DARTMOUTH, Nova Scotia, & CAMBRIDGE, Mass.–(BUSINESS WIRE)–IMV Inc. (“IMV“or the”Company”) (NASDAQ: IMV; TSX: IMV), a clinical-stage company developing a portfolio of immune-educating therapies based on its novel DPX® solid and hematological cancer treatment platform, today announced that on November 22, 2022, the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the market value of the listed securities of the Company (“MVLS”) over the past 30 consecutive business days was less than the required minimum of US$35 million for continued Nasdaq listing under Nasdaq Listing Rule 5550(b)(2).
The notification letter is only a notification of deficiency and has no immediate effect on the listing or trading of IMV common stock. The Company will continue to trade on the Nasdaq Capital Market under the symbol “IMV”, subject to the Company’s compliance with other listing requirements. The Company’s common shares are also listed on the Toronto Stock Exchange, and the Notice Letter does not affect the Company’s compliance status with respect to such listing.
The letter also said the company would have a compliance period of 180 calendar days, or until May 22, 2023, to regain compliance under Nasdaq listing rule 5810(c)(3)(C) . If at any time before May 22, 2023, the company’s MVLS closes at US$35 million or more for at least ten consecutive business days, Nasdaq will provide written notification that the company has achieved compliance with the requirements of the MVLS, and the case will be closed. If the Company does not regain compliance by May 22, 2023, the Company could be subject to debarment.
The Company’s business operations are not affected by the receipt of the notification letter and the Company fully intends to return to compliance with the Nasdaq listing rules. The Company will actively monitor its MVLS and evaluate all available options to regain compliance with the Nasdaq Continuous Listing Criteria.
Special meeting of shareholders
Shareholders are reminded at the next special meeting of shareholders to consider the proposed consolidation of the total issued and outstanding shares of IMV. Two leading independent proxy advisors have recommended that IMV shareholders vote FOR the proposed stock consolidation. The special meeting will be held on December 7, 2022 at 11 a.m. (Eastern time). We encourage you to vote your shares well in advance of the proxy voting deadline of December 5, 2022 at 11:00 a.m. (Eastern Time). If you have any questions or need assistance voting your shares, please contact our proxy solicitation agent, Laurel Hill Advisory Group at 1-877-452-7184 (toll-free in North America), 416-304- 0211 (calls outside North America) or by email at firstname.lastname@example.org.
IMV Inc. is a clinical-stage immuno-oncology company developing a portfolio of therapies based on the company’s immune education platform, DPX™. Through a differentiated mechanism of action, the DPX platform provides instructions to the immune system to generate a specific, robust and persistent immune response. IMV’s lead candidate, maveropepimut-S (MVP-S), delivers antigenic peptides from survivin, a well-known cancer antigen commonly overexpressed in advanced cancers. MVP-S also delivers an innate immune enhancer and a universal CD4 T cell helper peptide. These elements promote maturation of antigen-presenting cells as well as robust activation of CD8 T-cell effector and memory function. MVP-S treatment was well tolerated and demonstrated definite clinical benefit in multiple cancer indications as well as activation of a targeted and sustained survivin-specific anti-tumor immune response. MVP-S is currently being evaluated in clinical trials for hematological and solid cancers, including diffuse large B-cell lymphoma (DLBCL) as well as ovarian, bladder and breast cancers. IMV is also developing a second immunotherapy based on the DPX immune delivery platform, DPX-SurMAGE. This dual-target immunotherapy combines antigenic peptides for survivin and cancer proteins MAGE-A9 to simultaneously trigger immune responses to these two distinct cancer antigens. A Phase 1 clinical trial in bladder cancer, using MVP-S or DPX-SurMAGE, was initiated in early 2022. For more information, visit www.imv-inc.com and contact us at Twitter and LinkedIn.
IMV forward-looking statements
This press release contains forward-looking information under applicable securities laws. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements use words such as “will”, “may”, “potential”, “believe”, “expect”, “continue”, “anticipate” and other similar terms. Forward-looking statements are based on management’s estimates and opinions as of the date the statements are made. In this press release, such forward-looking statements include, but are not limited to, statements regarding IMV’s ability to maintain its Nasdaq listing beyond the Compliance Period. IMV Inc. assumes no responsibility to update any forward-looking statements in this press release, except as required by law. These forward-looking statements involve known and unknown risks and uncertainties, and such risks and uncertainties include, but are not limited to, those relating to the Company’s expected timing associated with its cash flow; the Company’s priorities with MVP-S and its DPX delivery platform, the potential of its delivery platform and the expected timing of enrollment and results of its clinical trial programs and studies, as well as d other risks detailed from time to time in our quarterly filings and our current annual information form. Investors are cautioned not to rely on these forward-looking statements and are encouraged to read IMV’s continuous disclosure documents, including its current Annual Information Form, as well as its audited annual consolidated financial statements which are available on SEDAR at www. .sedar.com and on EDGAR at www.sec.gov/edgar.
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