IMV Inc IMVIF

Compilation of misleading statements

[Breakthorough1]

IMV INC entered CCAA proceedings in Canada (Chapter 15 US) the 1st of May. THe 26th of july they announce that they were winding down their clinical trials (https://www.imv-inc.com/investors/press-releases/detail/750/imv-inc-announces-update-on-ccaa-proceedings-and-sales-and).

But on March 16th (Press Conference, https://www.stockilluminati.com/imv/display.php?url=https%3a%2f%2fwww.stockilluminati.com%2fimv%2fsanews.html) they stated that:

1.  "In December, we raised $9 million, which brought our December 31 cash to $21.2 million. This cash takes us into the second half of 2023 and will allow us to see through the completion of the Stage 1 VITALIZE data and an early read of how the data is trending from the Stage 1 of the AVALON study." And so making the forward-looking statement (see the data) on a historical fact: the money they already had.

2. The data were:

   a) Supposedly going to be reseleased in summer, thanks to the money they already had: " I think the summer is what we’re targeting to be able to divulge the first scan data from the entire Stage 1 and then sometime later in the year, perhaps ASH would be the ideal spot where we can divulge additional data and the durability of response."

  b) Supposed to be good. Because: 1) They said  "We are targeting a full disclosure of the data in the third quarter. We have enough data in hand to be confident about the direction that, that’s pointing."; 2) The data of the first bunch disclosed on Feburary were very well received ("And then to your first question, Brandon, about what the feedback has been from the data? Everyone is very encouraged about the data, but they see that it is – it’s an early signal."), and they showed three confirmed complete responses, which were enough to validate the whole trial  ("The fact that we have seen the same number of complete responses in the first handful of patients as we had seen for the whole SPiReL trial and those complete responses have been confirmed by at least two scans, one at 70 and one at 140 days is to say the least encouraging. What’s more? In a world where therapies used in refractory settings are often considered inactive if there is no initial toxicity, we have shown efficacy yet again without any systemic toxicity.")

3. The data were never released, because the 1st of may the company entered under CCAA protection, even though the amount of debt to pay for this year was just of $47.000, to search for a transaction.

4. The company has a story of press releases talking about encouraging data that were never disclosed as facts. For example: a) December 28 2020: "We are encouraged by the data generated thus far. Results are consistent with the mechanism of action of our DPX delivery platform demonstrated across prior clinical studies with DPX-based vaccines and cancer immunotherapies” (about the data from a Covid vaccine never in the end released: https://www.imv-inc.com/investors/press-releases/detail/673/imv-reports-update-on-covid-19-vaccine-program); b) December 21 2021: "IMV Announces Finalization of the Basket Clinical Study in Collaboration with Merck and Reveals Promising Top Line Data from the Bladder and MSI-High Cohorts" (https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/imv-announces-finalization-of-the-basket-clinical-study-in-collaboration-with-merck-and-reveals-promising-top-line-data-from-the-bladder-and-msi-high-cohorts). The data of the MSI-cohort were never disclosed. The data of the bladder cohort were later disclosed but without a precise measuring of endpoints.

   The COVID story:


On March 30, 2020, IMV announced that its goal was to initiate a human trial “in the summer of 2020”.

On May 15, 2020, IMV announced that a Phase 1 human study was “expected this summer”.

On July 14, 2020, IMV claimed “rapid progress on COVID-19 vaccine program” and announced that it planned to commence Phase 1 clinical trials in the summer of 2020 with results in the fall of 2020, and phase 2 clinical trials commencing in the second half of 2020.

On August 5, 2020, IMV announced that it had received government funding and planned to use that funding with a Phase 1 trial starting summer 2020, with a Phase 2 trial expected to start by end of 2020.

On August 19, 2020, IMV stated that it was looking forward to reporting preliminary Phase 1 results “later this fall”.

On October 8, 2020, IMV provided an update on its COVID-19 vaccine program, stating that it had “decided to combine its original Phase 1 and 2 studies into a single trial with the potential to accelerate the clinical development and the timeline of the overall project.” IMV stated that “the Phase 1/2 trial is expected to be initiated before the end of 2020...”

The outlook was further revised on December 28, 2020, with IMV stating that “the Company is planning to conduct complementary preclinical studies…”

As of March 17, 2021, IMV was still “conducting complementary preclinical studies, including evaluating the impact of new variants, and will provide an update once these preclinical studies are completed.”

On May 12, 2021, IMV revised this disclosure to note that it was continuing its preclinical studies “at the request of the Canadian regulatory authorities”.

IMV has provided no further updates regarding the Phase 1/2 studies that were supposed to have been commenced last year, or any other updates regarding its attempts to develop a COVID-19 vaccine since.

IMV’s share price since it first announced plans to develop a COVID-19 vaccine reflects both the initial excitement about that program and the lack of progress since summer 2020."