Healthcare Industry News: Incyte
News Release - April 13, 2016
Immunovaccine Names Frederic Ors Chief Executive Officer; Andy Sheldon, Medicago CEO, to Join Board of DirectorsHALIFAX, NOVA SCOTIA--(Healthcare Sales & Marketing Network) - Immunovaccine Inc. ("Immunovaccine" or the "company") (IMV.TO)(IMMVF), a clinical stage vaccine and immunotherapy company, today announced that Frederic Ors has been appointed Chief Executive Officer. He and Andy Sheldon, President and CEO of Medicago, will be nominated to the board of directors at the Company's AGM on April 14, and the Board will recommend their election.
Mr. Ors has been serving as Immunovaccine's Acting Chief Executive Officer since last month and as Chief Business Officer since April 2015. Since joining Immunovaccine last year, Mr. Ors has expanded the company's pipeline through licensing and partnership agreements with PharmAthene, Incyte and Leidos, creating programs in anthrax, ovarian cancer and Zika virus vaccines.
"We are on the cusp of a transition from research and development toward more rapid commercialization with multiple partners and collaborators," said Albert Scardino, chairman of the company. "Having such an experienced industry executive in place to shape our relationships assures that we can make the most of the many opportunities coming our way."
Mr. Ors said, "The team at IMV has spent many years creating our novel DepoVax™ technology. It is an honor to have the chance to work with them to improve the lives of patients who have few options, as well as to improve and augment current treatments in both immuno-oncology and infectious diseases."
Prior to Immunovaccine, Mr. Ors spent 13 years at Medicago Inc. in Quebec, most recently as Vice President of Business Development and Strategic Planning. He was an integral part of Medicago's success in securing multiple non-dilutive funding opportunities, leading to an acquisition by Mitsubishi Pharma in 2013 for an enterprise value of $357M. Mr. Ors has also served as the manager of intellectual property and licensing for Paris Diderot University, a complex of 150 labs, two hospitals and 2,300 scientists in Paris. He earned his bachelor's degree in biology and his master's degree in management of innovation projects in biotechnology at the University of Angers.
The election to the board of Andy Sheldon, President and Chief Executive Officer of Medicago, will re-unite him with Mr. Ors, with both of them in new roles.
Mr. Sheldon has been President and Chief Executive Officer of Medicago since August 2003. He has thirty years of experience in the pharmaceutical industry, and was named CEO of the Year by the Vaccine Industry Excellence awards at the World Vaccine Congress in April 2012.
Before joining Medicago, Mr. Sheldon served as Vice President, Sales and Marketing, of Shire Biologics. He was responsible for international expansion with European, American and Asian private partnership agreements. During his tenure at Shire, his notable accomplishments included negotiating the annual and pandemic influenza vaccine contract with the federal and provincial governments, and managing the approval of a bladder cancer therapeutic vaccine by the U.S. Food and Drug Administration (FDA).
Mr. Sheldon has a bachelor's degree in agricultural sciences from Université Laval, Québec City, and a bachelor's of science degree with honors in biological sciences from the University of East Anglia, in Norwich, England.
"The election of Mr. Sheldon to our board will allow us to take advantage of his broad experience in both commercialization in the pharmaceutical/biotechnology industry and the public markets," said Mr. Scardino. "The pace of change is accelerating in both the industry and our company, and with these additions to our board and to our management team, we are ready to leap ahead to a new era."
The directors being nominated for appointment will include the six nominees listed in the management proxy circular of March 18, 2016: namely Wade Dawe, James Hall, Wayne Pisano, Albert Scardino, Alfred Smithers and Bradley Thompson, all current directors. In addition, pending shareholder approval, Mr. Sheldon and Mr. Ors will officially become directors of Immunovaccine at the conclusion of the AGM.
The form of management proxy previously distributed to registered shareholders in connection with the AGM provides management with discretionary authority to vote on amendments or variations to matters coming before the meeting and it is intended that all such proxies will be voted FOR the new proposed director nominees. If registered shareholders have submitted management proxies and do not wish the proxy to be voted in this manner, they may revoke their proxies by:
(a) completing and signing a form of proxy bearing a later date and depositing it with Computershare Investor Services Inc. as described in the management information circular;
(b) depositing a document that is signed by the registered shareholder (or by someone properly authorized to act on his behalf): (i) at the company's registered office at Suite 412, 1344 Summer Street, Halifax, Nova Scotia, B3H 0A8 at any time up to the last business day preceding the day of the Meeting, or any adjournment of the Meeting, at which the proxy is to be used; or (ii) with the chair of the Meeting before the Meeting starts on the day of the Meeting or any adjournment of the Meeting; or
(c) electronically transmitting the revocation in a manner permitted by law, provided that the revocation is received: (i) at the company's registered office at Suite 412, 1344 Summer Street, Halifax, Nova Scotia, B3H 0A8 at any time up to and including the last business day preceding the day of the Meeting, or any adjournment of the Meeting, at which the proxy is to be used; or (ii) by the chair of the Meeting before the Meeting starts on the day of the Meeting or any adjournment of the Meeting.
Immunovaccine Inc. develops cancer immunotherapies and infectious disease vaccines based on the Company's DepoVax™ platform, a patented formulation that provides controlled and prolonged exposure of antigens and adjuvant to the immune system. Immunovaccine has advanced two T cell activation therapies for cancer through Phase 1 human clinical trials and is currently conducting a Phase 2 study with its lead cancer vaccine therapy, DPX-Survivac, in recurrent lymphoma. DPX-Survivac is expected to enter additional Phase 2 clinical studies in ovarian cancer and glioblastoma (brain cancer). In collaboration with commercial and academic partners, Immunovaccine is also expanding the application of DepoVax™ as an adjuvanting platform for vaccines targeted against infectious diseases. Immunovaccine's goal in infectious diseases is to out-license its DepoVax™ platform to partners to generate earlier revenues. Connect at www.imvaccine.com.
Immunovaccine Forward-Looking Statements
This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Company, including access to capital, the successful completion of clinical trials and receipt of all regulatory approvals. Immunovaccine Inc. assumes no responsibility to update forward-looking statements in this press release except as required by law.
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