Stock Alert: IMV Shares Surge 154% On COVID-19 Vaccine Program Update

(RTTNews) - Shares of IMV Inc. (IMV) are surging over 154% in pre-market today, on the heels of its rapid progress in developing its candidate vaccine to prevent COVID-19 infection in response to the global health threat posed by the novel coronavirus.

Frederic Ors, Chief Executive Officer at IMV, said, "We are working closely with regulatory agencies and our collaborators to initiate clinical studies as quickly as possible. The design of the phase 1 clinical study, agreed with Health Canada, is a randomized controlled study, assessing the safety and immunogenicity of DPX-COVID-19, in 84 healthy adults across two age cohorts: (1) adults between 18-55 years old inclusive and (2) 56 and above. Two dose levels of DPX-COVID-19 will be tested (25µg or 50µg). We are pleased that Health Canada has welcomed the design of a phase 1 trial that includes this vulnerable population."

Further, the company noted that the rapid progress in target selection, the vaccine formulation, manufacturing and preclinical results so far not only demonstrate the potential of the company's delivery platform, but also build on its previously reported clinical data from a similarly designed vaccine against RSV, the respiratory syncytial virus.

Once the results are published, the company has planned to initiate phase 2 clinical trials in the second half of the year.

The stock has been trading in the range of $1.35 - $5.12 for the past one year, and closed Monday's trade at $3.00, up 3 cents or 1.01%. IMV is currently trading at $7.62, up $4.62 or 154% in the pre-market session.