Vaccine Candidate to Prevent COVID-19: Fonds de solidarité FTQ to Invest $7.5 Million in IMV
QUÉBEC CITY, April 30, 2020 /CNW Telbec/ - The Fonds de solidarité FTQ (the "Fonds" will invest $7.5 million in IMV Inc. ("IMV") (Nasdaq: IMV); (TSX: IMV) to support the development of highly innovative immunotherapies and of a potential vaccine against COVID-19. A co‑lead investor with Lumira Ventures in this financing round, the Fonds has been a partner of IMV since February 2018.
IMV, whose management team is based in Québec, is currently working on a vaccine candidate against COVID-19. IMV is a clinical-stage biopharmaceutical company pioneering a novel class of cancer-targeted immunotherapies and vaccines against infectious diseases based on its proprietary delivery technology, DPX. The unique mechanism of action of the DPX platform generates a specific immune response against a target, here the novel coronavirus. In clinical studies in oncology and infectious diseases, the DPX platform has demonstrated the potential to be used widely, including in older adults and people with weakened immune systems. Fully synthetic, the vaccine candidate has the potential for fast and large-scale manufacturing to supply a significant number of doses rapidly.
Intial studies for the candidate virus are ongoing with the Centre Hospitalier Universitaire de Québec and Université Laval's Centre de Recherche en Infectiologie. The first human clinical trials are planned for July, namely in collaboration with the McGill University Health Center.
"This investment by the Fonds de solidarité FTQ in IMV reflects our desire to support the development of innovative solutions for unmet medical needs. This has guided our involvement in the life sciences sector since our first investment in 1989 in Biochem Pharma, the Québec company that developed and commercialized 3TC against HIV/AIDS. Thanks to its world-class researchers, state-of-the-art research infrastructure and the availability of capital, Québec's biopharmaceutical industry is well positioned to take up today's human health challenges, and the Fonds de Solidarité FTQ will continue to support it," said Janie Béïque, the Fonds' Executive Vice-President, Investments.
"Faced with the COVID-19 pandemic, the IMV team quickly identified a path for the development of a vaccine. This speaks to the vitality of the Québec life sciences sector. The arrival of Lumira Ventures as an investor, in addition to the CTI Life Sciences Fund which is reinvesting in the company, shows that homegrown companies can also get local financial support in these difficult times. When the investment ecosystem rallies together, great things can be accomplished, for the benefit of all," said Didier Leconte, Vice-President, Investments, Life Sciences and Funds of Funds at the Fonds.
The Fonds de solidarité FTQ has invested $1.6 billion since 1989 to support the Québec life sciences sector. With nine members, including a senior scientific advisor, its specialized life sciences team invests directly in companies and in specialized life sciences investment funds.
This private placement is subject to the usual closing conditions, including regulatory approval.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a capital development fund that channels the savings of Quebecers into investments. With $16.7 billion in net assets as at November 30, 2019, the Fonds has helped create and protect more than 215,000 jobs. The Fonds has over 3,100 partner companies and upwards of 700,000 shareholders-savers.
SOURCE Fonds de solidarité FTQ