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Tag: IMV stock

  • IMV Inc. Undergoes Drastic Shifts to Attain High Value

    IMV Inc. (NASDAQ: IMV) is a biotech player which describes itself as an ‘immuno-ocology company’. It has recently undertaken a number of major restructuring initiatives which it claims is part of a wider value-creating strategy.

    IMV Downsizes a Third of its Total Strength

    IMV is presently cutting down its staff size by 33%, in lieu of an operational shift, it has initiated, which will see its focus exclusively placed on the DPX platform, in which its prime candidate, MVP-S is currently under development. The decision comes following less than favorable trial results of its other candidates. MVP-S focuses primarily upon immuno-ocology. Another area where this restructure has been observed has been in the board structure, where Brittany Davison has been promoted to IMV’s Chief Accounting Officer and has been replaced by Saman Maleki, a Professor of Medical Biophysics, Pathology, and Oncology. The move highlights a shift to a more technically well-versed governance structure, better able to provide leadership to the company, given its broader ambitions.

    The Wider IMV Reorientation

    IMV’s decision to downsize and refocus resources on the DPX platform does not come in isolation. The move is part of a company-wide reorientation aiming at ensuring cash optimization. By letting go of low-promise trial candidates, IMV is essentially accelerating its Maveropepimut class of trials which are approaching several value-creating milestones within the short term. The move would boost the company’s financial sustainability as a whole, and help shed high-risk baggage with low prospects. Results of the chosen trials appear highly promising and give the company a much-needed go-ahead to proceed to phase IIb trials.

    Conclusion

    IMV stock sees itself as being at a turning point, which is essentially a make-or-break junction for the company. The recent downsizing must be in no way a last-ditch effort at ensuring survival. It is rather an acceleration in IMV’s most valuable domains.

  • Why did IMV Inc. (IMV) shares rallied on Friday?

    IMV Inc. (IMV) shares surged 31.29% in pre market trading on Monday, July 26, 2021, and moved at $2.14 per share. Earlier, IMV’s stock gained 18.12% to close Friday’s morning session at $1.63. IMV stock fallen 67.47% over the last 12 months, and they have moved up by 18.12% in the past week. Over the past three months, the stock has lost 41.37%, while over the past six months, it has declined 55.71%.

    Let’s see is there any recent news or development behind its positive momentum?

    Closing of the public offer of IMV stock 

    On July 20, 2021, IMV Inc closed its previously–announced underwritten public offering of 14,285,714 units at a price to the public of US$1.75 per Unit.

    Each Unit is comprised of one common share and three-quarters of one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share at US$2.10 per common share.

    The company will get gross proceeds of approximately US$25 million.

    Voting results from IMV AGM

    On June 18, 2021, IMV Inc announced the voting results from its annual and special meeting of shareholders held on June 18, 2021. All resolutions were accepted including the election of directors, based on the votes received.

    New appointment

    IMV Inc appointed Jeremy R. Graff, Ph.D. as Chief Scientific Officer, effective as of June 14, 2021. Dr. Graff brings over 20 years of experience in preclinical and clinical research and translational analysis for novel immune-activating therapeutics in oncology.

    Participation in the investor conferences

    IMV Inc recently participated in Sachs and Associates, 7ᵗʰ Annual Immuno-oncology Innovation Forum Panel, which was held on Wednesday, May 19, 2021.

    The company also took part in the Family Office Investor Event – Healthcare & Biotech TSX Showcase which was held on Wednesday, May 19, 2021.

    Recent IMV financial results announcement

    On May 12, 2021, IMV Inc announced its financial results for the first quarter ended March 31, 2021.

    Q1 2021 financial highlights

    • Research and development expenses were $4.7 million in Q1 2021 compared to $5.1 million for the three months ended March 31, 2020.
    • In Q1 2021, general and administrative expenses were$3.2 million compared with $2.3 million for the three months ended March 31, 2020.
    • The company suffered a net loss of $7.0 million or $0.10 per share in Q1 2021 compared to a $7.2 million net loss or $0.14 per share for Q1 2020.
    • The Company had cash and cash equivalents of $30.5 million and working capital of $31.6 million on March 31, 2021, compared with $36.3 million and $35.6 million, respectively as of December 31, 2020.

    Conclusion

    Well, as of this writing, there is no reason which could justify its exceptional performance on Friday. we hope that IMV will continue its surge in the new week as well.

  • 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.