Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Bullboard - Stock Discussion Forum IMV Inc IMVIF

IMV Inc. is a Canada-based company. The Company has no business operations.

GREY:IMVIF - Post Discussion

IMV Inc > NR
View:
Post by Hideaway on Dec 20, 2021 9:13am

NR

IMV Strengthens its Financial Position with the Completion of a US$25 Million Long-Term Debt Facility

This facility supports the advancement of IMV’s lead candidate, maveropepimut-S (MVP-S) across a range of cancer indications, and the development of new DPX-based immunotherapies against cancer

DARTMOUTH, Nova Scotia & CAMBRIDGE, Mass.--(BUSINESS WIRE)-- IMV Inc. (NASDAQ: IMV; TSX: IMV), a clinical-stage company developing a portfolio of immune-educating therapies based on its novel DPX platform to treat solid and hematological cancers, today announced the completion of a US$25 million long-term debt facility led by Horizon Technology Finance Corporation (Nasdaq: HRZN) ("Horizon"). IMV has drawn down US$15 million with an additional US$10 million to be made available upon achievement of a pre-set milestone.

“This partnership with Horizon complements our recent US$25 million equity offering and strengthens our runway and flexibility as we continue to advance MVP-S and DPX-SurMAGE through their next set of clinical and regulatory milestones. We will also be able to continue exploring the versatility of our DPX technology platform,” said Pierre Labbe, Chief Financial Officer of IMV. “Throughout this investment process, the Horizon team demonstrated understanding of both our business and the science.”

“We are excited to support IMV’s efforts at such a pivotal time for the Company,” said Gerald A. Michaud, President of Horizon. “This financing is in line with our strategy of investing in innovative life sciences and healthcare companies whose success will help to improve outcomes for patients and enhance public health more broadly.”

US$15 million of the US$25 million facility was funded upon closing, of which CAD$4.5 million will be used to pay off IMV’s existing term loan with the government of Nova Scotia. The additional US$10 million available under the facility will be accessible upon IMV achieving a predetermined milestone. Proceeds from the facility will be used to support the ongoing clinical development of key investigational product candidates within IMV’s pipeline and for general working capital purposes.

In connection with this debt financing, IMV has agreed to issue Horizon warrants (the “Loan Warrants”) to purchase up to 568,180 common shares of the Company (the “Shares”) at an exercise price of US$1.32 per Share until December 17, 2031. 454,544 Loan Warrants have been issued on December 17, 2021, and the balance of 113,636 Loan Warrants is expected to be issued upon drawdown of the additional US$10 million available under the facility will be accessible upon IMV achieving a predetermined milestone. The Loan Warrants and the Shares issuable upon exercise thereof will be subject to a statutory hold period of four months

Comment by zalmonella on Dec 20, 2021 3:26pm
Well, that looks like about 1 year burn, added to their other cash should give them up to 2 years to produce results. It looks like it's tied to producing results, so everybody must be pretty sure about it, though the bonus shares at $1.32 as a sweetener will certainly put a hold on the price for a few months til there's some results. It's just looked like such a falling knife for a ...more  
Comment by gardy on Dec 20, 2021 4:46pm
Ten more years of cheap warrants for 2 years of runway. Not impressed unless of course we start seeing positive results in the not too distant future.  Gardy
The Market Update
{{currentVideo.title}} {{currentVideo.relativeTime}}
< Previous bulletin
Next bulletin >

At the Bell logo
A daily snapshot of everything
from market open to close.

{{currentVideo.companyName}}
{{currentVideo.intervieweeName}}{{currentVideo.intervieweeTitle}}
< Previous
Next >
Dealroom for high-potential pre-IPO opportunities