IMV Inc. Announces Update on CCAA Proceedings and Sales and Investment Solicitation Process

DARTMOUTH, Nova Scotia--(BUSINESS WIRE)-- IMV Inc. (the “Company” or “IMV”), recently announced an update on the Sales and Investment Solicitation Process (the “SISP”) implemented as part of its ongoing proceedings under the Companies' Creditors Arrangement Act (the “CCAA”).

As previously disclosed, IMV initiated the CCAA proceedings on May 1, 2023, to facilitate the restructuring of the Company with the goal of implementing a transaction. Since then, the Company has been diligently working with its advisors and stakeholders to explore strategic alternatives that maximize value for its stakeholders and secure the continued development of its promising DPX platform technology and immunotherapy pipeline.

The Company has made substantial progress in the SISP and multiple parties have expressed interest in the Company’s assets. However, to advance ongoing discussions with interested parties in the context of the SISP and to allow additional time to interested parties to conduct due diligence, the Court has granted IMV an extension of the stay period until and including August 18, 2023. This extension will provide the necessary runway to complete negotiations with interested parties and ultimately secure the optimal outcome for all stakeholders involved.

Even if these negotiations are successful, the current interest from qualified bidders in IMV is focused on its novel delivery technology, DPX, and related intellectual property and expertise. As a result, the Company has decided to initiate an orderly wind-down of its clinical trials. IMV is committed to taking all necessary measures to minimize any impact on the patients currently enrolled in its clinical trials.

IMV remains committed to a transparent and efficient restructuring process. The Company will continue to work closely with its advisors, stakeholders, and the Court to ensure that all potential options are explored thoroughly and that any transaction pursued is in the best interest of the Company and its stakeholders.

Shareholders and creditors are reminded that in accordance with the Company’s CCAA proceedings, there is an ongoing claims process and they are encouraged to carefully review the information provided by the Court-appointed Monitor, FTI Consulting Canada. It is important to note that claims bar dates have been established to ensure an efficient and orderly claims resolution process. Detailed instructions, relevant deadlines, and the necessary forms can be accessed through the Monitor’s website: http://cfcanada.fticonsulting.com/imv/default.htm

Further updates on the SISP and any material developments regarding the CCAA proceedings will be provided in accordance with applicable securities laws and as they become available. The Company appreciates the ongoing support of its employees, shareholders, patients, and other stakeholders as it navigates the CCAA proceedings.