IMV Prices 14.3 Mln Units Of Public Offering At $1.75/ Unit

IMV Inc. (IMV), a clinical-stage biopharmaceutical company, on Thursday said it priced its public offering of 14,285,714 units at $1.75, aggregating to $25 million.

Each Unit comprises one common share and three-quarters of one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share at a price of US$2.10 per common share, subject to adjustment in certain events, during a period of 60 months following the date of the closing of the Offering.

The Offering is expected to close on or about July 20, 2021 and the listing of the common shares underlying the Units and the Warrants are proposed on the TSX and Nasdaq.

The Corporation intends to use the net proceeds of the Offering to continue the clinical development of maveropepimut-S (DPX-Survivac) in diffuse large B cell lymphoma (DLBCL), breast cancer, ovarian cancer, bladder cancer and microsatellite instability high (MSI-H), start the clinical development of a new product, DPX-SurMAGE, in bladder cancer, continue the development of its proprietary drug delivery platform (DPX) and for general corporate purposes.

Wells Fargo Securities and Cantor are acting as joint book-running managers for the Offering. BTIG is acting as lead manager and iA Private Wealth is acting as co-manager.

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