunovaccine that took place prior to 2:41 p.m. on May 12, 2014 at prices below $0.65 will be cancelled or repriced to $0.65 per share.
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.