IMV maintains the remainder of its At-the-Market Facility under its new Base Shelf Prospectus

On June 30, 2020 IMV Inc. ("IMV" or the "Company") (Nasdaq: IMV; TSX: IMV), a clinical-stage biopharmaceutical company, reported that in order to maintain the remainder of its at-the-market facility announced on March 18, 2020 under its new Canadian base shelf prospectus, it re-entered into an equity distribution agreement (the "EDA") dated June 30, 2020 with Piper Sandler & Co. ("Piper Sandler") pursuant to which the Company may from time to time sell through "at-the-market" offerings (the "ATM Offering"), with Piper Sandler acting as sales agent, on the Nasdaq Capital Market (the "Nasdaq") such number of common shares that have an aggregate offering price of up to US$24.5 million under the ATM Prospectus Supplement (as defined below) (Press release, IMV, JUN 30, 2020, View Source [SID1234561589]). This amount reflects the amount which remains unsold following the Company entering into the initial equity distribution agreement with Piper Sandler for an aggregate amount of US$30 million as of such date and is only being filed as a result of the underlying Canadian final base shelf prospectus expiring on July 5, 2020.

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The ATM Offering will be made by way of a prospectus supplement (the "ATM Prospectus Supplement") to the Company’s Canadian final base shelf prospectus dated June 26, 2020 and the Company’s United States final base shelf prospectus which is contained in the Company’s U.S. registration statement on Form F-10 dated June 19, 2020, as amended (File No. 333-239310) (the "Registration Statement"). The Registration Statement was declared effective by the United States Securities and Exchange Commission (the "SEC") on June 29, 2020. The ATM Prospectus Supplement has been filed with the Nova Scotia Securities Commission, as principal regulator in Canada, and in the United States with the SEC. The Toronto Stock Exchange ("TSX") has conditionally approved the ATM Offering.

Piper Sandler, at IMV’s discretion and instruction, will use its commercially reasonable efforts to sell the common shares at market prices from time to time. No offers or sales of common shares will be made in Canada or through the facilities of the TSX.

The Company plans to use the net proceeds from the ATM Offering for general corporate purposes, including but not limited to working capital expenditures, capital expenditures, research and development expenditures, and clinical trial expenditures, including expenditures related to a COVID-19 vaccine candidate.

Copies of the ATM Prospectus Supplement and the accompanying final base shelf prospectus relating to the offered common shares may be obtained for free from the offices of Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at (800) 747-3924 or via email at [email protected].