- IMV Inc. (IMV) has announced the drawdown of the remaining US$10 million available under its existing US$25 million debt facility
- The drawdown has been made available due to the site activation for its Phase 2b trial in platinum-resistant ovarian cancer
- IMV CEO believes this financing provides enough operating cash until the Q2 2023
- The proceeds will support the clinical development of product candidates within IMV’s pipeline and for general working capital purposes
- IMV Inc. (IMV) is up 1.09 per cent trading at $0.93 per share as of 3:35 p.m. ET
IMV Inc. (IMV) has announced the drawdown of the remaining US$10 million available under its existing US$25 million debt facility.
IMV stated the drawdown has been made available following the site activation for its Phase 2b AVALON trial in platinum-resistant ovarian cancer.
“The execution of our clinical team to launch the AVALON trial has permitted us to access this capital in a timely manner…Our balance sheet has been strengthened by this debt facility,” Andrew Hall, CEO of IMV, said.
Hall believes this financing provides operating cash for the company into the second quarter of 2023 which will allow it to continue to advance the development of its lead compound for Diffuse Large B-Cell Lymphoma (DLBCL) and ovarian cancer while building value through its DPX technology platform.
According to IMV, US$15 million of the US$25 million facility was already taken out back in December, $4.5 million of which was used to pay off its existing term loan with the government of Nova Scotia.
The company stated it is using remaining proceeds to support the clinical development of product candidates within its pipeline and for general working capital purposes.
To help with this financing, IMV will issue warrants to purchase up to 568,180 of its common shares priced at US$1.32 per share until December 17, 2031. 454,544 of the warrants were issued on December 17, 2021, and the remaining balance have been issued in connection with the drawdown of the available US$10 million.
IMV Inc. (IMV) is up 1.09 per cent trading at $0.93 per share as of 3:35 p.m. ET.
