Third report - Horizon"Subsequent to the Bid Deadline, Horizon Technology Finance Corporation (“Horizon”),
notified the Monitor and the IMV Group of its intention to use its secured debt as
consideration for a Proposal in respect of the Business (the “Credit Bid”). The Monitor,
with the assistance of its affiliate, FTI Capital Advisors, engaged in discussions with
Horizon and has been advised that subject to completing its due diligence, Horizon expects
to submit a Credit Bit in accordance with the SISP.
17. While discussions with Horizon are ongoing, the Monitor understands that further to the
Second Report, the IMV Group continues to take the necessary steps to wind-down its
clinical trials in an orderly fashion, given the lack of interest in maintaining these going
forward. The Monitor has been advised that the wind-down of ongoing clinical trials will
affect a total of nine (9) actively treated patients in 5 jurisdictions (France, Spain, Poland,
New Zealand and the United States).
18. In accordance with the wind-down plan (“Wind-Down Plan”), IMV terminated the
employment of all but nine of its remaining employees since July 17, 2023. The remaining
nine employees are being retained solely to assist with the wind-down of the clinical trials
and the Wind-Down Plan, as well as the sale of the lab and any other remaining assets in
respect of the closing of a sales transaction. The Monitor has been advised that the wind-
down is being conducted with the involvement of the remaining employees, in
collaboration with the IMV Group’s consultants, investigators and the various sites.
19. The Monitor understands that the IMV Group intends to return to this Honourable Court
before September 29, 2023, for a further update, approval of a potential Credit Bid as a
Qualified Bid pursuant to the SISP, and partial distribution to Horizon."