Immunovaccine Inc. Signs Cato Research Canada, Inc. as Clinical Trial CRO
HALIFAX, NOVA SCOTIA -- (MARKET WIRE) -- 11/02/09 -- Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE: IMV) is pleased to announce that it has entered into a Master Services Agreement with Cato Research Canada, Inc. ("Cato"), a contract research organization ("CRO"), to assist the Company in managing an upcoming Phase 1 clinical trial for DPX-0907, a therapeutic vaccine for ovarian, breast and prostate cancer.
"Cato's impressive clinical experience combined with the clinical team of highly experienced oncologists is essential for bringing our DPX-0907 vaccine through Phase 1 clinical trials," said Dr. Randal Chase, president and CEO of Immunovaccine.
"Immunovaccine's preclinical validation of DPX-0907 is encouraging and we look forward to working with them as both a clinical service provider and shareholder," said Linda Sutton, COO of Cato.
Following clearance of the Investigational New Drug application by the U.S. Food and Drug Administration (FDA), Immunovaccine will initiate a multi-center US Phase 1 clinical trial. Cato will perform the study setup, monitoring, project management, data management, and medical writing for the DPX-0907 Phase 1 clinical trials. This will ensure that the protocol and the study conduct adhere to regulatory requirements and that the outcomes are accepted by the FDA.
As part of the Master Services Agreement, the Company had the option to pay a portion of Cato's service fees through the issuance of common shares. The Company has exercised this option and, subject to the final approval of the TSX-Venture Exchange, the Company will issue to Cato 167,522 common shares of its capital stock at a price of $0.70 per share.
Cato Research is a global contract research and development organization with offices in Canada, U.S., Europe, Israel and South Africa, offering a full range of research services for the development of drugs, medical devices and biologics. www.cato.com
Immunovaccine (TSX VENTURE: IMV) is a vaccine development company focused on the commercialization of its novel vaccine candidates. The company continues to strengthen its vaccine pipeline through licensing and strategic partnering to develop therapeutic cancer and infectious disease vaccines. www.imvaccine.com
This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future are forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Company, including access to capital, the successful completion of clinical trials and receipt of all regulatory approvals. Immunovaccine Inc. assumes no responsibility to update forward-looking statements in this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Immunovaccine Inc. Brian Lowe Vice President (902) 492-1819 [email protected] Immunovaccine Inc. Jennifer Ayotte Communications (902) 209-4704 [email protected] www.imvaccine.com
Released November 2, 2009