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news.Immunovaccine, a clinical stage vaccine development company engaged in the commercialisation of patented DepoVax vaccine delivery technology and product candidates, has reported $6,000 revenues for three months ended 30 September in Q3 fiscal 2010, compared to $449,000 revenues during the same period in last fiscal year.
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Immunovaccine’s consolidated net loss was $1,499,000 in Q3 Fiscal 2010, compared to a net loss of $404,000 during the three month period ended September 30, 2009.
Of this increase in net loss, approximately $383,000 related to the increased expenses associated with the Phase I clinical trial, $443,000 related to decreased revenues, $14,000 related to increased business development expenditures and $144,000 related to an increase in non-cash stock-based compensation.
Immunovaccine president and CEO Randal Chase said that there were two significant events that occurred during the third quarter.
"In July, we signed an in-license agreement with Merck KGaA to acquire DPX-Survivac, a survivin-based vaccine," Chase said.
"In September, we closed a $7.465m public offering which puts Immunovaccine in a very strong position to fund its clinical strategy and business development programs.
"Looking ahead, our DPX-0907 Phase I clinical trial is on target to be completed by mid 2011 and we will continue to advance DPX-Survivac at a pace that reflects its considerable value proposition and market opportunity, benefiting both patients and our shareholders."