Immunovaccine Grants Stock Options

HALIFAX, NOVA SCOTIA--(Marketwire - March 9, 2012) - Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV) today announced that pursuant to terms and conditions of the Company's stock option plan, it has granted 812,500 stock options to employees, consultants, officers and directors. Employees and consultants were granted an aggregate of 377,500 options and officers and directors were granted an aggregate of 435,000 options. The options were granted on March 9, 2012 at an exercise price of $0.40, and will vest in three equal tranches at 6, 12, and 18 months from date of grant. The options are set to expire five years from the date of grant.

About Immunovaccine

Immunovaccine Inc. develops vaccines formulated in its vaccine adjuvanting platform for cancer therapy and infectious disease. The Company's DepoVax™ platform technology creates a unique depot that attracts antigen presenting cells to the site to potentially generate a rapid and robust immune response. Immunovaccine has taken its patented platform technology and proprietary cancer vaccine into Phase I human trials and has demonstrated its safety and immunogenicity potential. The Company is also capitalizing on the broad potential of its delivery platform by creating new DepoVax-based vaccines through multiple development collaborations. In addition to the Company's human health vaccine strategy, it continues to capture value from animal health vaccine applications. Pfizer Animal Health has licensed the Company's delivery technology platform to develop vaccines for livestock. 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.