Immunovaccine Announces a Proposed Equity Offering

HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 5, 2013) -

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES

Immunovaccine Inc. ("Immunovaccine" or "IMV") (TSX VENTURE:IMV), a clinical stage vaccine company, has undertaken an overnight marketed offering of units. Each unit will consist of one common share and one-half of one warrant, with each whole warrant entitling the holder to acquire one common share for a period of time following the closing of the offering. Prior to the offering, Immunovaccine had 63,505,152 common shares issued and outstanding.

The offering is to be effected in each of the Canadian provinces of British Columbia, Alberta, Ontario and Nova Scotia by way of a prospectus supplement (the "Supplement") to Immunovaccine's base shelf prospectus of August 27, 2012 (the "Prospectus"). The number of units to be distributed, the price of each unit, the exercise price of each whole warrant, and the exercise period for the warrants will be determined in context of the market with final terms to be determined at the time of pricing. Byron Capital Markets Ltd. is serving as agent for the offering (the "Agent"), and Bloom Burton & Co. Inc. is acting as a selling firm appointed by the Agent with respect to the offering.

The terms of the offering will be described in the Supplement which is expected to be filed with securities regulatory authorities following the pricing of the offering. The offering is subject to execution of an agency agreement with the Agent. The transaction is scheduled to close on or about February 13, 2013, subject to satisfaction of customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Immunovaccine

Immunovaccine Inc. applies its novel adjuvanting platform to the development of vaccines for cancer therapy, infectious diseases and animal health. The Company's DepoVax™ platform is a patented formulation that provides controlled and prolonged exposure of antigens plus adjuvant to the immune system. Immunovaccine has advanced two DepoVax-based cancer vaccines into Phase I human clinical trials. The Company is also advancing a broad infectious disease pipeline including vaccines in such indications as malaria, respiratory syncytial virus (RSV) and anthrax. In addition to the Company's human health vaccine strategy, it continues to capture value from animal health vaccine applications. Immunovaccine has key partnerships in the animal health sector including an agreement with Pfizer Animal Health. Connect at 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, including information regarding the offering, 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 relating to the offering, including those risks identified by the company in the Prospectus as supplemented by the Supplement, and 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.