On September 15, 2022 IMV Inc. (Nasdaq: IMV; TSX: IMV) ("IMV" or the "Company"), a clinical-stage biopharmaceutical company developing a portfolio of immune-educating therapies based on its novel DPX platform to treat solid and hematologic cancers, reported a strategic reorganization together with the appointment of Dr. Saman Maleki to the Company’s Board of Directors and promotion of Brittany Davison to Chief Accounting Officer (Press release, IMV, SEP 15, 2022, View Source [SID1234619579]).
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"We have made the decision to strategically reconfigure IMV in order to maximize shareholder value and focus resources on driving to near-term value-creating milestones," said Andrew Hall, Chief Executive Officer. "I would like to express my sincere gratitude to the affected employees. Each of them has made valuable contributions to advance MVP-S and have, by virtue of these efforts, positively affected the lives of people with cancer."
The Company reinforces focus on its ground-breaking DPX platform and the clinical advancement of its lead DPX asset, Maveropepimut-S (MVP-S)
IMV is implementing a plan to reduce its workforce by approximately one third, focusing its resources on ongoing MVP-S clinical programs in immuno-oncology (IO), most notably the Phase 2B trials VITALIZE (in relapsed/ refractory DLBCL) and AVALON (in advanced, metastatic ovarian cancer). Moreover, IMV continues to invest in its DPX platform and to leverage this novel technology to drive key strategic partnerships.
This restructuring initiative enables IMV to focus its resources on key near-term value drivers while reducing cash burn and future cash needs.
Appointment of Dr. Saman Maleki to Board of Directors
Dr. Saman Maleki has been appointed to join IMV’s Board of Directors. Dr. Maleki is an Assistant Professor of Oncology, Pathology & Laboratory Medicine, and Medical Biophysics at Western University and a seasoned international expert in the field of immuno-oncology. Dr. Maleki regularly collaborates with biotech companies in the immuno-oncology space and has helped advance oncology and immuno-oncology drug candidates from pre-clinical to phase I clinical trials. Dr. Maleki’s research is focused on disciplines that are synergistic with IMV’s research, such as understanding how to sensitize hard-to-treat cancers to immunotherapy, and his guidance is expected to help support clinical pipeline development and prioritization. Dr. Maleki will be replacing Brittany Davison on the Board of Directors.
Promotion of Brittany Davison to Chief Accounting Officer
Brittany Davison will be promoted to Chief Accounting Officer from her current role as Senior Vice President, Finance. Brittany has been instrumental to IMV’s financial and operational leadership since joining the Company in 2014, taking over full financial reporting responsibility since the departure of Pierre Labbe, the former CFO.
Clinical update to be provided on first group of patients in the VITALIZE r/r DLBCL Phase 2B trial
Later this month, IMV will provide an early clinical update on the first group of patients treated in the VITALIZE Phase 2B trial, a trial designed expressly to solidify and extend the clinical benefit seen in the Phase 2A trial, SPiReL.