Immunovaccine Announces 2011 Third Quarter Results
Immunovaccine Announces 2011 Third Quarter Results
HALIFAX, Nov. 8, 2011, 2011 (Canada NewsWire via COMTEX) -- Immunovaccine Inc.("Immunovaccine" or the "Company"), a clinical stage vaccine development company, released today its financial and operational results for the third quarter ended September 30, 2011 ("Q3 2011"). The Company's unaudited condensed interim consolidated financial statements for Q3 2011, filed in accordance with International Financial Reporting Standards ("IFRS"), and the management discussion and analysis (MD&A), are available at www.sedar.com .
Immunovaccine's recently appointed CEO, John Trizzino, said, "I look forward to realizing the untapped potential of Immunovaccine's DepoVaxTM vaccine delivery and immune enhancement platform as we advance our clinical vaccine pipeline. Last quarter, we completed the Phase I clinical trial of DPX-0907, a therapeutic cancer vaccine, and we are expecting to publish the final results within the next few months. I am enthusiastic about taking a second cancer antigen, Survivac, into the clinic with our DepoVax technology and, now with approval from Health Canada, we have expanded our clinical sites to include locations in both the U.S. and Canada."
Highlights:
DPX-Survivac
five years and vest over a period of 18 months.
Financial Results
The Company's net loss increased by $51,000 from $1,445,000 during the three month period ended September 30, 2010 to a loss of $1,496,000 in Q3 2011. Operating expenses increased by $45,000, due mainly to the $1,986,000 of expenses related to pre-clinical research on DPX-Survivac, offset by an increase of $1,255,000 in government assistance, a $229,000 decrease in expenses associated with the Phase I clinical trial of DPX-0907, a $286,000 decrease in general research and development (R&D) costs, and a decrease in general and administration (G&A) expenses of $167,000.
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For Q3 2011, the Company's "cash burn rate" (defined as net loss for the period adjusted for non-cash transactions including amortization, accreted interest, stock-based compensation and shares issued for professional services) was approximately $1.3
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