DPX-Survivac vaccine - Biotech company raises $2.8 million for R&D | The Chronicle Herald

"Halifax biotechnology company Immunovaccine Inc. has raised $2.8 million in equity funding that will help the company push forward with clinical trials of its anti-cancer vaccine.

“The proceeds will be used to fund research and development and for our other corporate activities,” Immunovaccine chief financial officer Kimberley Stevens said Wednesday.

Foremost among those R&D efforts are the Phase 1 clinical trails on patients with advanced-stage ovarian cancer for DPX-Survivac, Immunovaccine’s therapeutic cancer vaccine. In January, the first patient was vaccinated in the trials, which have been simultaneously approved in Canada and the United States.

The company, through the non-brokered private placement, issued 9,294,005 common shares at 30 cents each to raise the funds.
Under Phase 1 trials, patients in Canada and the United States will be treated with DPX-Survivac after completing debulking surgery — the removal of part of a tumour — and chemotherapy treatments.
If the vaccine is found to be safe for humans, testing will proceed to Phase 2.

Typically, if a vaccine passes Phase 2, the company either licenses it or partners with a big drug company before beginning definitive tests that regulatory agencies use to decide whether to approve a product.
Stevens said the $2.8 million in fresh equity will be enough for Immunovaccine to operate until the first quarter of 2013 before it needs to raise new funds.