HALIFAX, Nova Scotia, June 04, 2021 (GLOBE NEWSWIRE) — Further to the press release issued June 1, 2021, the concerned shareholder (the “Concerned Shareholder”) of IMV Inc. (“IMV”) issues this press release to provide an update and to outline further concerns with IMV.
Additional shareholder support received
In addition to support from holders of approximately 25% of the outstanding common shares of IMV, there has been outreach to the Concerned Shareholder from numerous other IMV shareholders supporting his call for change. The Concerned Shareholder encourages all dissatisfied voters to vote “withhold” in respect of Sheldon and Gregory at the upcoming IMV annual shareholders meeting to be held on June 18, 2021.
IMV has failed to deliver on promised progress of COVID-19 vaccine
Since March 18, 2020, when IMV announced that it would be developing a vaccine to fight COVID-19, the company has consistently failed to meet its goals of progressing to a human trial:
IMV has provided no further updates regarding the Phase 1/2 studies that were supposed to have been commenced last year, or any other updates regarding its attempts to develop a COVID-19 vaccine since.
IMV’s share price since it first announced plans to develop a COVID-19 vaccine reflects both the initial excitement about that program and the lack of progress since summer 2020:
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/faf65c6a-f322-40a4-8ae1-a9f876e027d8
IMV consistently outperformed by its own selected peer group
As described beginning at page 18 of IMV’s Management Information Circular, IMV retained a compensation consultant to assist the Compensation Committee in reviewing the Directors’ total compensation. That assistance included a benchmarking analysis based on 18 other healthcare research companies, which had market capitalizations at the time of the study, in February 2020, of up to USD $2.042.9 billion.
Since that analysis was performed, IMV’s share price and that of its comparator group have moved in opposite directions:
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/46f7d0b1-acde-4db0-af56-2df4da24e361
Even though IMV has been materially outperformed by its selected comparator group, CEO and CFO cash compensation continue to rise in 2021. IMV’s disconnect between pay and performance must be corrected immediately.
IMV shareholders can join the groundswell pressing for change and better results. Vote “withhold” for Andrew Sheldon and Julia Gregory.
Additional Information:
The Concerned Shareholder is Dr. Michael Gross.
The information contained in this press release does not, and is not meant to, constitute a solicitation of a proxy within the meaning of applicable securities laws.
Notwithstanding the foregoing, the Concerned Shareholder is voluntarily providing the disclosure required under Section 9.2(4) of National Instrument 51-102 – Continuous Disclosure Obligations applicable to public broadcast solicitations.
Any solicitation made by the Concerned Shareholder will be made by them and not by or on behalf of management of IMV. All costs incurred for any such solicitation will be borne by the Concerned Shareholder. Proxies may be solicited by the Concerned Shareholder pursuant to an information circular sent to shareholders after which solicitations may be made by or on behalf of the Concerned Shareholder by mail, telephone, fax, email or other electronic means as well as by newspaper or other media advertising, and in person by directors, officers and employees of the Concerned Shareholder, who may be specifically remunerated therefor. The Concerned Shareholder may also solicit proxies in reliance upon the public broadcast exemption to the solicitation requirements under applicable Canadian securities laws, including through press releases, speeches or publications, and by any other manner permitted under applicable Canadian laws. The Concerned Shareholder may engage the services of one or more agents and authorize other persons to assist in soliciting proxies on its behalf, which agents would receive customary fees for such services. If Concerned Shareholder commence any solicitation of proxies, proxies may be revoked by an instrument in writing by a shareholder giving the proxy or by its duly authorized officer or attorney, or in any other manner permitted by law. None of the Concerned Shareholders nor, to their knowledge, any of their associates or affiliates, has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter proposed to be acted upon at the Meeting. IMV’s head office is located at 130 Eileen Stubbs Avenue, Suite 19, Dartmouth, Nova Scotia B3B 2C4.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations of the Concerned Shareholders and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. The Concerned Shareholders do not assume any obligation to update any forward-looking statements contained in this press release, except as required by applicable law.
Dr. Michael Gross
Grossm@dal.ca
(902) 401-6808
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