On May 7, 2020 IMV Inc. ("IMV" or the "Company") (Nasdaq: IMV; TSX: IMV), a clinical-stage biopharmaceutical company pioneering a novel class of cancer immunotherapies and vaccines to fight against infectious diseases including COVID-19, reported that it has completed its previously announced non-brokered private placement (the "Private Placement") of 8,770,005 units of the Company (each, a "Unit") at Cdn$2.86 per Unit for gross proceeds of approximately Cdn$25.1 million (Press release, IMV, MAY 7, 2020, View Source [SID1234557258]). The size of the Private Placement has increased by approximately Cdn$2.8 million following our earlier announcement on April 30, 2020.

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Each Unit consists of one common share of the Company ("Common Share") and 0.35 of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles its holder to purchase one Common Share at an exercise price of Cdn$3.72 per share and is exercisable until May 7, 2022.

The private placement is being co-led by Fonds de Solidarité FTQ, an existing investor, and Lumira Ventures, a new investor in the Company, along with participation by Altium Capital, also a new investor in IMV, together with incumbent investors.

The Company intends to use the net proceeds from the Private Placement for the clinical development of its lead candidate, DPX-Survivac, currently being assessed in advanced ovarian cancer, as well as in multiple clinical studies in combination with Merck’s Keytruda. The balance of the net proceeds will be used for general corporate purposes, including funding research and development, preclinical and clinical expenses, and corporate costs.

All securities issued pursuant to the Private Placement will be subject to a four month and one day hold period in Canada in accordance with applicable securities laws.

Fred Ors, President and CEO of IMV commented, "We are pleased to welcome both Lumira Ventures and Altium Capital as new investors and thank Fonds de Solidarité FTQ for their leadership in this round of financing. We greatly appreciate the confidence shown in the Company. We look forward to further advancing our existing clinical pipeline and leveraging our unique and proprietary delivery platform against other selected targets including COVID-19."

"Since 1989, the Fonds de Solidarité FTQ has supported the life sciences sector with direct investments in companies and in specialized funds which invest in Québec. More than ever, it is important to proactively support our portfolio companies like IMV that give hope to patients in particular and society in general, whether it be for the fight against cancer or COVID-19," said Didier Leconte, Vice-President for Investments, Life Sciences and Funds of Funds, at the Fonds de Solidarité FTQ.

"We believe that an effective immunotherapy treatment must be capable of eliciting rapid, robust, and long-lasting responses and we have been impressed with the ability of the DPX platform to produce clinical evidence of such type of immune responses. We are happy to support IMV in advancing such a differentiated immunotherapy approach to potentially provide a much needed new treatment ption for women with advanced ovarian cancer." said Daniel Hétu, Managing director at Lumira Ventures.