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TICKERS: IMV; IMMVD

Cancer Vaccine Developer Expands Its Collaboration with Merck
Research Report

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A Mackie Research Capital report tells how this biotech will benefit from its new and existing programs with this specific partner.

In a Sept. 11 research note, Mackie Research Capital analyst Andre Uddin reported that IMV Inc. (IMV:TSX; IMMVD:OTCQX) is again collaborating with Merck, this time evaluating its DPX-Survivac with Merck's Keytruda and low dose cyclophosphamide in a Phase 2 trial involving patients with certain advanced or recurrent solid tumors. This particular study will be of the basket variety, meaning it will evaluate treatment effects in multiple tumor types with a common molecular target, regardless of the tumor's site of origin.

The two companies will share the cost, the details of which have not been released.

As far as potential benefits to IMV of the collaborative study, it "would further expand DPX-Survivac's potential indications to additional tumor types, which should elevate the candidate's licensing value and, ultimately, market potential," Uddin indicated.

Specifically, this open-label, multicenter, Phase 2 basket trial will evaluate the safety and efficacy of the therapeutic regimen in 200 patients who have bladder, liver, ovarian or nonsmall cell lung cancer as well as in tumors with the microsatellite instability high biomarker. Uddin explained that "microsatellite instability is a condition of genetic hypermutability that plays a role in tumor progression."

This study is slated to start in Q4/18. "The trial has an adaptive design, which implies if there is a sign of strong clinical activity in a relatively small number of patients, IMV and Merck can continue and accelerate the trial including targeting accelerated approval for each indication," the analyst added.

Uddin pointed out that including this recently announced agreement, IMV now has three clinical programs with Merck, all investigating the use of DPX-Survival in combination with Keytruda. "Positive outcomes of the studies with DPX-Survivac should facilitate a potential licensing deal," he purported.

The results of the two already underway are expected in the near term. Preliminary data from the trial of diffuse large B-cell lymphoma are anticipated in Q3/18 and those from the study in ovarian cancer are expected in H2/18. Topline results from both trials are anticipated in late 2018/early 2019.

Mackie maintains its Speculative Buy rating and CA$10.40 per share target price on IMV. The company's stock is currently trading at about CA$6.83 per share.

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Disclosures from Mackie Research Capital Corp., IMV Inc., Update, Sept. 11, 2018

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE:
Relevant disclosures required under IIROC Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com.
1. On January 9, 2015, Andre Uddin visited Immunovaccineís headquarters and operations in Halifax, and viewed the laboratories, administrative offices, research centres, animal facilities, and small scale manufacturing area. MRCC paid all expenses.
2. MRCC is a market maker of Immunovaccine Inc.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analystís personal views and (ii) no part of the research analystís compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.




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