Clinical-stage biopharmaceutical company IMV has announced that the government agencies of Canada will invest up to C$4.75m ($3.58m) in IMV’s Covid-19 vaccine candidate DPX-Covid-19.

IMV will receive C$4.15m ($3.12m) as part of the Canadian National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), as well as from the Canada Opportunities Agency and Next Generation Manufacturing Canada.

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Furthermore, IMV has received C$600,000 ($452,014) from the NRC IRAP’s innovative assistance programme.

IMV plans to use funds generated from the financing to support the scaling up of DPX-Covid-19 manufacturing and a Phase I study of DPX-Covid-19 in Canada.

DPX-Covid-19 is a slightly different vaccine approach compared to the traditional methods.

It combines the traditional vaccine approach with immunotherapy to generate a targeted immune response (IR) against the virus.

IMV CEO Frederic Ors commented: “Governmental organisations play a pivotal role in the fight against Covid-19.

“Their contribution allows IMV to leverage our innovative DPX platform for the rapid development of a vaccine to protect against the coronavirus.

“Vaccination is our best hope for ending the current pandemic. Based on our preclinical results and rapid development, we believe that both our vaccine and manufacturing approaches have the potential to be transformational for Covid-19, and we appreciate the governments’ support and confidence in our progress.”

In November 2018, IMV revised its Phase Ib/II clinical trial investigating the safety and efficacy of DPX-Survivac in combination with epacadostat for the treatment of patients with recurrent ovarian cancer.