Immunovaccine Inc. Appoints Paul Kirkconnell to Board
HALIFAX, NOVA SCOTIA--(Marketwire - May 17, 2010) - Immunovaccine Inc. (TSX VENTURE: IMV) announced Paul Kirkconnell has been appointed to its Board of Directors effective May 12, 2010. With extensive experience in leading global business development strategies for biopharmaceutical companies, Mr. Kirkconnell will also serve on the Board's Audit Committee. Also effective May 12, 2010, Denis Ryan has stepped down from Immunovaccine's Board to enjoy an active retirement after five years of distinguished service.
Paul Kirkconnell, founder of PAK Limited, provides biopharmaceutical companies with strategic investment and corporate development advice. Most recently, he was Managing Director of DRI Capital, a $1 billion healthcare investment company. Prior to this, Mr. Kirkconnell was President of Aventis Capital, the predecessor investment arm of Sanofi-Aventis, and was responsible for the management of Aventis' $750 million global capital fund. He also served as Corporate Vice President of Business Development of Aventis Pasteur where he led their worldwide vaccine business development programs, evaluating corporate acquisitions, and was responsible for deal structures and terms with respect to licensing opportunities.
"Paul is a welcome addition to our Board and Immunovaccine will benefit greatly from his leadership and expertise in the global vaccine industry," said Dr. Randal Chase, President and CEO of Immunovaccine.
"Immunovaccine has a track record of aggressively pursuing and securing innovative partnerships and I look forward to contributing to the company's growth strategy," said Paul Kirkconnell.
In conjunction with this appointment, Mr. Kirkconnell has been granted 50,000 stock options under Immunovaccine's Stock Option Plan, exercisable at a price equal to $1.21 per common share. The options have a term of five years and vest over a period of 18 months.
Denis Ryan also concluded his service to Immunovaccine's Board of Directors after serving as Director since 2005. Mr. Ryan is an investor and musician, and part owner of the $4 billion Morrison Williams Investment Management fund. He is involved with numerous community projects and served as National Chair of the Fundraising Committee for the Darcy McGee Chair of Irish Studies at St. Mary's University in Halifax. Mr. Ryan is also a significant shareholder of Immunovaccine.
"Over the years Denis has been an important part of our company's growth and I wish to thank him for his dedication and continued commitment to our success," said Mr. Michael Kirby, Board Chair of Immunovaccine.
"I have tremendous confidence in Immunovaccine's management and board. I wish everyone the best, and thank them for their support, friendship, and unceasing hard work," said Denis Ryan.
Immunovaccine Inc. (TSX VENTURE: IMV) is a clinical stage vaccine development company focused on the commercialization of its patented DepoVaxTM vaccine delivery technology and product candidates. The company continues to strengthen its vaccine pipeline through licensing and strategic partnerships to develop therapeutic cancer and infectious disease vaccines. www.imvaccine.com
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.
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