It is the second investment in IMV by the Fonds, which has almost $15 billion in assets and channels Quebecers’ savings into investments. It previously invested $5.75 million in the company in February 2018.
The funding will be used to develop new cancer immunotherapies using DPX-Survivac, IMV’s proprietary drug release platform, said the statement. With offices and laboratories in Halifax and Québec City, IMV said it has 54 employees, with additional hires planned over the next year.
“This investment will allow IMV to step up the development of its promising immunotherapy platform for five indications,” said Didier Leconte, the institution’s Vice-President of Life Sciences Investments. “With this largest funding round to date, the company will be able to continue its fight against such diseases as bladder, liver, ovarian and lung cancer.”
Added IMV Chief Executive Frédéric Ors: “IMV is a global leader in the development of a new generation of cancer treatment based on T-cell activating immunotherapy. The Fonds’ financial support will allow us to take a new important step in our growth, with the goal of significantly increasing the potential number of cancers and patients that can benefit from our new therapeutic approach.”
Previously known as Immunovaccine Inc., IMV has developed a platform for delivering drugs that allows a constant flow over a long period of time of drugs that work with the immune system to battle diseases.
The company said late last month it had raised more than $25 million through a public offering of shares. On Monday, it added that its underwriters had partially exercised their options to buy additional shares, meaning that the value of the offering had risen to $29.5 million.