IMV Inc. (IMV) shares surged 31.29% in pre market trading on Monday, July 26, 2021, and moved at $2.14 per share. Earlier, IMV’s stock gained 18.12% to close Friday’s morning session at $1.63. IMV stock fallen 67.47% over the last 12 months, and they have moved up by 18.12% in the past week. Over the past three months, the stock has lost 41.37%, while over the past six months, it has declined 55.71%.

Let’s see is there any recent news or development behind its positive momentum?

Closing of the public offer of IMV stock 

On July 20, 2021, IMV Inc closed its previously–announced underwritten public offering of 14,285,714 units at a price to the public of US$1.75 per Unit.

Each Unit is comprised of one common share and three-quarters of one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one common share at US$2.10 per common share.

The company will get gross proceeds of approximately US$25 million.

Voting results from IMV AGM

On June 18, 2021, IMV Inc announced the voting results from its annual and special meeting of shareholders held on June 18, 2021. All resolutions were accepted including the election of directors, based on the votes received.

New appointment

IMV Inc appointed Jeremy R. Graff, Ph.D. as Chief Scientific Officer, effective as of June 14, 2021. Dr. Graff brings over 20 years of experience in preclinical and clinical research and translational analysis for novel immune-activating therapeutics in oncology.

Participation in the investor conferences

IMV Inc recently participated in Sachs and Associates, 7ᵗʰ Annual Immuno-oncology Innovation Forum Panel, which was held on Wednesday, May 19, 2021.

The company also took part in the Family Office Investor Event – Healthcare & Biotech TSX Showcase which was held on Wednesday, May 19, 2021.

Recent IMV financial results announcement

On May 12, 2021, IMV Inc announced its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

• Research and development expenses were $4.7 million in Q1 2021 compared to $5.1 million for the three months ended March 31, 2020.
• In Q1 2021, general and administrative expenses were$3.2 million compared with $2.3 million for the three months ended March 31, 2020.
• The company suffered a net loss of $7.0 million or $0.10 per share in Q1 2021 compared to a $7.2 million net loss or $0.14 per share for Q1 2020.
• The Company had cash and cash equivalents of $30.5 million and working capital of $31.6 million on March 31, 2021, compared with $36.3 million and $35.6 million, respectively as of December 31, 2020.

Conclusion

Well, as of this writing, there is no reason which could justify its exceptional performance on Friday. we hope that IMV will continue its surge in the new week as well.