IMV Inc. (IMV), a biopharmaceutical company, has seen a decline of 9.09% in the premarket trading session. As a result of that decline, IMV stock is currently changing hands at $1.60. That has come after IMV stock closed the day at $1.76 on Friday after a gain of $1.76. Apparently, no pushing factor, like SEC filing or any news, has caused this decline in IMV stock. So, for the moment, let’s discuss some recent developments related to IMV.
Q2 2021 financial results
On the 11th of August, IMV reported the quarterly results for the second quarter of the fiscal year 2021, which ended 30th June 2021. According to the details, the company had cash and cash equivalents of $22.8 million at the end of the quarter. The research and development expenses for the quarter stood at $5.2 million for the quarter, as compared to $3.8 million for an equivalent period of 2020. The general and administrative expenses for the quarter were $3.4 million, while for an equivalent period of 2020, they were $2.2 million. The government assistance during the quarter was around $1.2 million, while for an equivalent period of 2020, the government’s assistance was around $1 million. The net loss for the quarter stood at $7.4 million, or $0.11 per share, while during the equivalent period of 2020, the net loss was $4.8 million, or $0.08 per share. The company also announced the upcoming milestones. They included the initiation of investor lead study in breast cancer during the 3rd quarter of 2021. It also included the initiation of phase clinical study in bladder cancer during 2nd half of fiscal 2021, besides other projects. Andrew Hall, interim Chief Executive Officer of IMV stated on the occasion that IMV is undergoing a critical transformation and focusing on delivering tangible clinical and scientific data to support its developmental programs.
Results of IMV’s clinical trial
On the 10th of August, IMV announced the topline results for its DeCidE1 Phase 2 clinical trial. The trial was meant to evaluate the maveropepimut-S in subjects with advanced recurrent ovarian cancer. Secondary endpoints of the study included an extensive analysis of the biological samples which were meant for the study. Dr. Oliver Dorigo, Principal Investigator of the DeCidE1 study and Director of the Gynecologic Oncology Service at Stanford University, said that the results obtained from the study were quite promising. He further went on to say that the company believes that these results support the further clinical study of maveropepimut-S in ovarian cancer.
Appointment of CSO
On the 9th of June, IMV announced the appointment of Jeremy R. Graff, Ph.D. as Chief Scientific Officer (CSO). Graff has experience of over 20 years in the subjects of preclinical and clinical research. Before that appointment, Graff was serving as the Chief Development Officer and Senior Vice President, Research at HiberCell. Fred Ors, Chief Executive Officer at IMV said that the company looks forward to the leadership of Graff.
What’s ahead for IMV?
Recent performances of IMV stock are encouraging to an extent, as compared to the performance of last year. IMV stock has increased by 8.64% during the last month, while during last year, it has declined by some 60%. So, this depicts increasing investor confidence in IMV stock.
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