On October 16, 2020 IMV Inc. (TSX: IMV; NASDAQ: IMV) (the "Company" or "IMV"), a clinical-stage biopharmaceutical company, reported that it has entered into an equity distribution agreement, dated October 16, 2020, with Piper Sandler & Co. ("Piper Sandler") as agent, pursuant to which the Company may, from time to time sell, through "at-the-market" offerings (the "ATM Offering") with Piper Sandler acting as sales agent, on the Nasdaq Capital Market (the "Nasdaq") such number of common shares as would have an aggregate offering price of up to US$50 million under the ATM Prospectus Supplement (as defined below) (Press release, IMV, OCT 16, 2020, View Source [SID1234568587]).

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Piper Sandler, at IMV’s discretion and instruction, will use its commercially reasonable efforts to sell the common shares at market prices from time to time. No offers or sales of common shares will be made in Canada or through the facilities of the Toronto Stock Exchange (the "TSX"). The ATM Offering will be made by way of a prospectus supplement (the "ATM Prospectus Supplement") to the Company’s Canadian final base shelf prospectus, as amended, and the Company’s United States final base shelf prospectus, as amended, which is contained in the Company’s U.S. registration statement on Form F-10 (File No. 333-249493) (the "Registration Statement"), dated October 16, 2020. The Registration Statement was declared effective by the United States Securities and Exchange Commission (the "SEC") on October 16, 2020.

The ATM Prospectus Supplement has been filed with the Nova Scotia Securities Commission, as principal regulator in Canada, and in the United States with the SEC. The TSX has conditionally approved the Offering.

The Company plans to use the net proceeds from this offering for general corporate purposes, including but not limited to working capital expenditures, capital expenditures, research and development expenditures, COVID-19 vaccine candidate expenditures, and clinical trial expenditures.

Copies of the ATM Prospectus Supplement and the accompanying final base shelf prospectus, as amended, relating to the offered common shares may be obtained for free from the offices of Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, via telephone at (800) 747-3924 or via email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these common shares in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.