STOCKS TELEGRAPH

Tag: immunotherapy

  • IMV, Inc. (IMV) Stock Plummets Following Announcement of Pricing of its Registered Public Offering

    IMV, Inc. (IMV) stock prices were down by 24.52% shortly after market trading commenced on July 15th, 2021, bringing the price per share down to USD$1.57 early on in the trading day.

    Public Offering

    July 15th, 2021 saw the company announce the pricing of its underwritten public offering, wherein the company would oversee the sale of 14,285,714 units to the public. Each unit will be priced at USD$1.75 per unit, with the offering expected to generate gross proceeds in the amount of roughly USD$25 million, before the deduction of expenses related to the offering. The capital generated is exclusive of ay proceeds expected from the exercising of underlying warrants.

    Details of the Offering

    Each unit will be comprised of a single common share and three quarter of one common share purchase warrant. Each warrant will allow its bearer to purchase one common share at a price of USD$2.10 per common shares, with an expiry date of 60 months following the closing date of the offering. Given the satisfaction of customary closing conditions, the offering is expected to close around July 20th, 2021.

    Allocation of Capital

    The company plans to use the net proceeds from the offering for the continued clinical development of maveropepimut-S in diffuse large B cell lymphoma, breast cancer, ovarian cancer, bladder cancer, and microsatellite instability high. The funds will also be allocated towards the start of the clinical development of a new product, DPC-SurMAGE, in bladder cancer, as well as the continued development of the company’s proprietary drug delivery platform (DPX).

    Solid Liquidity Position

    IMV reported a solid liquidity position of USD$30.5 million in cash and cash equivalents as of March 31st, 2021, in addition to having access to working capital in the amount of USD$31.6 million. This is up from the USD$26.3 million in cash and cash equivalents, and USD$25.6 million in working capital as of December 31st, 2020. As per its existing plan of operations, and discounting the USD$47.7 million remaining under its USD$50 million ATM facility executed in October 2020. The company expects its funds to see its operations through to Q1 2022.

    Future Outlook for IMV

    Armed with the influx of capital from its offering further consolidating an already strong liquidity position, IMV is poised to capitalize on the opportunities afforded to it. The company is keen to leverage its extensive resources to push for a continued trajectory of success. Investors are hopeful that the management will be able to facilitate significant and sustained increases in shareholder value.

  • CEL-SCI Corp. (CVM) Stock Prices on the Rise Following Continued Development of Multikine

    CEL-SCI Corp. (CVM) Stock Prices on the Rise Following Continued Development of Multikine

    CEL-SCI Corp. (CVM) stock prices were up by 5.20% as of the market closing on June 25th, 2021, bringing the price per share up to USD$25.08 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 7.42%, bringing it up to USD$26.94.

    Bought Deal

    June 11th, 2021 saw the company announce its entering into an underwriting agreement with Kingswood Capital Market. As per the agreement, the underwriter made a purchase of 1.4 million shares of CVM’s common stock. Each share was priced at USD$22.62, with gross proceeds amounting to USD$31.7 million before the deduction of expenses related to the offering. The agreement also included a 30-day option for underwriters to purchase up to an addition 210,000 shares to cover over-allotments.

    MultikineTrial

    December 2020 saw the company’s Phase 3 head and neck cancer study complete database lock and enter the statistical analysis phase. Independent contractors have been hired to conduct the analysis process so as to ensure CVM stays blind to the study data. The company hopes to meet FDA safety and efficacy requirements, with the statistical analysis plan following the protocol states objectives. Furthermore, the company is keen to compile the clinical benefits the Multikine has the potential to provide patients that are newly diagnose, but not yet treated, for advanced primary squamous cell carcinoma of the head and neck.

    Multikine Production Facility

    With the commercial launch of Multikine looming closer, CVM has been allocating resources towards the expansion and upgrading of its proprietary cGMP manufacturing facility for Multikine. Construction began in 2020, with completion anticipated for the next several months. Upon completion, the company plans to double the facility’s capacity to accommodate two shifts for maximum production of Multikine.

    Financial Reports

    The six month period ended March 2021 saw the company report an operating loss of USD$17.3 million, up from the USD$13.6 million reported for the six month period ended March 31st, 2020. Operating loss for the quarter ended March 31st, 2021 was USD$8.5 million, up from the USD$6.7 million reported for the same time period of the prior year. The six and three-month periods ended March 31st, 2021, respectively reported USD$6.9 million and USD$3.3 million in capitalized costs.

    Future Outlook for CVM

    Armed with the nearing commercialization of Multikine, CVM is poised to continue its trajectory of success by allocating resources towards Multikine’s proliferation in the U.S and global markets. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.