Immunovaccine Prices Prospectus Offering

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Immunovaccine Inc. ("Immunovaccine" or the "Company") (TSX VENTURE:IMV) announced that it has agreed with a syndicate of agents led by Paradigm Capital Inc., and including Dundee Securities Corporation (collectively, the "Agents") on the pricing of the public offering (the "Offering") of equity units (the "Units") of the Company, which was previously announced by the preliminary short form prospectus dated August 11, 2010.

Each Unit will consist of one common share of Immunovaccine (each, a "Common Share") and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Under the terms of the agency agreement, the Agents will offer, on a best efforts basis, Units at a price of $1 per Unit. Each Warrant will entitle the holder to acquire one additional Common Share upon payment of the exercise price of $1.30 for a period of 36 months following the closing of the Offering.

The Company will also grant the Agents an option (the "Agents' Option") to purchase additional Units in an amount up to 15% of the number of Units sold pursuant to the Offering, exercisable in whole or in part at any time up to 30 days following the closing of the Offering. The Company anticipates filing a final short form prospectus on or about September 8, 2010 and the Offering is expected to close on or about September 16, 2010. Closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the applicable securities regulatory authorities and the TSX Venture Exchange.

The Company proposes to use the net proceeds to develop vaccine product candidates for human health using its DepoVax(TM) vaccine platform and for general corporate purposes. A copy of the preliminary prospectus relating to the Offering may be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com or from Paradigm Capital Inc. at 95 Wellington Street West, Suite 2101, Toronto, Ontario M5J 2N7 or by calling (416) 361-9892.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements.

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

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. www.imvaccine.com