HALIFAX, Nova Scotia, May 01, 2018 (GLOBE NEWSWIRE) -- Immunovaccine Inc. (TSX:IMV)(OTCQX:IMMVF), a clinical stage immuno-oncology corporation, today announced that at the annual and special meeting of shareholders held on May 1, 2018, the share consolidation as described in the management information circular filed on April 4, 2018 (the “Circular”) was approved by the shareholders at 99.85% of the shares voted.

“As our Company continues to evolve, getting closer to bringing a new class of immunotherapies to patients in disease areas with unmet or under-served medical needs, we have the opportunity to broaden our investor base and further bolster our financial position,” said Frederic Ors, Chief Executive Officer, Immunovaccine Inc. “We are grateful for the overwhelming support of our shareholders at today’s vote, who helped us take the proactive step of positioning our Company for long term growth and value derivation.”

Share Consolidation

Based on the proxies received and the votes on a show of hands with respect to the adoption of a special resolution to approve the share consolidation, the results are as follows:

 RESOLUTIONVotes cast FOR% of votes cast FOR AGAINSTPercentage (%) AGAINST
Special Resolution for the approval of the share consolidation such that the trading price of the post-consolidation Shares is at a minimum of US$5 per post-consolidation69,373,739 99.85%101,2640.15%

Election of Directors

Based on the proxies received and the votes on a show of hands, the following individuals were elected as directors of the Corporation until the next annual shareholders’ meeting. Accordingly, the results are set out below:

 Name of NomineeVotes cast FOR% of votes cast FORWITHHELDPercentage (%) WITHHELD
Andrew Sheldon68,083,60099.50%345,5220.50%
James H. Hall68,347,11599.88%82,0070.12%
Frederic Ors68,329,16599.85%99,9570.15%
Wayne Pisano68,344,64599.88%84,4770.12%
Albert Scardino68,326,66599.85%102,4570.15%
Alfred Smithers68,329,19599.85%99,9270.15%
Shermaine Tilley68,353,14599.89%75,9770.11%

Change of Name

Based on the proxies received and the votes on a show of hands with respect to the adoption of an ordinary resolution for the approval of the Amended and Restated Shareholder Rights Plan, the results are as follows:

RESOLUTIONVotes cast FOR% of votes cast FORAGAINSTPercentage (%) AGAINST
Special Resolution for the approval to amend its articles to change the name of the Corporation from “Immunovaccine Inc.” to “IMV Inc.” 69,438,605 99.95% 36,7570.05%

Appointment of Auditors

Based on the proxies received and the votes on a show of hands, PricewaterhouseCoopers, LLP, Chartered Accountants, was appointed as independent auditor of the Corporation for the ensuing year and the directors are authorized to fix their remuneration, with the following results:

 RESOLUTIONVotes cast FOR% of votes cast FOR WITHHELDPercentage (%) WITHHELD
Appointment of Auditor 69,445,02599.96%30,3380.04%

About Immunovaccine

Immunovaccine Inc. is a clinical stage biopharmaceutical company dedicated to making immunotherapy more effective, more broadly applicable, and more widely available to people facing cancer and other serious diseases. Immunovaccine is pioneering a new class of immunotherapies based on the Company’s proprietary drug delivery platform. This patented technology leverages a novel mechanism of action that enables the reprogramming of immune cells in vivo, which are aimed at generating powerful new synthetic therapeutic capabilities. Immunovaccine’s lead candidate, DPX-Survivac, is a T cell activating immunotherapy that combines the utility of the platform with a target: survivin. Immunovaccine is currently conducting three Phase 2 studies with Incyte and Merck assessing DPX-Survivac as a combination therapy in ovarian cancer and diffuse large B-cell lymphoma. Connect at www.imvaccine.com.

Immunovaccine Forward-Looking Statements

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 Corporation, 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.

Contacts for Immunovaccine:

Mike Beyer, Sam Brown Inc.
T: (312) 961-2502 E: mikebeyer@sambrown.com

Pierre Labbé, Chief Financial Officer
T: (902) 492-1819 E: info@imvaccine.com

Patti Bank, Managing Director, Westwicke Partners
O: (415) 513-1284
T: (415) 515-4572 E: patti.bank@westwicke.com