DPX COVID-19 is a peptide vaccine being developed by IMV using its proprietary DPX drug delivery platform for the prevention of COVID-19 infections caused due to coronavirus (SARS-CoV-2). The technology consists of a target antigen and an adjuvant in a hydrophobic oil carrier encapsulated in a liposomal delivery system. DPX COVID-19 vaccine produces a depot effect that will significantly enhance vaccine-induced cell-mediated and humoral immunity. The vaccine is being designed based on third-party immunological studies of SARS-CoV and third-party sequencing data available for SARS-CoV-2 with the goal of selecting potentially immunogenic epitopes within the virus that induce neutralizing antibody responses and protective T cell responses. Preclinical development is ongoing in Canada.
Key Development Milestones
In April 2020, IMV conducted a pre-clinical meeting with the Health Canada, to finalise the design of a planned phase I trial in 84 healthy volunteers. The discussion was initiated in March 2020, for the submission of a clinical trial application (CTA). The trial was designed in collaboration with the Canadian Center for Vaccinology (CCfV) and the Canadian Immunization Research Network (CIRN). In addition, the company in collaboration with the University Laval, plans preclinical trials to evaluate safety and potency of DPX COVID-19, by utilising assays in animal models    .
In March 2020, IMV announced that it has entered into an equity distribution agreement, with Piper Sandler & Co. as agent, pursuant to which the Company may, from time to time sell, through "at-the-market" offerings with Piper Sandler acting as sales agent such number of common shares as would have an aggregate offering price of up to $US30 million under the ATM Prospectus Supplement. The Company plans to use the net proceeds from this offering for general corporate purposes, including but not limited to working capital expenditures, capital expenditures, research and development expenditures, and clinical trial expenditures, including expenditures related to a COVID-19 vaccine candidate  .