Montréal, March 7, 2019 – Fonds de solidarité FTQ invests $5 M in IMV (TSX: IMV) (NASDAQ: IMV) as part of the $26.7 million public offering announced on February 28, 2019. This second investment follows the first one of $5.75 million made by the Fonds in this company and announced in February 2018.
The funding will be used to develop new cancer immunotherapies using DPX-Survivac, the company’s proprietary drug release platform. With offices and laboratories in Halifax and Québec City, the company 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. 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,” said Didier Leconte, Vice-President, Investments, Life Sciences at Fonds de solidarité FTQ.
“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,” continued IMV CEO Frédéric Ors.
About Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $14.8 billion in net assets as at November 30, 2018, the Fonds has helped create and protect over 194,000 jobs. The Fonds has more than 2,800 partner companies and over 667,000 shareholder-savers. For more information, visit www.fondsftq.com.