Immunovaccine Provides Corporate Update

HALIFAX, NOVA SCOTIA -- (MARKET WIRE) -- 02/04/10 -- Immunovaccine Inc. (TSX VENTURE: IMV) a clinical-stage vaccine development Company, is pleased to provide an update on certain corporate activities.

Phase I Clinical Trial Update

As announced on December 9, 2009, the U. S. Food and Drug Administration (FDA) cleared Immunovaccine's Investigational New Drug (IND) application for DPX-0907. DPX-0907 is a therapeutic cancer vaccine that will treat patients with breast, ovarian and prostate cancers. The clinical development program is on track and Phase I will evaluate the safety and tolerability of the company's DepoVax™ vaccine delivery platform and seven tumor specific cancer antigens.

Select unaudited information for the fourth quarter ended December 31, 2009

During the quarter the Company successfully continued its strategy of out-licensing its patented vaccine delivery technology to animal health companies to generate revenues to help fund its human health vaccine development program. The Company is pleased to report that during the quarter ended December 31, 2009 it collected approximately $1 million in license fees from new animal health agreements entered into during the quarter. At the end of the quarter, the Company had cash and equivalents of approximately $7.7 million.

Immunovaccine Presents at BIO CEO & Investor Conference

Immunovaccine's president and CEO, Dr. Randal Chase, will be presenting at the 2010 BIO CEO & Investor Conference on Monday, February 8, 2010 at 9:30 a.m. EST at the Waldorf-Astoria Hotel in New York. Dr. Chase will provide an overview of the Company, including the broad potential of DepoVax™, Immunovaccine's vaccine delivery platform and on current vaccines in development. For more information visit

Annual General Meeting (AGM)

Immunovaccine's 2010 Annual General Meeting will be held on May 12, 2010 at 12:30 p.m. AST at the Delta Barrington Hotel, 1875 Barrington St., Halifax, Nova Scotia. Information for the AGM, including the December 31, 2009 year-end financials, will be disseminated in April 2010.

Immunovaccine Inc. (TSX VENTURE: IMV) is a clinical stage vaccine development company focused on the commercialization of its patented DepoVax™ 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.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Immunovaccine Inc.
Jennifer Ayotte
Director Communications
(902) 209-4704

Immunovaccine Inc.
Gary Dodge
(902) 492-1819