Immunovaccine Modifies the Terms of the Finders' Fees Previously Announced

HALIFAX, NOVA SCOTIA--(Marketwire - March 30, 2012) -

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Immunovaccine Inc. (TSX VENTURE:IMV) ("Immunovaccine" or the "Company") announces that it has modified the terms of the finders' fees payable by the Company in connection with the previously closed non-brokered private placement of the Company for gross proceeds of $2.8 million. The Company paid 50% of the finders' fees by issuing 224,063 common shares at the deemed price of $0.30 per common share instead of the previously announced $0.34 per common share.

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.