Nova Scotia-based Immunovaccine Inc. (TSX:IMV)(OTCPQX:IMMVF) is angling to make 2018 a transformational year, partially be releasing data from clinical trials in collaboration with bigger partners and partially by moving its U.S.-listed shares to a senior exchange. As part of the transformation, Immunovaccine on Tuesday implemented a reverse split of its common stock on a 1-for-3.2 basis.
The immunotherapy specialist also said it is changing its name to IMV Inc., which is expected to take effect, along with the share consolidation, at the open of trading in Toronto on May 10. Post-split, management estimates there will be about 42.93 million shares of IMV issued and outstanding.
With documentation now submitted, the company hopes to receive all approvals to leave the over-the-counter exchange in the U.S. and be trading on the NASDAQ by the end of the second quarter.
Looking forward, investors will be tuning in for new data from the ongoing Phase 1b/2 clinical trial in advanced ovarian cancer. This is a triple-combination immunotherapy trial leveraging Immunovaccine's DPX-Survivac and metronomic cyclophosphamide with Incyte's (NASDAQ:INCY) investigational IDO1 inhibitor, epacadostat.
The latest data from the study will be presented on June 3 at the 2018 American Society of Clinical Oncology Annual Meeting in Chicago, according to IMV CEO Frederic Ors.
Later this year, Immunovaccine expects to publish data from trials being conducted in collaboration with Merck (NYSE:MRK), including a Phase 2 trial of DPX-Survivac vaccine in combination with Merck's approved anti-PD-1 drug pembrolizumab and cyclophosphamide in patients with advanced diffuse large B-cell lymphoma.
With these milestones on the horizon, Ors says now is the right time to make the fundamental moves.
Shares of Toronto-listed IMV were trading as low as $1.05 in October and went on a nice climb heading into 2018, including hitting $2.55 on December 19, 2017. Shares have since pulled back some and traded sideways, closing Wednesday at $1.95. U.S.-listed shares have followed a similar path, closing yesterday at $1.545.
